Time is running out to get PHFA Tax Credit Funds.

There’s less than a million dollars left in the $16 million fund allocated by the PA Housing Finance Agency (PHFA) earlier this year to fund the Tax Credit Advance (TCA) loan program.

PHFA is accepting reservations for the remaining money up until May 15 or until the money runs out, said Kate Newton, PHFA director of Homeownership Programs. Consumers will need to have a fully executed agreement of sale dated by April 30, 2010 and the sale will have to close by June 30 to meet eligibility requirements.

PHFA’s Tax Credit Advance Loan program provides a deferred loan to use toward down payment and/or closing costs. Newton said the program has been successful and hugely popular. PHFA reserved nearly 3,400 assistance loans, totaling $15 million. Nearly $700,000 remains in the fund.

PHFA will be posting daily updates on its website regarding the amount of money left in the fund.

While applications for the TCA program will subside, Newton expects PHFA to remain busy throughout the end of the year administering their other loan programs. “No one has a crystal ball to predict what’s going to happen in the future but the past couple of months have been the busiest we’ve ever been,” she added.

PHFA offers its Keystone Home Loan with 4.95 percent interest and a special offer for new construction with a 4.5 percent rate. “We offer competitively priced mortgages and the income guidelines are based on 100 to 140 percent of the median family income depending on the county and family size.

To find out more about PHFA programs contact James Harner, Certified Residential Specialist at 61-310-7646 ot CRS@PaHouseQuest.com.

This article was published by James A. Harner, CRS and Realtor with Richard A. Zuber Realty