Erie Home Purchase Loans Low Rates in Pennsylvania with FHA Financing
Erie home buyers have more options with qualifying for low rate FHA home purchase loans to help them lock in buying a new home. There are only two cities in Erie County: the City of Erie and the City of Corry. There are two Pennsylvania state parks in Erie County and both are on the shores of Lake Erie: Erie Bluffs State Park (one of Pennsylvania's newest state parks) and Presque Isle State Park (one of Pennsylvania's oldest state parks).
The average price of a new home sold in July was $294,600, down 4.1 percent from a year ago. The median home price - where half sell for more and half for less - was $230,700, down 6.3 percent from last year. And, while July sales for existing houses were up, as discounts lured buyers, the number of unsold properties hit an all-time high.
Erie Home Buying with FHA Loans
FHA raised the Erie loan limits to $271,050. They were previously $237,000. Erie home financing with FHA couldn’t make any more sense than it does now. Goerie.com reported that there are questions about the future ability of mortgage finance giants Fannie Mae and Freddie Mac to supply money for home loans. The two companies have cut back the availability of mortgages as they cope with growing losses from foreclosures.
If you have any credit issues, Erie home buying with convention loans will be a lesson in frustration. Conventional Fannie Mae and Freddie Mac loans require you to have a FICO credit score of at least 660 with a 20% down payment and a score of at least 700 if you don’t have 20% start-up equity. With FHA, you can get a home with just a 3% down payment. And, you get low, fixed interest rates with FHA. Plus, you could do a FHA streamline refinance if the interest rates drop with a 97 percent loan to value (LTV).
Are you relocating to Erie, PA? Are you a resident thinking about a home purchase? The U.S. Housing and Urban Development's (HUD's) Federal Housing Administration (FHA) approved housing counseling agencies are available in Erie to discuss FHA home buying and Erie home purchase loans as well as missing payments, refinancing options, foreclosure prevention and reverse mortgages.
