The Pennsylvania Housing Finance Agency (PHFA) provides:
Question & Answer
Review the question and all answer choices
Title insurance
Option A is incorrect because title insurance is provided by private insurance companies, not state housing finance agencies. PHFA does not underwrite or provide title insurance policies.
Affordable mortgage programs for first-time buyers
Property inspections
Option C is incorrect because property inspections are conducted by licensed third-party inspectors, not by state housing finance agencies like PHFA.
Foreclosure services
Option D is incorrect because while PHFA may have programs to prevent foreclosure, they do not provide direct foreclosure services. These functions are typically handled by lenders and specialized foreclosure prevention organizations.
Why is this correct?
Option B is correct because PHFA's core mission is to provide affordable mortgage programs and down payment assistance specifically designed for first-time homebuyers who meet certain eligibility requirements. This aligns with the agency's statutory purpose of expanding homeownership opportunities in Pennsylvania.
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