Media, PA is a suburb of Philadelphia and the county seat of Delaware county. Just West of the city, Media is known as "Everybody's Hometown". More than a slogan, this is the feeling of being in Media. With history dating back to William Penn and still pronounced and accessible throughout the area, Media, though small in size, is huge in entertainment, theatre, and dining establishments. Media is part of the 19063 zip code, along with several other towns.
In the calendar year 2013, there were 57 homes sold in Media with an average sales price of $280,610. The highest priced home in this time frame sold for $535,000 and the lowest priced home sold for $104,900. The average "days on market" for Media, PA in 2013 was 81. Within this price range, Media offers the opportunity for everyone to own a piece of "Everyone's hometown" and enjoy a small town, suburban lifestyle with easy access to Philadelphia and the surrounding areas.
Media, PA FHA Loans require only 3.5% down payment, which can be 100% gift funds. Also allowing up to 6% sellers assistance, the FHA loan program makes it possible to buy a Media, PA home with little money out of pocket. Being in Delaware county, FHA allows for a maximum base loan amount of $379,500 for single family home buyers in Media.
FHA loans offer tremendous benefit to Media, PA home buyers. Rates are low, and are more forgiving of imperfect credit than conventional loans. They are also assumable, which is a nice feature for home owners should rates rise in the future.
The one down side of an FHA loan is the PMI associated with these loans. With less than a 10% down payment, the PMI is expensive and permanent. Many buyers who use FHA loans will later refinance to remove the PMI for this reason.
Media, PA Conventional Loans
Conventional loans are another great option for Media, PA home buyers. Conventional loans require a 5% down payment, offer low rates, and typically have lower cost PMI than FHA loans (especially for those with good credit). For those with 20% or more down payment, there is no mortgage insurance on a conventional loan. The maximum loan amount for conventional loans in Newtown Square is $417,000.
Conventional loans in Media also allow for sellers assistance to help a buyer with closing costs. With less than 10% down, a seller can contribute up to 3% of the purchase price of a home toward the buyers cost. With more than 10% down, contributions are capped at 6%.
Conventional loans are more sensitive to credit scores, so those with low FICO scores will see rates different from those with excellent credit. PMI on conventional loans is also tiered on a sliding scale based on FICO score & down payment percentage.
Other Loan Programs
Media, PA VA loans are available for eligible veterans in Media and allow for up to 100% financing with a maximum loan amount of $417,000. VA loans also allow for sellers assist, so it's possible for qualified veterans to obtain the dream of home ownership with little to no money out of pocket.
Media, PA Jumbo loans are loans exceeding the maximum loan amounts that other programs are capped at. In Media, jumbo loans are available up to $3,000,000 with a large down payment. For certain jumbo programs, up to 90% of a home purchase can be financed with NO PMI. Jumbo loans in Media, PA can have even lower rates than conventional loan options, and allow home buyers to finance a much larger amount of money. Jumbo loans are a tremendous option for Media, PA home buyers looking to buy more expensive properties.
If you have questions on a loan product or program, you can get an immediate answer here.
Media, PA offers buyers the wonderful opportunity of home ownership in a lively suburban setting close enough for quick trips to nearby Philadelphia and the rest of the Main Line. If you're considering buying or selling a home in Media, I'd strongly recommend speaking with Lori Rogers of Keller Williams. Lori is local to Media, very familiar with the market, and provides both buyers and sellers with an excellent level of service. For a free market analysis, you can call Lori at 610-517-1517.
If you have any questions about a Media, PA mortgage, don't hesitate to give me a call at 484.680.4852 or ask an expert here. I specialize in residential home purchases AND refinances.