Pennsylvania FHA Loans

Are you planning to move to Pennsylvania? If so, you will definitely want to consider going through the FHA to obtain your loan. The Federal Housing Administration (FHA) is a government run program designed to make the loan process as easy and affordable as possible for all who qualify. The FHA has accomplished this by extending really great benefits to American families. As a result, the FHA has made the dream of homeownership a reality for millions of Americans over the years. Here are some of the types of mortgages currently available through the FHA.

Standard FHA Loan

A standard FHA loan is perfect for people who have found the house they want to purchase and does not need any repair work done to it. Houses that qualify can be one to four-unit properties that are below the county’s loan limits. With a standard FHA loan, it is possible to qualify for up to 96.5% financing. This means you will only have to supply a low 3.5% for the down payment on the house. The other great benefits of this loan include low interest rates, streamline refinancing, flexible repayment plans and easy approval.

Energy Efficiency Mortgage

If you have a house that you want to make energy efficient upgrades to, you will want to apply for an Energy Efficiency Mortgage (EEM). The EEM is ideal for people who are looking to decrease both their carbon footprint and monthly bills at the same time. The types of improvements that can be included in the cost of the loan include things like solar water heaters and low-energy refrigerators. Be sure to check the website for the US Department of Housing and Urban Development (HUD) for a complete list of upgrades that can be included.

203(k)

The 203(k) mortgage was designed to help people who want to buy a house that needs major repairs done to it. When you apply for a conventional loan, you will have to take out three separate loans in order to do all the work necessary. These loans often have high interest rates and low amortizations. With the 203(k) the cost of the purchase, repairs and final value are all rolled into one mortgage.

Get Started Today!

It’s easy to get pre-approved for a Pennsylvania FHA loan. Simply take a minute to fill out our online form and we’ll have you pre-approved instantly for free and with no obligation!

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