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Last updated: Jun 20, 2024
6.119% APR 30 Year Fixed
$1,487 / month
Rate: 5.920%
Fees: $625
Points: 1.908
Pts amt: $4,770
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6.242% APR 30 Year Fixed
$1,498 / month
Rate: 5.990%
Fees: $2,495
Points: 1.721
Pts amt: $4,302
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Pennsylvania Mortgage Overview

Pennsylvania is an affordable place to live. Its average home price is $180,200 which is much less than the national average, making it a great place to buy your first home. Pennsylvania is a key state in Eastern states and is a great place to call home.

If you're thinking of moving to PA, here are your loan options.

Pennsylvania conventional loans

You'll need a 660 credit score or higher to get a conventional loan. But, you can get by with as little as 3 percent down if you've never owned a home or 5 percent if you have. You need an average or low debt ratio of 36 percent, but you only pay mortgage insurance until you owe less than 80 percent of the home's value.

Pennsylvania FHA loans

If a conventional loan isn't an option, the FHA loan may be a good fit. With just a 580 credit score and 3.5 percent down, you can get an FHA loan. The down payment can be down payment assistance or a gift. If you have a 500 - 579 score, a 10 percent down payment is necessary and 3.5 percent of the funds must be yours. FHA loans charge mortgage insurance for the life of the loan.

Pennsylvania VA loans

Military veterans can secure 100 percent financing from a VA lender. With just a 620 credit score and proof you make enough money to cover all your bills, you may buy a home sooner than you thought possible. VA loans have an upfront funding fee but don't require mortgage insurance.

Pennsylvania USDA loans

If you love the rural life and have a household income of 115 percent or less of the area's average income, you may be a good candidate for a USDA loan. You don't need a down payment, but do need a 640 credit score and a max 41 percent debt ratio. USDA loans charge mortgage insurance for the life of the loan.

First-Time Homebuyer Programs in Pennsylvania

HFA Preferred LoMI

This conventional loan makes mortgage insurance more affordable so good credit borrowers can secure conventional financing. You must be within the income limits and you must use at least $1,000 of your own funds for the down payment.

Keystone Government Loan

You don't have to be a first-time homebuyer for this program, but you can be. It provides more affordable loans including the FHA, VA, and USDA loans.

Tax credit

If you meet the income guidelines, you may qualify for a Mortgage Credit Certificate which provides a tax credit for the interest you pay on your mortgage each year, up to $2,000, and for the life of the loan.

HOMEstead Down Payment Assistance

You may qualify for up to $10,000 in down payment assistance. The loan is forgiven at 20 percent over five years so if you live in the home for at least 5 years you don't have to repay the funds. You must meet the income requirements to qualify.

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