Pennsylvania
Types of Mortgages: Jumbo, Reverse, and FHA Mortgages
Gateway Funding, a mortgage lender based in the Philadelphia, PA region knows that your financial situation is unique and therefore requires a home mortgage loan program that fits your needs. You have loan options, and we are here to explain those options, determine how each would benefit you, and then customize a mortgage product that reflects your particular situation.
Listed below are three kinds of PA mortgage options for three unique situations. One of these mortgages might be right for you.
Jumbo Mortgage
A jumbo mortgage in PA may be perfect for you if you are a borrower who wishes to purchase a high-priced, luxury home in the greater Philadelphia, PA region. A jumbo mortgage is a mortgage with a loan amount above the industry standard for conventional conforming loan limits. These loan limits are set by the Office of Federal Housing Enterprise Oversight (OFHEO). Therefore, jumbo mortgage loans are not eligible to be handled by Fannie Mae or Freddie Mac, the two largest secondary lenders in the United States
Reverse Mortgage
Reverse mortgages allow retirees and elderly homeowners to tap into their home equity for income. With a PA reverse mortgage, homeowners borrow money against the value of their home.
One advantage of a reverse mortgage is that a credit check is unnecessary, since the borrower does not need to make any payments. Furthermore, it allows borrowers to remain in their home when they are faced with economic hardships.
PA FHA Mortgage
If you are a low- to moderate-income borrower, a PA FHA mortgage may be right for you. FHA mortgages are beneficial for those greater Philadelphia, PA residents who want to buy a home but cannot afford a large down payment. Through an FHA mortgage in the Philadelphia, PA region, you may be able to borrow up to 97% of the home’s value. FHA mortgages are the most common for first-time home buyers.
No matter what your financial situation is, you have home mortgage loan options. If you think a jumbo, reverse, or FHA mortgage may be right for you, give us a call at 1-877-936-2677, or simply fill out our convenient online application form.
Locations in Pennsylvania:
3260 Tillman Drive, Suite 90
Bensalem, PA 19020
227 Washington Street, Suite 240
Conshohocken, PA 19428
1768 Oregon Pike
Lancaster, PA 17601
4244 West 12th Street, Suite 100
Erie, PA 16505
534 Hamilton Street, 2nd Floor
Allentown, PA 18101
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