HARRISBURG, Penn.-Pennsylvania Gov. Ed Rendell has announced a new $1.2-billion statewide mortgage program to help more than 11,000 homebuyers with affordable loans. The initiative is part of a partnership between the Pennsylvania Housing Finance Agency, the U.S. Treasury, Fannie Mae, and Freddie Mac.
According to the Pennsylvania Credit Union Association, elements of the $1.2 billion program include:
• Making 11,000 long-term (30-year), fixed rate, low-interest mortgage loans.
• Expanding the Keystone First program with an additional $10 million - enough for 2,000 homebuyers - to help buyers who are eligible for federal homebuyer tax credits to borrow up to $6,000 interest-free for closing costs and down payments.
• Providing $50 million for approximately 450 new home construction loans to encourage new building activity, create jobs, and boost the economy.
