Why You Should Consider a FHA Loan in Pittsburgh, Pennsylvania
Pittsburgh, with a population of over 300,000, is the second largest city in Pennsylvania. Pittsburgh is a hub of construction and development and is often referred to as the “Steel City”. Pittsburgh also has many established industries including sports, computing, autos and electronics. A lot of big companies operate in this diverse city. The residents of Pittsburgh are among those Americans who want to realize the American dream of house ownership. A lot of people are turning to home loans and mortgages in a bid to buy homes. FHA loans are one of the best options for potential homeowners. Let’s look at why you should consider FHA loans.
Easy to get a Good Deal
The Federal Housing Administration is dedicated to helping Americans with home ownership. They even cater to people who have bad credit scores and very little money. Borrowers can buy a home with a down payment of only 3.5% whereas conventional loans may require a down payment of up to 10%.
No Income Restraints
Federal Housing Administration (FHA) loans are mostly given to low income borrowers. Borrowing limits are also not limited. In some areas, where real estate is cheap, buyers can take out high amounts.
Low Mortgage Insurance
The monthly fee paid for mortgages is generally lower if you have taken up a FHA loan. On the other hand, conventional mortgage requires a considerably higher fee. Low monthly payments mean that you save more.
Seller Contributes to Costs
A FHA loan also calls for a higher seller contribution. This means that the seller will pay most of the closing costs. You can negotiate with the seller to buy down the interest rate for your loan, so you only have to pay a percentage of the loan amount upfront.
People of Pittsburgh, Pennsylvania can log on to www.mortgagerefinance.com to find out more information about home loans, refinancing and mortgage rates. Our mortgage calculator is also a very useful tool that you can use to compare and calculate finances.