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Balloon Payment Mortgages, Variable interest rates and seller financing are prohibited.The PHA has final approval as to whether the financing arrangement is affordable. The family’s portion may not exceed 40% of their adjusted family income.
The lender determines the amount of mortgage you can afford. This amount depends on several factors such as your income, your debt, the interest rate, and the PHA payment standard. Some financing options require the family to place a down payment on the home. The lender will pre-qualify your for a loan based on these factors. It is important to get pre-qualified by the lender prior to shopping for a home.
In most cases, your family can help you purchase a home by assisting with a down payment. We do not allow non-occupying co-signors or co-borrowers.