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Allentown Home Purchase Loans Low Rates in Pennsylvania with FHA Financing
Allentown, Bethlehem, and Easton comprise eastern Pennsylvania's and Western New Jersey’s Lehigh Valley. Of these three cities, Allentown is the largest. Allentown is also Pennsylvania's third most populous city, after Philadelphia and Pittsburgh. According to Lehigh Valley Real Estate News, the Median Sales Price for July 2008 was recorded at $207,000 which is a decrease compared to July 2007 with a median of $215,000. During July 2008, 524 sales were reported, down approximately 24.5% from July 2007 at 694. However, foreclosures in Allentown are low. They are the second lowest after Honolulu, HI with a rate of 1 for every 972.
Allentown FHA loan limits have been temporarily raised to $402,500. Now is the time to take action. Philadelphia home buying makes sense. The new limits make Allentown home purchase loans more feasible.
Plus FHA’s lenient credit standards make FHA home buying in Allentown possible for people who have had credit problems in the past. Allentown home financing with FHA allows you to get a home with only a 3% down payment. And, even the credit-challenged can enjoy low, fixed interest rates with FHA. Plus, you can always do a FHA streamline refinance if the interest rates drop with 97 percent loan to value (LTV). FHA has been helping low- and moderate-income buyers since 1934. When buy a home, one of the biggest barriers is the requirement most lenders have that requires you to have at least a 20% down payment.
Pennsylvania Homeowner Incentives
Adams Electric Cooperative offers financing to help its residential customers increase the energy efficiency of their homes through their Energy Resource Conservation (ERC) and Supplemental Loan Program. Residents who qualify for a loan can borrow up to $25,000 with terms of 1-7 years for installations in either existing or new houses. The loan can be used to finance a variety of heating/cooling systems and weatherization projects in both new housing or in existing housing.
FHA Loans for 1st Time Homebuyers
For first-time home buyers, Allentown home financing with FHA can be especially advantageous when combined with a Housing Finance Authority (HFA) or Mortgage Credit Certificate (MCC) first time homebuyer program.
Additionally, according to the Pennsylvania Housing Finance Agency website, (PHFA) its Keystone Home Loan and Keystone Home Loan Plus programs can be used by first-time buyers who meet income and eligibility requirements.