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First Time Home Buyer Programs in PA

houseBuying 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”.

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PA First Time Homebuyer

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When you apply or pre-qualify for a home loan, the mortgage lender will estimate the maximum loan amount you are able to 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 the “ideal" loan payment” with the Debt to Income Calculator.

How much does it cost to buy a house 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

Pennsylvania requires a "deed transfer tax" when the title of the home passes from the seller to the buyer. Think of the deed transfer tax is a sales tax on real estate. The cost to transfer ownership varies by PA county. Read more

Do interest rates matter?

Less than you think. Easily compare the mortgage payment with different interest rates and terms with the Payment Calculator.

Pennsylvania Housing Finance Agency (PHFA)

The Pennsylvania Housing Finance Agency (PHFA) provides mortgage financing and closing cost assistance for eligible home buyers. Several loan programs do not require a down payment and are open to non-first time home buyers. Read more

Pennsylvania county loan programs

Several Pennsylvania counties offer first time home buyer programs with low interest rates. Some PA 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 is permitted to pay all or a percentage of the buyer's closing costs? It's true, it's commonly called a seller assist.

What is a HUD home? A house 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

Which home loan is right for you?

Fha logo

Fha mortgage loans have become popular because the minimum downpayment is just 3.5% and the seller is allowed to pay up to 6% of the buyer's closing costs.
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The USDA home loan does not require a down payment; and, the seller is allowed to pay up to 6% of the sales price toward the buyer's closing costs.
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VA logo

The Veteran home loan (VA loan) does not require a down payment, does not require monthly mortgage insurance and the VA permits the seller to pay all closing costs on behalf of the veteran.
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Fannie and Freddie Mac logos

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.
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