Get Up to $22K with PA's First-Time Homebuyer Program
In this video, Rob talks about KFIT, the exciting new program for first-time homebuyers in Pennsylvania.
Check out the video below on how to the KFIT program works!
If you’re a first-time homebuyer in Pennsylvania, you’re in luck. The Keystone Forgivable Loans Program allows you to borrow up to five percent of your home’s purchase price as a forgivable loan. This program is available to every first-time homebuyer in the state as long as they meet the requirements, and it is designed to help low and moderate-income renters become homeowners.
What is a Forgivable Loan?
The K-FIT forgivable loan has no payments and no interest. For each year you own the house, ten percent of the loan is forgiven. If you do not sell your house for ten years, the loan will be completely forgiven. For example, if you borrowed a $15,000 K-FIT loan, that entire amount would be yours interest-free and payment-free if you kept the house for at least ten years. That’s a huge portion of your mortgage that you don’t have to pay out of pocket.
Requirements to Qualify for K-FIT
To qualify for K-FIT, you have to have at least a 660 credit score. The income and purchase price limits are relatively high, so a lot of people are going to qualify. You can purchase a house up to $300,000 and have a combined household income of $90,000 or less. You must also be a first-time homebuyer unless you are purchasing a home in Philadelphia. This is a target area for K-FIT, so anyone who meets the other requirements can qualify.
Who is Considered a First-Time Homebuyer?
Even if you have purchased a home in the past, you are still considered a first-time homebuyer if you haven’t owned a home in the past three years. If you are looking to buy real estate, this program can really help you meet your goals.
Contact the Rob Lawrence Team
The Rob Lawrence team is dedicated to helping first-time homebuyers in Pennsylvania. We attended the KFIT seminar when the program was launched in March of 2021, and we are based in West Chester. We are experts on buying real estate in Pennsylvania, and we want to help you meet your real estate goals.
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