State housing finance director: Federal tax credit not the only way to save on mortgage

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State housing finance director: Federal tax credit not the only way to save on mortgage

May 28, 2010 - Despite the recent lapse of a federal homebuyers tax credit, Pennsylvania Housing Finance Agency CEO Brian Hudson says that there are still a number of ways for those in search of help with their mortgage to save money.

Hudson wrote in a statement on Wednesday that "interest rates remain at historic lows. Consider, for instance, that, as of May 25, at the Pennsylvania Housing Finance Agency we offer a 30-year, fixed-rate mortgage of 4.5 percent for new home purchases and 4.95 percent for the purchase of an existing home. Additionally, we offer closing cost assistance, and buyers can put down as little as $1,000."

According to Hudson, the PHFA aims to provide a moderating influence on the sometimes-treacherous housing market, ensuring that home ownership is a possibility for as many of the state's residents as possible.

The federal tax credit expired at the end of last month. First-time homebuyers could realize as much as $8,000 under the program, while $6,500 was available for repeat purchasers.

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