Hello, I also purchased my home through PHFA in July 2006 with a then high mortgage interest rate and rate is almost half if not less than before. I was wondering If i can refinance my home and any help in this would be appreciated.
As I understand the program, renting or selling before your five years are up could expose you to a loan call. Why not contact the PHFA administrators or your loan officer to discuss your options.
If you have been in the home more than 5 years, no problem, rent away!
From my experience with PHFA you have to be there 5 years before you can rent or sell the home. How long have you been there and did you get a grant or other assistance when you purchased. These are the questions to be asked at this time. Contact me for any further information.
The PHFA is for owner occupied residencies only. If they discover that you no longer live there they will recall the loan and the full amount will be due. If you have any more questions on refinancing, feel free to contact me. The very best of luck to you.
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969