#United States #Harrisburg #Pennsylvania #PHFA #PENNVEST

The PENNVEST Program: A Lifeline for Pennsylvania Homeowners

In the latest episode of the Pennsylvania Housing Finance Agency's (PHFA) podcast, "Close To Home," valuable insights about the PENNVEST loan program are shared. This informative session is crucial for homeowners in Pennsylvania who find themselves burdened with the costs associated with sewer or septic system repairs.

What is PENNVEST?

The PENNVEST program represents a joint effort by the Pennsylvania Infrastructure Investment Authority (PENNVEST), the Department of Environmental Protection (DEP), and the Pennsylvania Housing Finance Agency (PHFA). The primary aim is to assist homeowners in managing the expenses linked to repairing or replacing their on-lot septic systems or connecting to public sewer systems. Furthermore, it facilitates the first-time connection from an existing home to public sewer, a lifeline for many families.

Why Homeowners Should Consider PENNVEST

Home repairs, particularly in regard to sewage and septic systems, can escalate into unforeseen financial burdens. This is where PENNVEST intervenes, offering various attractive benefits:

• - Affordable Interest Rates: Homeowners can tap into the program at a low interest rate of just 1.75% (2.55% APR).
• - Generous Loan Amounts: With a maximum loan amount of $25,000, homeowners can address nearly all necessary repairs.
• - No Income Restrictions: The program does not impose any limitations on household income, making it accessible to a broader demographic.
• - Flexible Terms: Homeowners can plan for repayment through terms extending up to 20 years (or 15 years for manufactured homes).
• - No Prepayment Penalties: Homeowners are granted the flexibility to pay off their loans without additional charges.

In the recent podcast episode, PHFA's Manager of Special Initiatives, Roberta Schwalm, elaborates on these benefits. She highlights that the urgent need of many homeowners facing costly repairs makes options like PENNVEST essential. The episode addresses numerous questions around the program and offers detailed information regarding its benefits, empowering listeners to determine if the loan aligns with their needs.

How to Access the Program

Homeowners interested in applying should reach out to one of the participating lenders to initiate the loan process. The lenders, which include organizations such as Widget Financial Credit Union (serving Crawford and Erie counties), American Bank, Erie Federal Credit Union, and Mercer County Community Federal Credit Union, assist in underwriting loans and navigating the closing process. PHFA manages the loans throughout their duration, providing support every step of the way.

For more information or to begin the application process, homeowners are advised to contact a participating lender or reach PHFA directly at 1-855-U-Are-Home (827-3466). They can also visit PHFA's dedicated webpage for comprehensive details.

Additionally, lenders looking to participate in the PENNVEST loan program can discover more on the PHFA website as well.

Conclusion

The PENNVEST Homeowner Septic Program not only alleviates the financial burden of costly repairs but also plays a crucial role in fostering healthier living environments in Pennsylvania. By offering favorable loan terms to homeowners, the program ensures that necessary plumbing repairs do not become an obstacle to homeownership. To stay updated, tune into the "Close To Home" podcast available on platforms such as Spotify and iTunes or visit PHFA's website for up-to-date information and resources. Let's ensure that every Pennsylvania home has access to the essential infrastructure they need for a safe and healthy living space.