As a government-backed loan, FHA loans are insured by the Federal Housing Administration and simplify the process of qualifying for and procuring a mortgage loan. This makes FHA loans a great fit not only for first-time home buyers but also for those who have stable employment but may not qualify for a traditional home loan, borrowers with lower-than-average credit scores, and those who need less stringent qualification requirements. With big city amenities at affordable prices, Pittsburgh offers a high quality of life that has many buyers looking to purchase their first home in the Steel City, and for qualified borrowers, an FHA loan can make financing your Pittsburgh home affordable!
Advantages of FHA Loans
- 3.5% Down Payment For first-time home buyers who cannot afford to put a lot of money down, FHA loans require only 3.5% of the home’s purchase price as a minimum down payment. This low rate makes home ownership possible for many first-time Pittsburgh homeowners and Pittsburgh residents who require a more affordable down payment.
- Low Costs Because FHA loans are backed by the government, interest rates are low, making payments easier for borrowers of all income levels. While buyers will pay for mortgage insurance, a lower monthly mortgage payment and reasonable closing costs ensure that first-time homeowners save money with FHA loans.
- Flexible Requirements FHA loans are designed to make home loans more accessible and affordable to home buyers of all incomes. With accommodating credit requirements and flexible income obligations, FHA loans allow more Pittsburgh residents to purchase a home with guidelines that work for them.
- A Quicker Loan Process Since Pittsburgh is one of the nation’s strongest real estate markets, any advantage that gives home buyers an edge over the competition is crucial. Since FHA loans are government-backed, borrowers are able to quickly qualify for a mortgage when they find a house, saving them precious time that could be the deciding factor in whether or not they get their dream home.
FHA Loans with Golden Oak Lending Pittsburgh
Golden Oak Lending Pittsburgh is an FHA-approved lender that offers incredible low interest rates. Our mortgage specialists understand the competitive Pittsburgh housing market and will efficiently help you find the best home loan for your unique needs so that you can purchase a home at a rate that works for you. Call or contact Golden Oak Lending Pittsburgh today to find out how you can apply for an FHA loan.