First Time Home Buyer Programs in PA
Buying a home is exciting, overwhelming, and possibly frightening, because a home is more than just a house or condominium that you live in. It’s one more step in life’s journey. Homes are special places where children are born and babies take their first steps across the living room floor. Homes are where brides are carried across the threshold, and holidays are celebrated. Homes truly are “where the heart is”.
Because buying a home is likely to be the most expensive purchase you will make in your lifetime; it’s worth the time to educate your self on the various loan programs available. The first question that typically comes to mind for home buyers is “how much can I afford”.
When you apply or pre-qualify for a home loan, the mortgage lender will estimate the maximum amount of money you can borrow by comparing your monthly income and your monthly debt (i.e. car payments, student loans, minimum payments on credit cards and other monthly payments). This calculation is known as a debt to income ratio. You can estimate your “ideal monthly mortgage payment” with the Debt to Income Calculator.
How much does it cost to buy a home in Pennsylvania?
The PA Closing Cost Calculator will estimate the down payment, closing costs (including the seller assist, if applicable), escrow and prepaid costs.
Pennsylvania Transfer Tax
There are costs when you purchase a home. For example, in the State of Pennsylvania, buyers and sellers are required to pay to the State of Pennsylvania a "deed transfer tax". The deed transfer tax is a sales tax on real estate. The cost varies across the state depending on where you live. Read more
Do interest rates matter?
Less than you think. Compare the mortgage payment with different interest rates with the Payment Calculator.
Pennsylvania Housing Finance Agency (PHFA)
Are you eligible for a first time home buyer mortgage through the Pennsylvania Housing Finance Agency (PHFA)? Did you know that the state has several mortgage programs for non-first time home buyers. Read more
Pennsylvania county loan programs
Many Pennsylvania counties have first time home buyer programs. Some counties provide low interest rates, while some counties offer down payment and/or closing cost assistance grants or loans. Some grants can go as high as $10,000. Read more
Home Buyer Information - Buyer's Resources
Did you know that the seller can pay some of your closing costs? It's true, it's commonly called a seller assist
What is a HUD home? A home that was financed with an FHA loan and is subsequently foreclosed on is called a HUD home. Is it a good deal to buy an FHA foreclosure? Read more
Fha home loans are very popular because the minimum down payment is only 3.5% and the seller can pay up to 6% of the buyer's closing costs. Read more
It's true! No down payment is required with USDA home loans.
And, the seller can pay as much as 6% of the sales price toward
the buyer's closing costs.
Attention veterans! The VA has a great loan for eligible veterans. No down payments are required for VA home loans and the seller can pay ALL closing costs. Read more
If you have a nice down payment or need a large loan (jumbo),
then a Fannie Mae or Freddie Mac home loan is right for you. These
loans are known as "conventional" mortgages.