At closing, PHFA will support the ACCESS Residence Modification funds in a escrow account, pending conclusion regarding the customizations. Should there be a rise in expenses throughout the modification/improvement duration which takes the cost of the task within the quantity authorized, the debtor must fund the quantity of the increase.
PHFA will disburse the funds to your specialist utilizing the homebuyer’s written approval and secure a certification of conclusion. The improvements must certanly be finished within 3 months for the closing. All funds disbursed is employed for the accessibility modification improvements. Any unused ACCESS Home Modification Loan funds must certanly be refunded towards the Agency.
How to utilize
In the event that you meet with the conditions above, contact a PHFA participating lender to start out your home loan application. Continue reading