Pennsylvania Mortgage News: July 2010

your guide to the Pennsylvania Mortgage Market * Programs * Rates * Information *

100% USDA Mortgage in Pike County, Pennsylvania

Looking to buy a home in Pike County, Pennsylvania?

You might want to make a quick check to see if you and the property are eligible for a Pennsylvania USDA Mortgage, also known as a Pennsylvania USDA Rural Development Loan.

Here's Why...

USDA home loans offer a few benefits that other mortgage programs cannot match, including no down payment and financed closing cost. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table.

USDA is the only mortgage program that allows for all closing costs to be financed into the loan amount on a home purchase. Interest rates for USDA mortgages are comparable and often lower than the low fixed rates of Conventional, FHA and VA financing.

The USDA Mortgage program does have restrictions when it comes to location and income, so a quick check on this key qualifying criteria should be done first.

USDA Mortgage Pike County Pennsylvania

Pike County Pennsylvania Mortgage

 

 

      

      

        

 

 

 Benefits of the USDA Mortgage Program

  • True 100% no money down financing.
  • The ability to finance in your closing costs (if the appraised value supports the loan amt)
  • The seller may contribute up to 6% of the purchase price towards your closing costs
  • Low fixed interest rates.
  • More flexible credit qualifying guidelines with minimum 620 credit score
  • Often available for properties in towns and suburbs too

 

What areas of Pike County are eligible for USDA Financing?

The USDA has zoned ALL of Pike County as eligible for their USDA Rural Development Mortgage Program.

 

USDA Eligible Areas in Pike County include... Matamoras Pennsylvania Mortgage

  • Baoba
  • Birchwood Lakes
  • Blooming Grove
  • Bohemia
  • Bushkill
  • Conashaugh
  • Conashaugh Lakes
  • Delaware
  • Dingmans Ferry
  • Edgemere
  • Egypt Mills
  • Fawn Lake Forest
  • Forest Lake Park
  • Forest Park
  • Frenchtown
  • Friendly AcresMilford Pennsylvania Mortgage
  • Germantown
  • Glen Eyre
  • Gold Key Lake
  • Greeley
  • Greentown
  • Hemlock Farms
  • Hemlock Grove
  • Indian Point
  • Kimble
  • La Anna
  • Lackawaxen
  • Lackawaxen Township
  • Lake in the Clouds
  • Lake Wallenpaupack Estate
  • Ledgedale
  • Lords Valley
  • MasthopeRaymondskill Falls
  • Masthope Rapids
  • Matamoras
  • McCartys Corner
  • Melchris Wood
  • Milford
  • Millrift
  • Panther
  • Parkers Glen
  • Paupack
  • Pecks Pond
  • Pine Flats
  • Pine Ridge
  • Pocono Mountain Lake Estates
  • Pocono Mountain Woodland Lakes
  • Pocono Ranch Lands
  • Pond Eddy
  • Promised LandPocono Mountain Lake Estates
  • Quinns Corner
  • Roemersville
  • Rosas
  • Rowland
  • Sagamore Estates
  • Sandyville
  • Saw Creek
  • Shohola
  • Shohola Falls
  • Silver Spring
  • Sky View Lake
  • South Sterling
  • Spencer Corner
  • Sunrise Lake
  • Tafton
  • Tamiment
  • TanglewoodDingmans Ferry Pennsylvania
  • Tanglewood Estate
  • The Escape
  • Twin Lakes
  • Walker Lake
  • Westcolang
  • Westcolang Park
  • Wild Acres
  • Wilsonville

 

 

 

What are the USDA Mortgage Income Limits for Pike County?

Household Size:                                        1-4 Family Members                    5 or more Family Members

Maximum Adjusted Income                             $78,400                                        $103,500

 

If at first glance, it appears your household income exceeds the above limits, it is worth checking the USDA Income Calculator on the USDA website (link below). The USDA allows for several deductions which may allow your Household Income to fit within their Maximum Adjusted Income Guidelines.

USDA Income Eligibility Worksheet

 

 

Ok, the Property is in a USDA Eligible Area and your Household Income is within the USDA Income Limits, now what?

Like all mortgages, USDA Mortgages do require an applicant to qualify based on recent credit history. USDA credit requirements are some of the most flexible of any mortgage program available. More detailed information about USDA Mortgage Credit Requirements can be found with the link below...

USDA Credit Requirements

 

 

For buyers looking to purchase a home in Pike County Pennsylvania, the USDA Rural Development Mortgage is definitely worth a look. Feel free to contact me with any further questions about the program.

 

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Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania.  He can be reached directly at 412-567-6560 at klandis@keystonehomefinance.com 

NMLS # 137243

 

Keystone Home Finance LLC - NMLS# 834342

 

www.keystonehomefinance.com

 

Comment balloon 0 commentsKeith Landis • July 02 2010 10:56AM
100% USDA Mortgage in Pike County, Pennsylvania
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Looking to buy a home in Pike County, Pennsylvania You might want to make a quick check to see if you and the property are eligible for a Pennsylvania USDA Mortgage also known as a Pennsylvania USDA Rural… more