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Pennsylvania FHA Loan

What are Pennsylvania FHA Loans?
FHA stands for Federal Housing Authority. FHA Loans provide low-cost insured Home Mortgage Loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, FHA loans can give you piece of mind with super low closing costs and flexible payment options.


What factors determine if I am eligible for an FHA Loan in Pennsylvania?
To be eligible for FHA Mortgage Loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for an FHA Mortgage is determined by:

Maximum Loan Amount in Pennsylvania: The Maximum FHA Loan amount allowed for FHA Home Mortgages varies from county to county in Pennsylvania. The highest maximum FHA Home Loan right now in Pennsylvania is $729,750. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Pennsylvania, the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Pennsylvania FHA loans require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

What property types are allowed for FHA Loans in Pennsylvania?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

More information on FHA Mortgages

What types of refinance programs does FHA offer in Pennsylvania?
There are three main types of FHA Refinance loans available in Pennsylvania.

FHASecure Refinance
The FHA Secure Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. The borrower may be delinquent on the current adjustable rate mortgage and still qualify.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


Streamline Refinance

The FHA Streamline Refinance is designed to lower the interest rate on a current FHA House Loan or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Pennsylvania?
The maximum amount for an FHA loan is determined by

Maximum Loan Amount in Pennsylvania
The maximum FHA Loan Amount allowed for FHA Mortgage Refinance varies from county to county in Pennsylvania. The highest maximum FHA Home Refinance amount right now in Pennsylvania is $729,750. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Pennsylvania, the maximum financing for an FHA Rate Term Refinance (No Cash-Out) or FHA Streamline Refinance Program (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum financing for an FHA Cash-Out Refinance in Pennsylvania is 85%.

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Pennsylvania FHA Mortgage Limits by County
Updated 03/05/2008
County Name         
   Single Family
          Duplex
          Triplex
          Fourplex
ADAMS 271050 347000 419400 521250
GETTYSBURG, PA (MICRO)
ALLEGHENY 327500 419250 506800 629800
PITTSBURGH, PA (MSA)
ARMSTRONG 327500 419250 506800 629800
PITTSBURGH, PA (MSA)
BEAVER 327500 419250 506800 629800
PITTSBURGH, PA (MSA)
BEDFORD 271050 347000 419400 521250
NON-METRO
BERKS 300000 384050 464200 576900
READING, PA (MSA)
BLAIR 271050 347000 419400 521250
ALTOONA, PA (MSA)
BRADFORD 271050 347000 419400 521250
SAYRE, PA (MICRO)
BUCKS 420000 537650 649900 807700
PHILADELPHIA, PA METROPOLITAN DIVISION
BUTLER 327500 419250 506800 629800
PITTSBURGH, PA (MSA)
CAMBRIA 271050 347000 419400 521250
JOHNSTOWN, PA (MSA)
CAMERON 271050 347000 419400 521250
NON-METRO
CARBON 402500 515250 622850 774050
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (MSA)
CENTRE 280000 358450 433250 538450
STATE COLLEGE, PA (MSA)
CHESTER 420000 537650 649900 807700
PHILADELPHIA, PA METROPOLITAN DIVISION
CLARION 271050 347000 419400 521250
NON-METRO
CLEARFIELD 271050 347000 419400 521250
DUBOIS, PA (MICRO)
CLINTON 271050 347000 419400 521250
LOCK HAVEN, PA (MICRO)
COLUMBIA 271050 347000 419400 521250
BLOOMSBURG-BERWICK, PA (MICRO)
CRAWFORD 271050 347000 419400 521250
MEADVILLE, PA (MICRO)
CUMBERLAND 271050 347000 419400 521250
HARRISBURG-CARLISLE, PA (MSA)
DAUPHIN 271050 347000 419400 521250
HARRISBURG-CARLISLE, PA (MSA)
DELAWARE 420000 537650 649900 807700
PHILADELPHIA, PA METROPOLITAN DIVISION
ELK 271050 347000 419400 521250
ST. MARYS, PA (MICRO)
ERIE 271050 347000 419400 521250
ERIE, PA (MSA)
FAYETTE 327500 419250 506800 629800
PITTSBURGH, PA (MSA)
FOREST 271050 347000 419400 521250
NON-METRO
FRANKLIN 271050 347000 419400 521250
CHAMBERSBURG, PA (MICRO)
FULTON 271050 347000 419400 521250
NON-METRO
GREENE 271050 347000 419400 521250
NON-METRO
HUNTINGDON 271050 347000 419400 521250
HUNTINGDON, PA (MICRO)
INDIANA 271050 347000 419400 521250
INDIANA, PA (MICRO)
JEFFERSON 271050 347000 419400 521250
NON-METRO
JUNIATA 271050 347000 419400 521250
NON-METRO
LACKAWANNA 271050 347000 419400 521250
SCRANTON--WILKES-BARRE, PA (MSA)
LANCASTER 383750 491250 593800 738000
LANCASTER, PA (MSA)
LAWRENCE 271050 347000 419400 521250
NEW CASTLE, PA (MICRO)
LEBANON 271050 347000 419400 521250
LEBANON, PA (MSA)
LEHIGH 402500 515250 622850 774050
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (MSA)
LUZERNE 271050 347000 419400 521250
SCRANTON--WILKES-BARRE, PA (MSA)
LYCOMING 271050 347000 419400 521250
WILLIAMSPORT, PA (MSA)
MCKEAN 271050 347000 419400 521250
BRADFORD, PA (MICRO)
MERCER 271050 347000 419400 521250
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (MSA)
MIFFLIN 271050 347000 419400 521250
LEWISTOWN, PA (MICRO)
MONROE 271050 347000 419400 521250
EAST STROUDSBURG, PA (MICRO)
MONTGOMERY 420000 537650 649900 807700
PHILADELPHIA, PA METROPOLITAN DIVISION
MONTOUR 271050 347000 419400 521250
BLOOMSBURG-BERWICK, PA (MICRO)
NORTHAMPTON 402500 515250 622850 774050
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (MSA)
NORTHUMBERLAND 271050 347000 419400 521250
SUNBURY, PA (MICRO)
PERRY 271050 347000 419400 521250
HARRISBURG-CARLISLE, PA (MSA)
PHILADELPHIA 420000 537650 649900 807700
PHILADELPHIA, PA METROPOLITAN DIVISION
PIKE 729750 934200 1129250 1403400
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
POTTER 271050 347000 419400 521250
NON-METRO
SCHUYLKILL 271050 347000 419400 521250
POTTSVILLE, PA (MICRO)
SNYDER 271050 347000 419400 521250
SELINSGROVE, PA (MICRO)
SOMERSET 271050 347000 419400 521250
SOMERSET, PA (MICRO)
SULLIVAN 271050 347000 419400 521250
NON-METRO
SUSQUEHANNA 271050 347000 419400 521250
NON-METRO
TIOGA 271050 347000 419400 521250
NON-METRO
UNION 271050 347000 419400 521250
LEWISBURG, PA (MICRO)
VENANGO 271050 347000 419400 521250
OIL CITY, PA (MICRO)
WARREN 271050 347000 419400 521250
WARREN, PA (MICRO)
WASHINGTON 327500 419250 506800 629800
PITTSBURGH, PA (MSA)
WAYNE 271050 347000 419400 521250
NON-METRO
WESTMORELAND 327500 419250 506800 629800
PITTSBURGH, PA (MSA)
WYOMING 271050 347000 419400 521250
SCRANTON--WILKES-BARRE, PA (MSA)
YORK 425000 544050 657650 817300
YORK-HANOVER, PA (MSA)

