Allegheny Targeted Area Homebuyers Program
The Allegheny Residential Finance Authority (ARFA) offers low-interest (3.40% with 1 1/2 points or 3.50% with no points), 30-year, fixed-rate mortgages through the 2010 Single-Family Mortgage Revenue Bond Program. The program provides more than $1 million for eligible homebuyers who purchase a dwelling in one of the targeted areas of Allegheny County.
Borrowers must meet all First-time Homebuyer Program requirements EXCEPT they need not be first-time homebuyers.
Click here for the printer friendly First Time & Targeted Area Homebuyer Program fact sheet
A minimum down payment of approximately 3.5 percent is required. Up to $5,000 in down payment and closing cost assistance also is available to eligible borrowers, who need not be first-time homebuyers. Additional fees include a 3 percent loan origination fee, of which up to half must be paid by the seller.
- 3.40% (with 1 1/2 points), fixed rate
- 3.50% (with 0 points), fixed rate
Minimum Down Payment
- Approximately 3.5% (See lender for FHA guidelines.)
Mortgage Origination Fee
- 1.50% for the 3.40% interest rate
- No fee (0%) for the 3.50% interest rate
Eligible Areas (by community and Census tract)
- Clairton, 4923
- Duquesne, 4869
- Homestead, 4838
- McKeesport, 5509, 5519, 5521
- McKees Rocks, 4644
- Rankin, 5140
- West Homestead, 4824
- $75,000 per household (1-2 persons)
- $87,500 per household (3 or more persons)
- $248,000 (FHA base figure)
Purchase Price Limitation
- $360,250 for existing homes and new construction
See Participating Lending Institutions to contact a lender of your choice today!