I have PHFA on my primary residence which now planning to rent. Is there another option beside refinancing?

Asked by need help, 19083 Sun Jun 29, 2008

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Colleen Bill…, Home Buyer, Philadelphia, PA
Fri Jan 11, 2013
I have had a mortgage with PHFA since 2008. Can someone tell me which document to view in order to find the residency requirements?
1 vote
Smita_dilawri, Home Buyer, Havertown, PA
Mon Jul 9, 2012
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.
0 votes
, ,
Fri May 11, 2012
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!

0 votes
Do you know where I can find this information on my mortgage paperwork? PHFA is now saying that the residency requirements are for the life of the loan.
Flag Fri Jan 11, 2013
Rob Dejesse, , Newtown Square, PA
Sat Jul 5, 2008
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.
0 votes
Michael D De…, , 18969
Mon Jun 30, 2008
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
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
0 votes
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