Purchase Improvement Loan
PHFA’s Purchase Improvement loan allows buyers who qualify for a Keystone Home Loan or a Keystone Home Loan PLUS to purchase and improve/repair a home within one transaction. Eligible buyers may include between $1,000 and $15,000 for repairs and/or improvements with a conventional PHFA first mortgage, as long as the As Completed appraised value supports the cost of the repairs. This allows the buyer to make needed repairs right away, without having to take out another loan at a higher rate and with a shorter repayment period.
Common repairs or improvements are:
The purchase price plus the cost of the repairs can not exceed PHFA’s applicable purchase price limit. The loan amount will be based on the lesser of the total acquisition cost or the as completed appraised value.
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Crystal T. Terrell
REALTOR®
Contact info:
766 Old York Road Jenkintown, PA 19046 Direct: 215-881-8433
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