Pennsylvania Mortgage Rates
February 10, 2016 03:07 PM Eastern
Pennsylvania Mortgage Rates and Assistance for Homebuyers
Pennsylvania was one of the original 13 colonies of the United States of America; it’s understandably been a popular destination for potential homeowners for over 200 years. If you’re looking to buy in Pennsylvania, you'll have your choice between historic brick homes and large country estates, and everything in between.
Current Pennsylvania mortgage rates depend on the economic climate and your qualifying financial criteria, but with proper research and the right resources, you can find a good deal on new financing. Here are the details on a variety of different programs that serve people who want to live in Pennsylvania and are looking for low PA mortgage interest rates.
Current PA Mortgage Rates and the REAL Program
If it's been a while since you purchased your home, PA mortgage interest rates may have changed. Homeowners who are having financial difficulty keeping up with their payments can benefit from refinancing at lower rates. The Refinance to an Affordable Loan Program (REAL) provides PA residents with a 30-year, fixed-rate loan. This program offers loans that feature flexible credit underwriting and keep homeowners from experiencing foreclosure. In order to qualify, participants must meet certain income requirements and be less than 59 days delinquent on their current mortgage.
Keystone Home Loan Program: Low Pennsylvania Mortgage Interest Rates
Pennsylvania is called the Keystone State, lending its name to this mortgage loan program. The Keystone Home Loan Program is available to first time homebuyers in Non-Target areas, or any home buyers purchasing a home in Target areas. It is also available to those in the military.
The Keystone Home Loan Program includes FHA (Federal Housing Administration), VA (Veterans Affairs) and RHS (Rural Housing Service) loans. The 30-year, fixed-rate loans obtained through this program offer lower interest than current PA mortgage interest rates.
HOMEstead Down Payment Assistance with PA Mortgage Interest Rates
Many Pennsylvania homebuyers need help with their down payment and closing costs, regardless of their PA mortgage rates. For people experiencing this difficulty, the HOMEstead Down Payment and Closing Cost Assistance Loan helps them become homeowners.
This program is designed to help people by allowing them to make a down payment of 3 percent of the cost of the home, or just $1,000 for those with a credit score of 660 or higher. If the lender requires a higher down payment, the HOMEstead program covers the difference, including all closing costs.
Obtaining Low-Interest Pennsylvania Mortgage Rate Programs
Any of these programs can be accessed by working with the Pennsylvania Housing Finance Authority (PHFA). This official department of the government of Pennsylvania government can help connect home buyers and home owners with programs that will help them get the best rates.
In addition to loan programs, the PHFA has credit counseling and homebuyer education programs. These programs are available through the Comprehensive Housing Counseling Initiative.