Haverford Township, PA Home Loans
If you're looking to buy a home in Haverford Township, PA, I hope 
the information you find here is helpful.
The most common loan programs in the area are Conventional and FHA loans. Being a suburb of Philadelphia, the Haverford area is NOT eligible for USDA financing.
In the calendar year for 2013, 615 Homes were sold in Haverford Township (Haverford, Havertown, and Ardmore) with a range of prices from $72,000 to $2,750,000. The average sales price for 2013 was $330,106. Let's take a look at some of the most common types of Haverford/Havertown/Ardmore mortgage programs:
Haverford Township FHA Loans
With an FHA loan, buyers put down as little as 3.5%, and enjoy low rates which are far more forgiving than conventional loans when it comes to credit scores. The maximum FHA insurable loan amount in Haverford township is currently $379,500 for a single family home (loan amounts are greater for multi-unit properties).
FHA loans also allow for up to 6% sellers assistance toward closing costs, have no reserve requirements for single family home purchases, and allow the 3.5% down payment to come from a gift, so it's possible for a buyer in Haverford township to buy a home with little to no money out of pocket.
Yet another big benefit of FHA loans is that they are assumable. This hasn't been a major benefit in years past, as we've seen rates drop pretty consistently over the past decade, but if rates begin to increase, buyers can assume an FHA loan if they qualify, which could give sellers with an FHA loan an edge.
FHA loans have many benefits, and perhaps the only downside to an FHA loan is the cost of required mortgage insurance (PMI), which can be expensive on the FHA program.
Haverford Township Conventional Loans
For many buyers in Haverford Township, a conventional loan is the best way to go. Conventional loans require a 5% down payment, and offer very competitive rates, and mortgage insurance premiums that are typically lower than those of FHA loans. Buyers who put 20% or more down do not pay any mortgage insurance on conventional loans.
Sellers can also contribute to a buyers closing costs with conventional financing, but are limited to 3% sellers assistance UNLESS putting 10% or more down (then up to 6% sellers assistance is allowed).
Conventional loans are somewhat more strict than FHA loans when it comes to interest rates, so the downside is that will poor-to-average credit, you may see higher rates and PMI quotes than you would with excellent credit. Conventional loans, generally speaking, are not assumable.
Other loan types available in Haverford township and the surrounding areas include VA loans, portfolio loans, jumbo loans, and rehab/renovation loans (like the FHA 203k). There are many options and plenty of programs available for all price ranges and types of credit, and if you have any questions on available loan programs you can get an immediate answer here.
Haverford Township offers a tremendous opportunity for a suburban lifestyle with great proximity to the city of Philadelphia & other popular travel destinations. If you're thinking about buying a home in Haverford Township, you'd like property information on a home you already own, or you'd like to see what homes are available in the area, I'd highly recommend speaking with Lori Rogers of Keller Williams. Lori is a tremendous agent with an extremely high degree of market knowledge and provides exceptional customer service throughout the home buying experience.
If you have any questions about a Haverford Township mortgage, don't hesitate to give me a call at 484-680-4852 or ask an expert here. I specialize in both residential home purchases AND refinances.
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