Mortgage In Philadelphia

Jason Griesser of Trident Mortgage wrote a great post on FHA loans on his blog “Your Mortgage Money” that would be helpful for a first time home buyer looking for a mortgage in Philadelphia.

Mortgage In Philadelphia?

FHA Basics…circa 2012 by Jason Greisser

The Department of Housing & Urban Development runs the Federal Housing Administration (FHA) who has been a huge part of keeping low down payment home purchasing a viable option in this market. The last few years, in order to responsibly keep up with the significant growth in market share, FHA has implemented some revisions to how the loans they insure are structured. Here is a summary of the most basic FHA features which make this type of financing a very popular choice for first-time home buyers as well as any other buyer who wants to keep their cash out-of-pocket to a minimum when buying a home:

• 3.5% minimum down payment
• All of the down payment can be from a gift
  • Gift monies should be from a family member, but can be in any amount as FHA does not require any of the buyer’s actual monies to close (mostly all non-FHA type loans require at least 5% of the down payment be from the buyer’s actual funds in their own account)
• Up to 6% of the sales price can used to have the closing costs be paid for by the seller 
  • A seller-credit or seller-assist are monies you can negotiate from the seller in your agreement of sale to have them pay a certain dollar amount of money towards your closing costs. While FHA allows for up to this 6% figure, it cannot exceed the actual costs of the transaction. In other words if your closing costs are only 3% of the sales price that figure is then your cap on the seller credit
• Use of co-signer(s)
  • FHA will allow a co-signer to help establish an approval  for the buyer that will occupy the home. This helps many first-time home buyers that need a little help to become approved for their mortgage.

While there are some other unique advantages to using an FHA insured loan to purchase a home these are the four most popular advantages we see. FHA has some liberal policies lender’s can follow, but they also have some very particular rules too so be sure to use an experienced mortgage professional that can guide you through this great method of home financing!

Mortgage in Philadelphia?

Here’s Jason’s Contact info.  Reach out to him if you are looking for a mortgage in Philadelphia or for information about home refinance rates.

Jason F. Griesser, CMB
Sr. Mortgage Consultant
Trident Mortgage Company, Lp
Ph: 215-440-2073
[email protected]

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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623  Direct
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888.308.1148  Fax
[email protected]
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