The FHA mortgage program has been a lifesaver for many Americans since its inception. The loan is insured by the Federal Housing Administration (FHA) and offered by mortgage lenders. Its popularity is fueled by its affordability coupled with relaxed qualification standards. If you are in Pennsylvania and thinking of buying a home it should be among your mortgage considerations. Moreira Team can help you apply for a Pennsylvania FHA loan and ensure that you qualify for it.
Qualifying for a Pennsylvania FHA loan is not hard. You only need to make a down payment of 3.5% of the total loan amount and have a credit score of at least 640. Ideally you want your scores at 660 or higher so you can qualify for the best rate and the lowest payment. But that will depend on your credit history and other outstanding factors, something that Moreira Team can gladly help you with.
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Other than a good credit score and down payment requirements, Pennsylvania FHA loans also have fairly low-interest rates. In fact, the current market is more buyer-friendly than it has been in a long time. Plus the FHA allows sellers to pay up to 6% of the closing costs. Other loans have a maximum of 3%, so depending on how you negotiate with the seller, you can reduce the costs of your loan significantly.
In the majority of Pennsylvania Counties, the base maximum limit for FHA loans is $356,362 but there are counties with higher limits. In Lehigh, Carbon and Northampton counties the loan limit goes up to $372,600. There are 5 Pennsylvania counties with an FHA loan limit of $431,250. And in Pike County, the limit is $822,375.
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