Pittsburgh FHA Loans

Right now is a great time to apply for an FHA home loan in Pittsburgh, PA. With the housing prices lower than ever, and FHA loan limits on the rise, it’s possible to afford bigger houses than ever before.

History of FHA Loans

In 1934 the US Government created the Federal Housing Administration (FHA) in order to help people who were having a hard time during the Great Depression. The FHA made it possible for people to afford new homes and keep their existing properties from going into foreclosure. In the more than seventy years the FHA has been in operation, it has helped millions of Americans become first time homeowners.

FHA Loans Today

Today the FHA home loan program is stronger than ever. While the FHA does not actually issue any money, it does insure loans issued by private, FHA-approved lenders. What this does is make you a very secure and desirable borrower, and one that private lenders are willing to pass benefits onto. One of these benefits is the low down payment feature. With a Pittsburgh FHA loan you can qualify for up to 96.5% financing on your new house, making your down payment a very low, affordable 3.5%.

Additional Benefits

In addition to paying a low down payment, your overall costs will be much lower because you will get to take advantage of competitive interest rates. You also won’t be required to pay private mortgage insurance (PMI). The other benefits of going through the FHA for your mortgage include easy approval, flexible repayment schemes and streamline refinancing.

How to Apply

In order to apply for an FHA loan you must find a lender who participates in the FHA home loan program. This can be any lending institution, as long as they are FHA-approved. It’s a good idea to get pre-approved for a loan before you settle on a lender. This way you will know how much you’ll be able to afford in Pittsburgh and whether or not you meet the FHA’s requirements for a loan.

Get Started Today!

Getting pre-approved for a Pittsburgh FHA loan has never been easier! Simply fill out our online FHA form and we’ll do the rest. The application is free, fast, secure and has no obligation.

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