“No Private Mortgage Insurance Required” PHFA Financing

Patriot offers “no private mortgage insurance required” home financing in partnership with the Pennsylvania Housing Finance Agency (PHFA) for qualified home buyers in Pennsylvania.

The minimum down payment is only 3%. PHFA mortgages does not require private mortgage insurance (PMI) if the home buyer’s down payment is less than 20% and there is no upfront mortgage insurance premium (or funding fee). Patriot offers a 0% Home Purchasing Assistance loan for qualified borrowers to cover the down payment and/or closing costs.

There is no first-time homebuyer requirement, however, the borrower may not have an ownership interest in any other residential dwelling at the time of loan closing and must meet certain income guidelines.

Prospective home buyers must contribute at least $1,000 of their own funds. The balance of the down payment may come from a gift, grant or unsecured loan from a relative, domestic partner, fiancé/fiancée, or from a church, a public agency, a municipality or a nonprofit other than a credit union.

Property types that are eligible include:

  1. Single family homes (one unit properties only – no duplexes)
  2. Planned urban developments (PUDs) are acceptable, provided the subject development meets Fannie Mae guidelines
  3. No manufactured housing (i.e. mobile homes)
  4. No condominiums
  5. Property must be the primary residence

Non-occupying borrowers (co-signers) are not permitted.

Patriot offers other PHFA financing options – please contact us for details.