Mortgage Loan Types
PMA offers the following mortgage types:
With dozens of mortgage programs available, the number one question most people have is "which mortgage program is the best for me?" Philadelphia Mortgage Advisors' experienced loan officers will discuss your needs, budget and preferences with you and help you choose a mortgage product that fits your unique situation. Whether you are purchasing your first home, refinancing, or purchasing a second home at the beach, our experienced advisors can help you find the right mortgage product.
Conventional (Fixed Rate) Loans
Conventional fixed rate mortgages have a consistent interest rate for their entire term, so your payments remain the same for the life of your loan. A fixed rate mortgage may be right for you if you prefer to budget a specific payment amount into your monthly expenses.
- Allows for easy budgeting and long-term planning.
- If interest rates are low, allows you to lock in favorable rates for the long term.
- Provides predictable financing for investment properties.
- Consistent loan payment amount.
- Lets borrower lock-in low rates.
- Stable financing for investment property.
Term of Loan:
Conventional fixed rate mortgage loan amounts up to $424,100 are available with loan terms of 10, 15, 20 and 30 years.
Adjustable Rate Mortgage (ARM) Loans
ARM loans are available for borrowers who are looking for a low initial interest rate which is fixed for a period of time or those who do not intend to keep the mortgage for the long term. After a specified period, these rates adjust annually to a new rate.
- Lower payments at the beginning of the loan term.
- May allow for a larger loan amount.
- Protects you with annual and lifetime rate caps.
- May easily convert to a fixed rate loan or be fully assumable.
We offer adjustable rate mortgages with loan terms of 1, 3, 5, 7, 10 and 15 years.
Federal Housing Administration (FHA) Loans
Ideal for first time homebuyers with limited cash. In fact, your down payment can be as little as 3.5% of the purchase price. FHA loans sometimes will work for borrowers who do not qualify for a conventional loan. FHA loans are also available for refinancing.
- 3.50% minimum down payment.
- Down payment and closing costs may be a gift or loan from a relative.
- Seller assist up to 6%.
- Financing for one to 4 unit owner-occupied properties.
PMA offers FHA loan terms of 15 and 30 years.
Veterans Administration (VA) Loans
VA Loans are available to current and past members of the active duty military and reserves. These loans require no or low down payments and offer flexible underwriting guidelines. Check with your PMA mortgage advisor to see if you are eligible.
- Allows you to finance VA funding fee.
- Unlimited seller contribution to buyer's closing costs allowed.
- Gift funds allowed.
- 100% financing available.
- Perfect for veterans with limited credit history or income limitations.
PMA offers VA loan terms of 15 and 30 years on fixed rate loans and 3 and 5 years on adjustable rate loans.
Pennsylvania Housing Finance Administration (PHFA) Loans
PHFA offers home purchase loans with low fixed interest rates and fees for first-time buyers and buyers purchasing in designated target areas. These programs do have income limitations so you should check with a PMA Mortgage Advisor for eligibility. Some buyers may even qualify for a down payment and/or closing cost assistance loan.
There are a number of financing options available for loans exceeding $424,100. One of our mortgage advisors can explain all of your options and help you understand which mortgage is right for you.
USDA Rural Housing Loans
100% financing is available for properties in eligible areas. These loans are primarily used to help low to moderate income individuals, or households, purchase homes in rural areas. With a seller assist towards closing costs, buyers can essentially buy with no money out of pocket.
Sometimes a second mortgage, combined with a first mortgage, makes the most sense. Philadelphia Mortgage Advisors, through its partners, is able to offer several options at competitive rates. Let's discuss if this option is right for you.
Are you currently looking to buy a "fixer-upper"? PMA offers renovation loans that combine the cost of your purchase into one simple mortgage. For more information, visit our Renovation Loan Page.