Keystone Home Loan PLUS Program
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2) If not a first time homebuyer, must be planning to purchase a home in a targeted area

3) Must not have a collective annual income (derived from the all the annual income of the adults who plan to occupy the desired home) that will exceed the limits set by the Keystone Home Loan Program

4) Must have a good credit history and sufficient income to cover the mortgage

5) Must possess sufficient funds that could cover the mortgage and closing costs.

6) Must have sufficient funds that would cover the downpayment cost of the desired home.

In addition, the borrower must also satisfy the addition requirements as set by the Keystone Home Loan PLUS Program:

1) All of the adults who is set to live in the home within 12 months after paying the closing costs must all be classified as first time home buyers, which entails that all of them should not have owned or occupied a single home for the last 3 years.

2) The gross yearly household income of all the adults that seek to reside in PHFA-financed home within 12 months from loan closing should not go beyond the Keystone Home Loan PLUS income limit.

3) The actual purchase price of the borrower's desired home must not exceed the limits set by the Keystone Home Loan purchase price limits.

4) The collective household liquid assets should not be more than $5,000 after the subtracting the funds that are needed to close the loan.

Keystone Home Loan PLUS Program
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

California Housing Finance Agency
The California Housing Finance Agency, otherwise known as CalHFA, is an independent, self-supporting agency that was chartered to as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds; with these bonds being repaid by revenues generated through mortgage loans, instead of taxpayer dollars.

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First Time Homebuyer Programs in California
The programs of CalHFA are constantly guided by its overall agency mission which is to "finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership."

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Homeownership Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Agency has established the Homeownership Program wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who wish to transition from renting into homeownership.

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Down Payment Assistance Loan for First Time Home Buyers in New York
In line with this, The State of New York Mortgage Agency has been running the Down Payment Assistance Loan Program (DPAL) wherein it intends to help first time home buyers overcome the setbacks brought about by down payments and closing costs.

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