Keystone Forgivable in Ten Years Loan Program
K-FIT provides down-payment and closing cost assistance for home buyers utilizing PHFA’s Keystone Home Loan Program.
ELIGIBLE BORROWERS MAY RECEIVE:
- A forgivable second loan of five percent (5%) of the lesser of the purchase price or appraised value with no maximum dollar limit.
- Loan forgiveness with 10% forgiven each year over a 10-year period.
PROGRAM REQUIREMENTS INCLUDE:
- Borrowers must meet the eligibility and income requirements for the Keystone Home Loan Program.
- Borrowers must have a minimum FICO score of 660.
- Maximum financing is required.
- Funds may be used toward down payment and/or closing costs.
- Borrower must have minimum contribution per PHFA guidelines.
- Home buyer education must be completed through one of PHFA’s approved counseling agencies.
