Pittsburgh has long been loved as one of the most affordable housing markets in the northeast, but even with relatively affordable homes buying your first house can feel like a big leap to take.
We've heard many times the benefits of owning a home (from growing equity, to tax write-offs, to pride in ownership, and more!), but often the task of purchasing a home can seem daunting. When you're saving up to pay off student loans and working on saving for a down payment, the thought of saving 20% for a house + all the closing costs can make home buying seem out of reach. Luckily there are some fantastic tools to help new home buyers realize their dreams.
In Pennsylvania there are government grants to help new home buyers reduce the amount of cash needed at closing, such as a 0% loan to finance up to 4% of closing costs. This program can be used in addition to seller assist, which could leave you bringing as little as a couple thousand dollars to the closing table! Even if you don't use this program, there are plenty of low down payment options to choose from-- you can buy a home with as little as little as 3.5% down with an FHA loan, or even 0% down with a VA loan or USDA loan!
The most important step to take before you start your house hunting journey is to talk with a qualified mortgage expert. There are many programs available depending on your income, life stage, and how recently you've purchased a home. Good lenders won't just tell you whether or not you're approved-- they will listen to your goals and circumstances, and help you find the best loan product to meet your needs. They will also make sure you fully understand all costs involved in buying your home so you aren't surprised that you can't afford as much as you thought after your offer is accepted.
When we bought our home, Jeff Mountain from Howard Hanna Mortgage helped us decide which loan would get us the best rate and help us reach our financial goals. Jeff knows the industry inside out, and no one pushes harder than Jeff to get you into the home you want. He understands that home buying doesn't always happen from 9-4:30, and offers more flexible hours and higher service than a traditional bank, while still offering more flexible solutions.
We recommend reaching out to Jeff today to start the journey towards your new home:
Jeff Mountain: Loan Originator
jeffreymountain@howardhanna.com
Direct Dial: 412-607-5117
NMLS #1208144
Licensed by the PA Department of Banking and Securities
Cheers,
Julie & Ted