Young people in the Keystone State who want to buy a home may find their personal finance situation makes it more difficult to do so.
However, there is help out there in the form of the Pennsylvania Housing Finance Agency, which acts as a resource for consumers in the state. Brian Hudson, PHFA executive and CEO, said that purchasing a home can be an intimidating prospect for a number of consumers.
Given that, the agency provides consumers with a number of educational opportunities, along with mortgages that are more easily affordable for young people.
"Since a home purchase is one of a family’s largest investments, it’s important people do their homework so they make a well-informed decision," Hudson said.
Consumers who meet certain requirements may qualify to put up a smaller amount for a down payment. This may be as little as $1,000 for some potential homebuyers.
The Federal Housing Administration also offers its own programs aimed to help lower-income buyers afford to purchase a home. However, it is requiring a higher credit score than in the past to help mitigate its risks.