The home of the first American capital, Philadelphia, also boasts some of the leading property markets in the country. From Pittsburg to Cambria, this East Coast state is one of the most lucrative places to own a piece of property. You can settle down in a condo or manufactured home of your choice and budget via FHA mortgage Pennsylvania. FHA Home Loan Group will provide all application assistance you need including pre-qualification details such as the lending limits of this state.
The Maximum County Limits
The State of Independence is a land of financial contrasts as the following Area Median Income (AMI) levels, which denote the collective earnings, per annum, of each county, indicate:
- The low-cost counties like Adams attract $271050 worth of lending limit for a single-family unit through FHA mortgage PA.
- Intermediate counties like Beaver, home to Pittsburg come at an average AMI of $327500 for the single-family unit.
- High-cost counties, including the Philadelphia area start with a base maximum limit of $420000.
Direct or Guaranteed Sub-program
You need to have 115% of the above particular city’s figures to gain approval in the Guaranteed Program. Here are its salient characteristics:
- It is a sub-program of FHA mortgage Pennsylvania which is available to moderate-income earners, those whose gross earnings are slightly above the county’s average.
The other option is the Direct Program, suitable for low-income earners with this salient feature:
- You have earnings of between 50 and 80 percent of the area’s median income.
Do I Qualify?
FHA Home Loan Group assures of direct approval with the Housing Department (HUD) for FHA mortgage PA if you meet these simple guidelines:
- You have managed to repay all existing debts.
- You have had a steady job for the forgoing two years at a stable income level.
- You intend to move to the new home and make it your new residence.
- Your credit score is at least 620 though some lenders will accept even 580.
Additionally, though not mandatory, lenders for FHA mortgage Pennsylvania may wish to see your bank statements of the past 12 months.
The Attractive Benefits of FHA mortgage PA
- You will repay the plan at your pace for either 15 years at an adjustable interest rate or 30 years at a permanent rate.
- You can refinance the adjustable-rate scheme to suit any future improvement in the interest rate.
- You can co-opt with another applicant for this program, to share the cost.
Therefore, FHA mortgage Pennsylvania is one of the most attractive home purchase prospects for residents of the State of Independence. More so, it has some of the highest lending limits in the nation, which increases your chances of getting a valuable home.
What remains now is just to contact our team at Fhahomeloangroup.com for assistance concerning this great program.
Please call  202-4479