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Lancaster Home Purchase Loans Low Rates in Pennsylvania with FHA Financing
Lancaster home buyers have been taking advantage of new options for qualifying with low rate FHA home purchase loans to help them lock in buying a new home. Lancaster is a city in the South Central part of the Commonwealth of Pennsylvania. It is in Lancaster County and is the 101st largest metropolitan area in the United States. It's known as Dutch Country, and one of the popular symbols of Lancaster County is the covered bridge. Lancaster County has 28 covered bridges and plenty of Amish communities. It is a relaxing atmosphere with peaceful scenery and many unique attractions. Over five million people visit Lancaster County each year, and it’s a nice place to settle.
Are you looking to relocate to Lancaster, PA? Or, are you a resident thinking about a home purchase? The median home price for Lancaster, PA is $189,000. FHA recently raised their top loan amount quite a bit to $383,750. FHA has also streamlined the appraisal process and brought it into the 21st century, making it the Lancaster home financing loan of choice for people with credit challenges. Now is the time to take advantage, while it’s a buyer’s market.
Lancaster Home Buying with FHA Loans
FHA home buying makes sense. Buyers benefit from Scranton home purchase loans with FHA due to the credit requirements not being as stringent as those for conventional loans. With a 580 credit score, a home buyer only needs a 3% down payment. And, they get low, fixed interest rates with FHA. Plus, they can do a FHA streamline refinance if the interest rates drop with 97 percent loan to value. FHA loans are also not as cumbersome for the seller as they used to be, so they’re more likely to take FHA offers.
Buy a Lancaster HUD Home
If a foreclosed house insured by FHA doesn't sell at the foreclosure auction, it reverts back to HUD and becomes a HUD home. To buy a HUD home, you need a HUD-certified realtor. In Pennsylvania, including Lancaster County, HUD properties are administered by Hooks Van Holm, Inc. Bids must be submitted online and the process followed precisely or the bid gets rejected. Owner occupants get the first chance to buy these properties before they become available to anyone, including investors.