As of November 15, 2013, Fannie Mae no longer be offers 97% financing. Based on the new rules FHA has a monthly mortgage insurance premium that is over the top.
To offer a solution I am featuring the Pennsylvania Housing Finance Agency, PHFA Loan, with offers 3% down and no Mortgage insurance.
This is by far the best financing available today only in the State of PA. Residents of Philadelphia, Montgomery, Bucks, Berks and Delaware County should definitely consider a PHFA Home Loan.
There are rules to a PHFA loan, which has income limits and credit score thresholds but comparatively it is by far the best program available in today’s market. Most lenders shy away from it because it pays very little and will not tell you about its benefit.
If the process is supposed to be about the borrower then this is allows more people to spend less of their hard earned savings and spend less per month than the other available loans. Contact me anytime to learn more and begin.