Pennsylvania's Top Cities:

Philadelphia Pennsylvania FHA Loans Pittsburg Pennsylvania FHA Loans Allentown Pennsylvania FHA Loans
Erie Pennsylvania FHA Loans Reading Pennsylvania FHA Loans Scranton Pennsylvania FHA Loans
Bethlehem Pennsylvania FHA Loans Lancaster Pennsylvania FHA Loans Levittown Pennsylvania FHA Loans
Altoona Pennsylvania FHA Loans Harrisburg Pennsylvania FHA Loans Penn Hills Pennsylvania FHA Loans
Wilkes-Barre Pennsylvania FHA Loans York Pennsylvania FHA Loans State College Pennsylvania FHA Loans
Ross Township Pennsylvania FHA Loans Norristown Pennsylvania FHA Loans Radnor Township Pennsylvania FHA Loans
Williamsport Pennsylvania FHA Loans Shaler Township Pennsylvania FHA Loans Drexel Hill Pennsylvania FHA Loans
                                                                                                                                

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 Why choose an FHA Home Loan?

  • FHA Home Loans require a Low 3.5% down payment.
  • Non-occupant, co-borrower are permitted to qualify for an FHA Home Loan.
  • FHA Home Loans use Expanded qualifying ratios.
  • There are no prepayment penalties for an FHA Home Loan.
  • An FHA Home Loan is fully assumable.
  • FHA Home Loans have lower MI premiums.
  • An FHA Home Loan is eligible for non-credit qualifying, streamline refinance.
  • An FHA Home Loan is available all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards.
  • An FHA Home Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas, including manufactured homes on permanent foundations.
  • FHA Home Loans are offered at terms of 15 or 30 years.

 FHA Refinance Programs

FHASecure
The FHASecure program is for borrowers who want to refinance their current fixed rate mortgage or ARM loan into a stable, FHA insured mortgage. You can be delinquent on your current ARM mortgage and still qualify for an FHA refinance loan. You may even be allowed to include the amount you are behind on your current ARM in your new loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

FHA Streamline Refinance
The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.


 FHA Refinance Questions & Answers

What are the guidelines for an FHA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be either 98.75% or 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a FHA-insured mortgage?
FHA refinance mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new HUD FHA Mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to The FHA, but your current lender will have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.


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