Welcome to our PHFA K-FIT Loans page, where we introduce you to the Keystone Forgivable in Ten Years Loan Program (K-FIT). This program is designed to assist qualified homebuyers by providing valuable support toward down payments and closing costs, making homeownership more accessible and affordable.
K-FIT: Unlocking Homeownership
The Keystone Forgivable in Ten Years Loan Program (K-FIT) is a program tailored for eligible homebuyers, offering a second mortgage loan to supplement the financial aspects of homeownership. Through K-FIT, qualified borrowers can access assistance equivalent to five percent (5%) of the lesser of the purchase price or appraised value. The remarkable aspect is that there's no maximum dollar limit for down payment and closing cost assistance.
The K-FIT loan operates on a unique forgiveness schedule, spreading forgiveness over ten years. Annually, the loan forgives at a rate of ten percent (10%) per year. This means that if you remain in your home for the full ten-year period, your K-FIT loan is entirely forgiven, providing a substantial financial benefit to homeowners
K-FIT Partnership with Keystone Home Loan
The K-FIT loan operates on a unique forgiveness schedule, spreading forgiveness over ten years. Annually, the loan forgives at a rate of ten percent (10%) per year. This means that if you remain in your home for the full ten-year period, your K-FIT loan is entirely forgiven, providing a substantial financial benefit to homeowners
Explore our website to learn more about the eligibility requirements, application process, and how K-FIT can be combined with other PHFA first mortgage programs like the Keystone Home Loan. Contact us today to embark on your journey toward homeownership with the support of the K-FIT program. We're here to help you achieve your homeownership goals.