A common misconception among people of all ages is the mindset of, “there’s no way I can afford a home.” Oftentimes, that mindset is fueled by the fear of not being able to afford a down payment. Let’s get around these fears. Here’s some quick tips on why now is the perfect time to invest in your new home or start creating a portfolio of your own!

FHA loans allow just 3.5% down and the buyer can get a 6% credit towards the closing cost from the seller! What are FHA loans, you ask? An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. This is a great program not enough potential buyers look into.

Even conventional loans are down to 3% with a 3% “seller’s assist”!. Conventional loans allow the seller to contribute 3% of the purchase price towards the buyers closing costs, and must be written into the original offer/contract. This is a great way for sellers and buyers to put the finishing touches on a closing on a property.

PHFA is up to 100% financing! The PHFA (Pennsylvania Housing Financing Agency) is a state agency for the benefit of Pennsylvania residents. Participating private lenders also originate and fund PHFA loans. The PHFA program allows participating lenders to offer a variety of loans to borrowers. These loans can be any type: conventional, FHA, VA or Rural Housing Service loans. After the lender funds the loans, the PHFA then buys the loans and performs the servicing. This allows borrowers to take advantage of better conventional terms if they qualify, but still receive the benefits of a PHFA loan.