No minimum credit score - PHFA

With the mortgage market increasing it's credit scores, PHFA is going the other way.  No minimum credit score is required under the FHA and Conventional 95% LTV loans.  I personally don't know that this is a good thing.  However, it doesn't much matter what I think.

The PHFA also offers a  Tax Credit Advance Loan (TCA).  The TCA is an interest free loan that can be used towards down payment and/or closing costs.  $5,000 for existing homes OR 10% of purchase price, whichever is less.

• If TCA is repaid by 6/30/10, the borrower pays no interest for this loan.
• If TCA is not repaid by 6/30/10, it becomes a 10 yr. loan.
• Must be 1st time homebuyer.
• Fall within Federal first homebuyer tax credit income guidelines and PHFA limits.
• Loan must close prior to  12/1/09.

 The PHFA does have income limits and purchase limits for 1st time buyers.  If you would like to know these limits, just drop me a line and I'll get the information to you.