PHFA Access Modification Loan
What it is:
The PHFA ACCESS Modification Loan provides mortgage loans up to $10,000 to assist persons with disabilities or who have a family member(s) living in the household with disabilities who are purchasing a home that needs accessibility modifications. This program provides a deferred payment loan, with no interest, and no monthly payment. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property.
Home modifications should be designed to meet the needs of the person with the physical disability who will be residing in the home. Eligible modification items may include, but are not limited to the following:
- bathroom modifications
- installation of grab bars and handrails
- kitchen modifications
- lifting devices
- main level bathroom or bedroom addition
- ramp addition or repair
- sidewalk addition or repair
- widening doorways or hallways
- Other repairs - call us to discuss
Applicants must meet the requirements of the ACCESS Home Modification program listed below:
- Applicants must be homebuyers who are persons with a permanent disability or have a family member(s) living in the household with a permanent disability who are purchasing a new or existing home with a loan originated through one of PHFA's homeownership loan programs.
- Applicants may apply for any of PHFA's first mortgage programs (i.e., Keystone Home Loan, Keystone Government Loan, HFA Preferred™(Lo MI), HFA Preferred Risk Sharing™(No MI).
- Applicants must meet the underwriting guidelines for the first mortgage program in which they are applying.
Applicants are responsible for determining what accessible modifications are required. Most Local Centers for Independent Living and Area Agencies on Aging can provide technical assistance in making this determination. The applicant is to provide Boulevard Mortgage with a proposal completed by a general contractor of their choice, detailing the modification improvements that will be needed to make the home accessible.
Upon completion of your application, Boulevard Mortgage will perform a preliminary review of the construction proposal submitted, which must include the specifications, cost estimates, and drawings of the work to be completed. A contract, signed by the applicant and the contractor, is required before we can send the loan package to PHFA for final approval. (NOTE: The contract should include a clause stating that its implementation is contingent upon approval of the mortgage loan).
At closing, Boulevard Mortgage will hold the ACCESS Home Modification funds in an escrow account, pending completion of the modifications. Should there be an increase in costs during the modification/improvement period which takes the cost of the project over the amount approved, the borrower must fund the amount of the increase. There are NO FUNDS available for cost overruns.
Boulevard Mortgage will disburse the funds after a satisfactory reinspection of the completed repairs. The improvements must be completed within 90 days of the closing. All funds disbursed must be used for the accessibility modification improvements. Any unused ACCESS Home Modification Loan funds must be refunded to PHFA and will be applied to the principal balance.
Down Payment/Closing Cost Assistance
ACCESS Home Modification loans are available in addition to any downpayment and/or closing cost assistance or HOMEstead funds for which the applicants may qualify. These additional mortgages will NOT be factored into maximum loan-to-value financing limitations.
If HOMEstead assistance is used in conjunction with the ACCESS Modification Program, the types of modifications will be limited to those that will not disturb any painted surfaces, unless the home was built after January 1, 1978. For homes built prior to 1978 where the modifications may disturb painted surfaces, the borrower cannot use HOMEstead assistance but may use the ACCESS assistance if needed and if eligible.
Request Access Modification Funds Here