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We have partnered with the Pennsylvania Infrastructure Investment Authority (PENNVEST), the Pennsylvania Housing Finance Agency (PHFA) and the Pennsylvania Department of Environmental Protection (DEP) to offer a special funding program. Assistance is available to eligible homeowners who need to repair or replace their individual on-lot septic system or connection to a public sewer system.
Why is this program right for you? Here are some of the benefits to you:
Receive an attractive rate for this vital home improvement
No prepayment penalty if the loan is paid off early
Eliminate worries about your septic system when you sell your home
Improve the environmental health of your property
Avoid or respond to citations from your municipality
To learn more about the program visit: www.phfa.org
Loan Terms
Septic LoanAnnual Percentage Rates (APR) current as of July 27, 2024
Terms up to 20 years (up to 15 years for manufactured homes)
Maximum loan amount is $25,000
Loan origination charges apply
No prepayment penalty, no requirement for tax and insurance escrows
Loans will be secured by a mortgage on the borrower's home
Lien position - the PENNVEST loan must be in a first or second lien position unless the loan amount is less than $7,500 or the existing first and second liens were originated at purchase for the purpose of buying the home; third lien position is permitted in these circumstances
Eligibility
No restrictions on household income as of 1/1/2016
Borrowers will be underwritten to determine eligibility to repay the loan
Borrowers must be PA residents seeking to improve their primary residence which meets program requirements
Project location - for on-lot septic repair, all areas of PA are eligible unless a public wastewater collection and treatment system is either in place or will be constructed in the next five years; for sewer connections, any area of PA is eligible
Allowable project types - rehabilitation, improvement, repair or replacement of an existing septic system or a homeowners' lateral connection to a public sewer
Financeable project costs - system design charges, construction fees and costs, inspection, and permit fees, connection fees (also known as "tap-in fees") and most loan origination fees
Two unit dwellings deeded as one property are eligible unless the residence is a manufactured home, then one unit only
Documentation - applicants must gather and provide for lender and PHFA review, all income and credit information, applicable permits, project specifications, connection fees for sewer connections or, if you are replacing or repairing an on-lot septic system, verification from your local municipality that a wastewater disposal system neither exists nor is planned in the next five years; additional information supporting the loan application may also be required
How To Apply
Contact a personal mortgage representative to start the application. Call us at 610.973.8181 or toll-free at 888.366.6622 or have us call you.
Click here to apply. Or call us to make an appointment with one of our lending specialists.