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Pittsburg Home Purchase Loans Low Rates in Pennsylvania with FHA Financing
Pittsburg home buyers have more options with qualifying for low rate FHA home purchase loans to help them lock in buying a new home. RealStats tracks the market through deed recordings in Allegheny, Beaver, Butler, Washington and Westmoreland counties. It noted that Pittsburgh home sales declined in all counties but Beaver, which posted a 7 percent gain, with 200 sales in July versus 187 in the same month last year.
Home sales declines ranged from 5.2 percent in Butler County, with 254 units versus 268; to 25.8 percent in Washington County, with 239 units versus 322. Allegheny County had a 10.9 percent decline, with 1,759 houses sold compared to 1,973 last year. Westmoreland County had 362 sales, down 19.2 percent from 448 a year ago. While home sales declined, home prices continued to increase. Prices increased 2.4 percent, from $127,000 last July to $130,000 last month. All counties saw increases except Washington County, which dropped to $128,750 from $147,750.
Pittsburgh Home Buying with FHA Loans
Even though home sales are down, buyers are still experiencing frustration with buying a home. Why? Because “stringent requirements demanded by lenders are a result of new guidelines announced in November by Freddie Mac and Fannie Mae, two giant, federally chartered companies that buy mortgages made by lenders and package the loans for resale to investors on the secondary market,” said Mark Steele, president of Howard Hanna Financial Services. As a result, FHA home buying has made a big comeback. Pittsburgh home buying with FHA allows you to purchase a home with only a 3% down payment. Even with credit dings, you still get low, interest rates with FHA. And, you can always do a FHA streamline refinance if the interest rates drop with 97 percent loan to value (LTV).
FHA Loans for 1st Time Homebuyers
FHA Home Loan Services extends low rate financing for first time homebuyers with discounted closing costs with very little required for a down payment for home purchase opportunities. FHA is part of the U.S. Department of Housing and Urban Development.
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.
First-time Home Buyers
For first-time home buyers, Pittsburgh 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 for conventional loans, as well as FHA, Veterans Administration (VA) and Rural Housing Services' loans.