Haverford Township, PA Home Loans

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Mortgage and Lending with Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, NMLS #138061 MMCD #1141
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Haverford Township, PA Home Loans

 

     If you're looking to buy a home in Haverford Township, PA, I hope Haverford home loansthe 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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Pennsylvania Delaware County Havertown
Tags:
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Very nice.  You've covered every base.  The VA loan is my favorite.  Like you, I'm not in an area with active duty buyers and limited to retired vets, but I sell to a few every years.  Good buyers

 

Mar 14, 2014 08:18 AM #1
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Thanks a lot Lenn, I always see agents providing good market reports, figured I'd try to do the same with a focus on lending.  I agree re: VA buyers, a program I wish more people knew more about.

Mar 14, 2014 08:57 AM #2
Rainmaker
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David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Hey John, We are huge believers in FHA loans and they make sense for so many buyers its a huge win win for all and without it this market would still be in dire straights.

Mar 14, 2014 11:34 AM #3
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

David, I really like the FHA program too, I hate the PMI hikes of the past few years, and hate the permanency of the PMI, too...but I guess they can do what they want when there's not a similar option to compete with it.

Mar 14, 2014 11:41 AM #4
Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning John. Truly well done. Nice job sharing all the necessary information for Haverford Township. You know your business, so clients would be fortunate to be working with you.

Make it a great weekend!

Mar 14, 2014 10:35 PM #5
Rainmaker
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Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Hi John,

Very thorough post.  Anyone thinking of buying with any kind of mortgage should definitley give you a call.

Mar 17, 2014 12:06 AM #6
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Thanks Joe, appreciate the kind words, hope your week's off to an excellent start.

Wayne & Jean - thank you, for both the comment & kind words

Mar 17, 2014 05:24 AM #7
Rainmaker
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Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

John, great information educating buyers about different loan programs available to them in the Haverford Township PA area.  

Mar 18, 2014 09:17 AM #8
Rainmaker
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ba`B Ratliff
Robert Ratliff Realty - San Antonio, TX
"Sold with Bob"

John, we do love our FHA and Conventional and whether it's 6% or 3% Seller contribution it makes our Buyers happy. You certainly know your Mortgage Programs.

Mar 18, 2014 11:59 AM #9
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John Meussner

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