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

REQUIREMENTS:

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.

Interest Rate

  • 3.40% (with 1 1/2 points), fixed rate
  • 3.50% (with 0 points), fixed rate

Term

  • 30 years

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

Income Limitations

  • $75,000 per household (1-2 persons)
  • $87,500 per household (3 or more persons)

Mortgage Limitation

  • $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!