What is different about Pennsylvania FHA loans?
Many reasons exist to consider working with a Pennsylvania FHA loan, although borrowers have options outside of the Pennsylvania FHA loans program, including private and traditional home loans. Why would someone be interested in an FHA loan over other programs? What does the FHA offer citizens of Pennsylvania that private mortgages do not?
Pennsylvania FHA Loans : What is available?
Rather than simply offering single home sales to potential borrowers, Pennsylvania FHA loans offer borrowers the chance to purchase other, nonstandard homes. These can include approved condominiums, duplexes and fourplexes, and manufactured homes that are secured on a permanent foundation. In some cases, foreclosures are available for purchase as well.
Do I make too much money to qualify for Pennsylvania FHA loans?
Contrary to popular belief, Pennsylvania FHA loans do not have maximum income limits for borrowers. These loans do have minimum income limits for borrowers with low credit scores and who purchase homes in specific areas. However, add-on benefits to mortgages, such as down payment grants or home renovation grants may have maximum earning limits, so make sure to check with your loan officer in advance if these options are important to your loan.
Will I qualify for Pennsylvania FHA loans?
Pennsylvania FHA loans are options for those with low credit scores, regardless of the reasons. As the loans provided by the FHA (Federal Housing Authority) are guaranteed by the United States government, lenders have more freedom to loan money to borrowers that may be more of a risk. In addition, lower down payment requirements that is often part of the FHA loan program opens up mortgages to a wide range of borrowers as well.
Borrowers should understand, however, that while the FHA backs the loans offered through their mortgage program, they do not set the interest rates, mortgage insurance rates or down payment amounts required for a loan. Different lenders may offer other options to home loans as well, including using family financial gifts as down payments or securing extra funding for immediate home repair or renovation needs.
A variety of other reasons to consider Pennsylvania FHA loans include their strong history of working on behalf of the homeowner in areas like foreclosure avoidance and flexibility in job loss or illness . In addition, natural disaster relief is often covered as part of Pennsylvania FHA loans, although specific policies vary with mortgage lender.
Other Options for Pennsylvania FHA Loans
Assistance for low income earners and reasonable down payment assistance make Pennsylvania FHA loans some of the best options for homeowners. In addition, these loans give borrowers access to other programs and grants that ease the transition to home ownership, including the Energy Efficiency Program, which offers borrowers the chance to update window and appliances. Grants for down payments including AmeriDream, Partners in Charity, Family Home Providers and Newsong; these programs have different requirements and restrictions so be sure to check with your borrower on specifics.
I?m a loan advisor specializing in MD FHA loans.
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Source: http://bestmortgageratetips.info/blog/2012/03/14/understanding-pennsylvania-fha-loans/
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