Pennsylvania FHA Loan
Do you want to be a Pennsylvania homeowner? Maybe you're a PA homeowner looking for a great mortgage refinance opportunity? Is getting a cost-effective mortgage loan your top priority? Is security and stability important in your decision? If you say "Yes!" to all these questions, get prepared for a Pennsylvania FHA home loan from a mortgage company you can count on!
For the home buyer, the FHA loan program has down payments as low as 3.5% -- among the lowest down payment requirements in the country! In addition, the Pennsylvania FHA loan favors your needs with regulated closing costs and the fact that the seller can pay up to 6% of the purchase price towards your closing costs and pre-paids. What does a conventional loan allow? A conventional loan for well-qualified buyers typically requires a minimum of 5% down, usually with capped seller-paid closing costs at 3% -- not such a good deal!
Acquiring an FHA loan can be easier and more convenient than you think. The qualifying requirements for an FHA mortgage really are far more flexible than traditional conventional and bank financing. Lending decisions are based upon credit quality, not credit score. Higher debt ratios allowed expands the ability of obtaining quality financing to even more PA borrowers!
Do you have to be a first time home buyer to qualify for an FHA loan? Absolutely not! While the program is perfect for first time buyers, it's also an ideal financing vehicle for seasoned homeowners too.
The rate of home ownership in Pennsylvania is in the vicinity of 62%. Pennsylvania is really working hard to increase homeownership. The use of the FHA Loan is definitely an assurance that more residents of Pennsylvania will have the opportunity to own their very own home than ever.
Benefits and Advantages of FHA Loans in Pennsylvania
- Where traditional financing allows for 5% to 20% downpayment requirements, the FHA loan only requires a minimum downpayment of 3.5%!
- The FHA loan does not consider credit scores in the underwriting process.
- Borrowers who use the FHA loan program get interest rates very comparable to conventional loan rates.
- Higher housing ratios of up to 29% and higher back-end ratios of up to 41% exceed those offered by conventional lenders.
- Past bankruptcy is OK, provided the discharge of the bankruptcy was at least two years in the past and you have re-established good credit, whether traditional or alternative.
- Chapter 13 bankruptcy buyout options for those who have received permission from the trustee and have made on-time payments for at least 12 months.
- Purchase or refinance a home that needs repairs using the FHA 203K rehabilitation loan product!
- 15 year and 30 year repayment terms.
- FHA offers both fixed rate and ARM programs for home buyers and homeowners.
- Use the FHA loan to refinance your home or do a cash-out refinance.
- Have an FHA loan? Take advantage of lower interest rates or change your repayment terms on the fly by using the FHA streamline refinance option -- a low cost refinance vehicle that does not require you to "re-qualify" for a new loan.
- So much more!
Why not take a few moments to contact one of our Pennsylvania mortgage professionals to find out what programs we have that meet your financing needs! Call Today!