Finance
What is the Pennsylvania Housing Finance Agency (PHFA) primarily known for providing?
ACommercial construction loans for Philadelphia developers
BAffordable mortgage programs and down payment assistance for eligible Pennsylvania homebuyers✓ Correct
CTitle insurance for all residential transactions statewide
DFlood insurance for properties in FEMA designated flood zones
Explanation
The Pennsylvania Housing Finance Agency (PHFA) is a state agency that offers below-market-rate mortgage programs, down payment and closing cost assistance, and homebuyer education for eligible Pennsylvania residents — particularly first-time buyers and those with moderate incomes. PHFA products include HFA Preferred, Keystone Home Loan, and Keystone Advantage down payment assistance programs.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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