PHFA loans can be conventional, FHA, VA and USDA.
The rates are typically a little lower than other lenders but they may also come with an additional 4% of the purchase price (up to $6,000) funds for down payment assistance.
These funds are paid back without interest over a period of 10 years in monthly installments.
A PHFA Mortgage is the perfect loan for the borrower that just does not have the money needed to buy a home.
There are income limits and debt to income ratios that need to be met as well as credit score requirements.