While many of the homes I sell in Northeast PA are vacation homes, I also sell year-round/full-time homes in both Pike and Wayne counties. There are different mortgage options available for different types of buyers. I do not pretend to know all there is to know about mortgages; that is for the mortgage professionals!
Susan Hines of Guaranteed Rate is one such expert.
Susan’s experience and knowledge will prove invaluable to home buyers looking to purchase a home in the Lake Wallenpaupack region, whether it be a vacation home or a full-time residence. Her professionalism is second to none, and I am proud to include her in my network of mortgage & real estate related professionals.
I have asked Susan to answer some questions buyers have about particular mortgage questions, which I will share here in my real estate blog over the next several weeks. The first installment is below.
What is a FHA Mortgage?
By Susan Hines, VP of Mortgage Lending, Guaranteed Rate Inc.
This mortgage option is run by the Federal Housing Administration (FHA) to make it easier for home buyers to qualify for a loan, whether it’s a purchase or refinance. That means, you’ll be able to qualify with a smaller down payment (as low as 3.5%).
What’s So Great About FHA Loans?
- You can buy a home with a down payment as small as 3.5%, a much lower down payment than conventional loans offer.
- You can use gifts for down payments and closing costs.
- There are no pre-payment penalties.
- Your FHA mortgage may be allowed to be taken over by another person if you choose.
- You can fund for home improvements with a FHA 203K program.
- Please note, FHA loans are for primary residence homes, not 2nd homes.
Contact Susan for more questions about FHA or other mortgage-related issues.
VP of Mortgage Lending
Guaranteed Rate, Inc.
663 Route 739
Lords Valley, PA 18428
Company NMLS# 2611
Licensing Information: http://www.
Equal Housing Lender