Pennsylvania Mortage Loans
Whether you are purchasing a new or existing primary home, refinancing a current mortgage, or purchasing a vacation or income property in Pennsylvania, 7th Level Mortgage can provide you with the expertise and service you need. Even if you have a challenging credit or are simply looking at options to consolidate debt, our experts can ensure that you get the best rates possible for your PA mortgage.
As a trusted mortgage financing company with many years of experience in the state of Pennsylvania, we can provide our clients with expert guidance, excellent loan term options, outstanding customer service, and a fast turnaround on their loan decision.
We understand that each client comes with a set of unique needs and circumstances, which is why we explore all loan options – including VA loans, USDA loans, and FHA loans, among others – to make sure that we select the best path forward in order to get you into your new home. Even with clients who have complex financial circumstances or are seeking a complicated purchasing arrangement, you can trust that we have you covered.
In addition to our experience with mortgage lending, our experts also understand the nuances of the different regions of Pennsylvania and neighborhoods within its communities. We will work hard to ensure that all of this combined experience and knowledge works to your advantage with any type of real estate transaction.
VA Loans in Pennsylvania
The experts at 7th Level Mortgage have extensive experience with helping our qualified military and veteran clients secure a VA mortgage loan. These loans are backed by the Veteran’s Administration, allowing military members to secure an entitlement amount – generally 25% of the loan – that serves as an additional financial safeguard for the lender in the event that the loan forecloses. This additional security makes VA loans appealing to both mortgage financing institutions and borrowers. Additionally, VA loans make it easy for military members to qualify for their mortgage and get into the home that fits their family needs.
VA loans do have maximum loan amounts which vary across the nation, and throughout the state of Pennsylvania. The maximum loan amount for most Pennsylvania communities is $510,400, although some areas have an increased maximum of $765,600. These loans offer tremendous benefits for qualifying applicants, including:
- No down payment, allowing borrowers to purchase at the time that is right for them.
- No private mortgage insurance requirements, saving borrowers hundreds – and sometimes thousands – every year.
- No penalty for paying the loan off early, ensuring that you have flexibility with your finances.
- Loan assistance to avoid foreclosure if you ever struggle with the payments.
VA loans in Pennsylvania can be used for borrowers looking to build a new home, purchase and/or renovate an existing home, or install energy-efficient updates or improvements. VA loans in PA can also be used to refinance a direct loan to receive a lower interest rate or to refinance other indebtedness by a lien of record on a home owned and occupied by a veteran as a primary residence. Contact 7th Level Mortgage today to find out if you qualify for a VA mortgage loan in Pennsylvania.
FHA Loans in Pennsylvania
Prospective homebuyers in the state of Pennsylvania may find the FHA loan program is a desirable option. FHA loans, or those insured by the Federal Housing Administration, are an incredibly popular option in PA, as well as across the nation, due to its low down payment requirements and lenient credit requirements. The general benefits that borrowers can experience with an FHA loan include:
- Very low down payment requirement of 3.5%.
- Upfront mortgage insurance of 1.75% of the loan amount.
- FHA loans have generous seller-paid closing cost benefits, with an assistance limit of 5% of the sales price or actual costs.
- Relaxed credit record requirements; the minimum credit score is lower than many other loan programs, at 580.
FHA loans are ideal for prospective PA borrowers who may not have savings to cover the down payment required by a traditional mortgage, or those who have a lower credit score or lower income. The FHA loan program can offer borrowers many benefits, and its flexibility is ideal for first-time homebuyers. If you would like to learn more about FHA loans in order to determine if it is the right loan for you, contact 7th Level Mortgage. Our experts can help you to identify the optimal loan choice for your Pennsylvania home.
USDA Loans in Pennsylvania
The USDA Rural Housing Loan Program is a 30-year fixed-rate mortgage created for low- to moderate-income home buyers that can be an attractive option for Pennsylvania residents looking to purchase a home in a USDA-eligible area. If you would like more information about which areas of PA would qualify for a USDA loan, the department has a tool to help you look up property eligibility.
Securing a USDA loan can offer the borrower many advantages, including:
- No down payment required.
- The loan value can be slightly higher (102%) than the appraised value of the property.
- Gifts can be used to cover down payments or closing costs.
- The loan can include closing costs, and in some instances, even fund repair/renovation costs.
- New construction purchases are eligible.
- There is no penalty for early payment.
- Relatively high income limits.
As USDA loans are for low- to moderate-income borrowers and families, there are income limits that apply. The 2020 figures for Pennsylvania borrowers are:
- $86,850 for households with 1-4 member
- $114,650 for households with 5-8 members.
These incomes are used in most instances; however, some Pennsylvania counties may have an exception to account for higher median incomes. USDA loans also allow individuals with a less-than-stellar credit record to qualify for the loan, allowing for an average credit score of 640 as a minimum requirement. The geographic-eligibility and the financial requirements of USDA loans can make them confusing to some prospective borrowers although they can provide many benefits under the right circumstances. The mortgage specialists at 7th Level Mortgage can help you find out if your desired Pennsylvania property purchase qualifies for a USDA loan.