Allegheny RFA Bond Program
If you’ve ever dreamed of owning your own home but felt that buying a home was a little beyond your reach, the Allegheny Residential Finance Authority may make your dream easier to achieve with their ownership program. This program offers a 30-year fixed rate mortgage. Down Payment Assistance is provided to qualified buyers in a separate program. Please refer to the Down Payment and Closing Cost Assistance Program Guidelines prepared by the Allegheny County Department of Economic Development for the requirements necessary to administer this portion of the Program.
This program is available in all of Alleghey County.
To qualify for an Allegheny RFA Bond Program loan you must meet the program the program requirements listed below.
Any of the following listed below qualify as a first-time buyer:
*A person who has not owned and occupied their principal residence in the last 3 years.
*A person who has never owned their principal residence.
*A qualified military veteran.
*A person purchasing a home in a Targeted Area.
And you must also:
*Be credit worthy, there are minimum credit scores in this program.
*Have a fully executed sales contract for a specific property.
Properties must also be able to qualify in the program. What qualifies - New or existing, detached or attached, condo and manufactured homes.
What homes do not qualify? Mobile, recreational, seasonal or other type of vacation or non-permanent homes are not permitted in the program.
Fees in the program
Lenders may charge 1.50% for Origination and Discount. There are zero points on the loan at the higher rate. Lenders may not charge additional points.
There is a $225 Bond Application Fee payable at closing by the buyer or seller.
Income Limits
There are income limits in this program. You must include the income of everyone who will reside in the property who is 18 years of age or older (even if they will not be party to the mortgage).
 |
1-2 persons |
3 or more persons |
Non-Targeted Areas |
$64,000 |
$73,600 |
Targeted Areas |
$76,800 |
$89,600 |
Purchase Price Limits
Qualified properties in the program have purchase price limits. The limits below are only for 1 unit, non-targeted areas.
|
Non-Targeted Areas |
Targeted Areas |
New or Existing |
$298,481 |
$364,810 |
Participating Lenders
Listed below are the loan officers who’ve been actively participating in this bond program. This list is updated on a monthly basis.
(3-23-12)
Institution |
Name |
Phone Number |
|
Allegheny Mortgage |
Keith Wright |
|
|
Allegheny Mortgage |
Linda Johnston |
|
|
Dollar Bank |
Denise Mead |
412-261-8296 |
|
Dollar Bank |
Melanie Cavlovich |
412-261-8998 |
|
First Niagara |
Brian Cross |
|
|
Howard Hanna Financial Svcs |
Kevin Laird |
412-967-9000 |
|
Omega Financial |
Nannette Best |
|
|
West Penn Financial |
Dan Volpatti |
|
|
West Penn Financial |
Diane Walz |
|
|
West Penn Financial |
Edward Sinal |
412-391-3200 |