What you need to know about the

PHFA Loan Program Guide

Welcome to My City Lending’s comprehensive guide to the PHFA Loan Program! If you’re looking to buy a home in Pennsylvania, you’re in the right place. The Pennsylvania Housing Finance Agency (PHFA) offers mortgage loans to help residents with specific income requirements achieve homeownership. These loans provide affordable and accessible options for those looking to buy a home in PA.

Why Choose PHFA Loans?

Down Payment Assistance:

Financial support to cover upfront costs.

Multiple Loan Options:

Various programs tailored to different needs.


Flexible Eligibility:

First-time and low-to-moderate income buyers.

Lower Interest Rates:

Benefit from rates below the market average.

Our Expertise

At My City Lending, we’ve completed hundreds of PHFA loans. Our award-winning loan officers are experts in guiding you through the process, ensuring you have the best experience possible. We understand the ins and outs of PHFA loans and are ready to help you every step of the way.

Loan Programs Offered

Home Purchase Loans:

Tailored to your credit history and savings.

Down Payment Assistance:

Programs to help with upfront costs.

Document Checklist

To streamline your PHFA loan application process, please prepare the following documents:


Proof of Income:

Recent pay stubs, tax returns, and W-2 forms.


Credit History:

A copy of your credit report.


Bank Statements:

Statements from the past three months.



A government-issued ID like a driver’s license.


Employment Verification:

A letter verifying your employment status.


Property Information:

Details and the purchase agreement of the property.

All PHFA loans require a fully complete/satisfactory Wood Destroying Insect Inspection Report performed by a licensed professional or recognized authority. Certain dwellings where there is a private well/water system require a Safe/passing water test performed by a licensed professional or recognized authority.

Homebuyer Course Specifics

When is the Homebuyer Course Required?

The homebuyer education course is required for certain types of PHFA loans and borrower profiles:

  • First-Time Homebuyers: Generally, first-time homebuyers using PHFA programs are required to complete the course.
  • Borrowers Using Down Payment Assistance: If you’re applying for down payment or closing cost assistance, you typically need to complete the course.
  • Certain Loan Programs: Some specific loan programs within the PHFA may mandate this education to ensure borrowers are well-prepared for homeownership.
When is the Homebuyer Course Not Required?

There are situations where the homebuyer course might not be mandatory:

  • Experienced Homebuyers: If you have previously owned a home, you may not be required to take the course, depending on the loan program.
  • Non-Participating Loan Programs: Some PHFA loan options might not require the course, especially if no down payment assistance is being sought.
Course Details

The homebuyer course covers essential topics such as:

  • Budgeting and managing finances
  • Understanding credit scores and their impact
  • The home buying process, from shopping for a home to closing
  • Maintaining your home and finances after purchase
Where to Find the Homebuyer Course

For borrowers in surrounding counties, PHFA provides a list of approved homebuyer education providers. These courses are available online or in person. You can find a course provider near you by visiting the PHFA website or using the following link: PHFA Homebuyer Education Providers

This lists the available homebuyer education classes and their locations, making it easier for you to find a convenient option.

Completing this course is a valuable step towards successful and informed homeownership. If you have any questions or need further assistance, feel free to contact us!

Ready to Get Started?

We’re here to make your homeownership dream a reality. Contact us today or visit our website for more details. Our team of professionals is ready to assist you with your PHFA loan application and answer any questions you may have.

Start your journey with the experts at My City Lending – where award-winning service meets unbeatable expertise. Call us now or fill out our online form to get started!

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