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Scranton Home Purchase Loans Low Rates in Pennsylvania with FHA Financing
Scranton 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 The City of Scranton is in Lackawanna County in Northeastern Pennsylvania.
After Philadelphia, Pittsburgh, Allentown, Scranton, and Reading, Scranton is Pennsylvania's sixth most populous city. It is the largest city located in a contiguous quilt-work of former anthracite coal mining communities including the smaller cities of Wilkes-Barre, Pittston, and Carbondale.
Money Magazine rates Scranton as one of the 10 fastest growing real estate markets. For years there has been talk of extending the rail system to make a connection from NYC straight to the Scranton/Wilkes-Barre market, which will benefit the housing market a great deal.
Scranton home buying is worthwhile, despite the housing market downturn elsewhere in the nation. The median home price is $129,900, so houses are affordable. With the passage of the Economic Stimulus Act, the FHA has raised the Scranton loan limit to $271,050, which is generous for moderately-priced homes.
Scranton Home Buying with FHA Loans
Scranton home financing with FHA is also much easier to qualify for than conventional financing. With a conventional loan, you would need a minimum FICO credit score of 660 or more if you're putting 20% down and a score of at least 700 if you have less than 20% start-up equity. You only need a FICO credit score of 580 and a 3% down payment to get a home loan through FHA. And, you get low, fixed interest rates with FHA. Plus, you can do a FHA streamline refinance if the interest rates drop with 97 percent loan to value (LTV).
First-time Homeowner Incentive
The First Front Door Program is a first time home buyer program offered by the FHL Bank of Pittsburgh. The program is available to eligible buyers in Delaware (DE), West Virginia (WV) and Pennsylvania (PA). The program provides qualified buyers with closing cost and down payment assistance by matching a qualified home buyer's contribution 3-to-1, based on the buyer's need. For every $1 of contribution the buyer makes, the FHL Bank provides $3 in grant assistance, up to a maximum of $5,000. To receive the full $5,000 grant, an eligible home buyer would need to contribute $1,667.