Let’s Find a Mortgage Program that’s Right for You
Below is a general overview of the most common mortgage programs available in today’s mortgage market. The “Read More” button will take you to all of our News Articles that pertain to each program. You can use the Search Feature below to help you find a particular term or phrase that fits your exact situation.
Contact us for details. We will structure a mortgage that provides the most beneficial option for you.
Conventional Mortgages are mortgages that are backed by Fannie Mae or Freddie Mac
Available for Loan Amounts up to $484,350 for Single Family Residences.
Qualified First Time Home Buyers are eligible for a down payment as low as 3%.
Those who have not owned a home in the last 3 years may qualify for a down payment as low as 3%.
Mortgage Insurance not needed with a 20% down payment.
If you have an initial down payment of less than 20%, mortgage insurance can be removed in the future as you gain equity.
Conventional Mortgages can also be used to purchase Investment Properties.
FHA Mortgages are mortgage that are backed by HUD, a Cabinet Department of the Federal Government.
FHA has easier credit guidelines than most mortgage programs.
Down payments as little as 3.5%
Seller can pay up to 6% of the sales price to cover any closing costs.
Mortgage Insurance is required on all FHA mortgages. FHA Mortgages with less than an initial 10% down payment have permanent Mortgage Insurance.
FHA Mortgages are for Primary Residences only, however, the property can be held as a rental property in the future if you purchase a new primary residence.
VA Mortgages are mortgages that are backed by the Department of Veterans Affairs.
VA Mortgages are available for veterans who have a Certificate of Eligibility.
VA Mortgages do not require a down payment.
VA Mortgages allow the Seller to pay all the closing costs.
VA Mortgages have more flexible credit guidelines than Conventional Mortgages.
VA Mortgages are for Primary Residences only, however, the property can be held as a rental property in the future if you purchase a new primary residence.
100% Financing Allowed
USDA Mortgages do not require a down payment.
Closing Costs can be financed into the loan amount if the appraised value supports the needed loan amount
USDA Mortgages are available in areas deemed “rural” by the USDA census maps.
USDA Mortgages are frequently available in larger towns and suburbs of metro areas. We can check an exact address for eligibility.
USDA Mortgages are for Primary Residences only, however, the property can be held as a rental property in the future if you purchase a new primary residence.
For loan amounts above the current Conventional limit in Pennsylvania of $484,350.
5% Down Payment Jumbo up to $1,500,000.
Jumbo Mortgages with a down payment of less than 20% do not require mortgage insurance. This is an advantage of Jumbo mortgages over the standard Conforming/Conventional Mortgage.
Jumbo Mortgages are for Primary Residences only.
If you need to finance a Rental Property that will exceed the the Conventional limit of $484,350 then there are other non-traditional finance programs we can explore.
These programs allow you to finance Renovation Costs into the loan amount.
Renovation programs allow you to buy a home that needs cosmetic updates of general repair.
Renovation Mortgages can be used to buy foreclosures that often do not qualify for other mortgage programs due to property conditions.
Renovation mortgages allow you to refinance a home you own and finance any Renovation Costs into the new mortgage.
Renovation programs are available with both the Conventional and FHA programs.
Renovation Mortgages are for Primary Residences only.