Finance
The Pennsylvania Housing Finance Agency's 'Keystone Advantage' program assists buyers with:
AReduced property taxes for 10 years
BDown payment and closing cost assistance as a zero-interest second mortgage✓ Correct
CFree home inspections on properties purchased through PHFA
DGuaranteed mortgage approval regardless of credit score
Explanation
PHFA's Keystone Advantage Assistance Loan Program provides down payment and closing cost assistance as a second mortgage at 0% interest with a 10-year repayment term. It is typically limited to 4% of the purchase price or appraised value, assisting qualifying buyers with upfront costs.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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