FHA mortgage loans are an excellent source of financing in the State of Pennsylvania. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. Contact your mortgage professional at 1-800-999-2489 x7972 or via e-mail at mbyrne@gfhomeloans.com.If you own a mobile home on a permanent foundation in the State of Pennsylvania you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.
The FHA maximum loan amount in Pennsylvania ranges from $200,160 to $362,790, depending on the county in which you reside. This is as of April 2007. Contact your mortgage professional at 1-800-999-2489 x7972 to determine what the FHA loan limits are in your county.
A low credit score will not immediately disqualify you from FHA financing. You must, however, show timely payments for the past 12 months as well as supply a letter of explanation for your past credit.
FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.
The new FHA Secure program introduced in 2007 will allow more consumers to refinance out adjustable rate mortgage programs. There are restrictions on this loan program, so speak with an experienced mortgage consultant about the specific FHA Secure loan parameters.
