Best Mortgage Rates for First Time Home Buyers in PA (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Are you a first time home buyer in Pennsylvania? Are you looking to refinance an existing Pennsylvania first time home buyer loan?
If so, this may be the right time to do it. According to Zillow, home values in Pennsylvania are on the rise. Today, the average PA home costs $161,800, with experts predicting an increase 2.3 percent within the next year.
Refinancing or buying a home in Pittsburgh, Erie, Allentown, Philadelphia, Scranton, Lancaster, or any other city in Pennsylvania is one of the most important—and expensive—financial decisions that you will make over your lifetime.
The best way to ensure that a mortgage for a first time home buyer in PA remains manageable over time is to find the best rates and terms for each borrower’s unique financial situation.
Not only will you save money over the long-run, but you can even pay off your loan sooner by taking advantage of great rates for first time home buyers in PA.
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Which Pennsylvania City Are You Located in?
When it comes to finding the best mortgage for a first time home buyer in PA, there are plenty of factors to consider.
For many Pennsylvania mortgage lenders in Pittsburgh, Philadelphia, Allentown, Erie, and other cities in Pennsylvania, the location of the home will determine what type of rates are available for first time home buyers in Pennsylvania.
This means that homes across the state could have varying products and first time home buyer programs in PA based on the individual city, neighborhood, and the condition of the home itself.
As a first time home buyer in PA, it may be worthwhile to check the rates for neighboring cities that could potentially be more affordable over the long run.
See the table below for a list of some of the largest cities in the state offering mortgages for first time home buyers in Pennsylvania.
| Top Pennsylvania Cities | Population (2016) |
| Philadelphia | 1.568 million |
| Pittsburgh | 303,625 |
| Allentown | 120,443 |
| Erie | 98,593 |
| Reading | 87,575 |
| Upper Darby | 82,795 |
| Scranton | 77,291 |
| Bethlehem | 75,293 |
| Bensalem Township | 60,427 |
| Lancaster | 59,218 |
| Lower Merion Township | 57,825 |
| Lake Oswego | 38,945 |
Source: Google
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First Time Home Buyer Programs in PA
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in PA find that money is their biggest obstacle to a mortgage.
Thankfully, there are plenty of first time home buyer programs in PA that are meant to ease the financial stress that comes with being a first time home buyer.
Below, you can find a list of the most common first time home buyer programs in PA that a first time home buyer in Pennsylvania may be able to benefit from.
- FHA Loan—Issued by the Federal Housing Authority with smaller down payments and lower credit requirements
- FHA 203(k)—Allows first time home buyers in Pennsylvania to include renovation funds for fixer-upper homes
- USDA Loan—Offered by the U.S. Department of Agriculture for homes in certain rural areas
- VA Loan—For active-duty military members, veterans, and surviving spouses
- Energy Efficient Mortgage—Designed to help first time home buyers in PA create an energy-efficient home
- Native American Direct Loan—A type of VA loan that helps Native American veterans purchase homes on federal trust lands
- Good Neighbor Next Door Program—Sponsored by HUD, this program provides aid for law enforcement officers, firefighters, emergency medical technicians, and teachers from pre-k through 12th grade
Shohola Marsh Reservoir—Pike County, PA
Closing Costs in PA
Before you select the best mortgage for first time home buyers in Pennsylvania, you’ll also want to consider the additional costs that come within the first stages of homeownership.
According to Zillow, new homeowners pay anywhere between 2-5 percent of the home’s total purchase price from closing costs in PA.
Before you even start the application process, you’ll want to be prepared for the following closing costs in PA:
- Mortgage application fees
- “Good faith deposit”
- Down payment
- Mortgage points
- Attorney’s fees
- Inspections or surveys
- Title insurance
- Escrow deposit
- City recording fees
Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Pennsylvania
When it comes to buying a new home, finding the best mortgage for first time home buyers in Pennsylvania is crucial.
Short-term costs from insurance, fees, and closing can quickly add up, and it certainly helps to have the best PA mortgage rates to carry you through the next few decades.
If you’re considering refinancing, it’s equally as important to find great refinance rates to ensure that refinancing the loan is worthwhile over time.
Not only will a great rate make a loan more manageable, but it can also help set first time home buyers in PA on a path to financial success throughout the life of their mortgage.
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