| Lender | LendingTree rating and “best of” category | Lender review |
|---|---|---|
 |  Refinance loans | Read our review |
 | VA loans | Read our review |
 | Jumbo loans | Read our review |
 |  Online mortgage experience | Read our review |
 | FHA loans | Read our review |
 | Home equity loans | Read our review |
 |  Mortgage loan variety | Read our review |
Pennsylvania offers several first-time homebuyer programs, many of them through the PA Housing Finance Agency. These programs aim to make it easier for people to make the leap to homeownership, often by assisting with down payment and closing costs or extending tax credits. The programs also include homebuyer education and counseling.
The HOMEstead Downpayment and Closing Cost Assistance Loan offers a second mortgage to cover down payment and closing costs up to $10,000, but it can be forgiven over five years.
Eligible applicants must meet:
The Keystone Advantage Assistance Loan Program offers homebuyers a second mortgage that will help cover the down payment and closing costs needed to buy a home. This loan is paid back over 10 years with no interest.
Eligible borrowers, who can receive the lesser of up to 4% of the purchase price or market value or $6,000, must have:
Pennsylvania’s Mortgage Credit Certificate program offers first-time homebuyers the ability to claim a credit worth 20% to 50% of the mortgage interest paid each year on their federal taxes, up to $2,000.
First-time homebuyers or people buying in certain target counties must meet income and purchase price limits.
For homeowners who have maintained a mortgage for a significant period, refinancing may be a good option. When you refinance, you take out a new loan that pays off and replaces your old mortgage. You may choose to do this to:
You could be able to get a lower monthly payment or pay off your mortgage faster.
Every situation is different, but you should always start by doing the math on whether a refinance would save you money. You may choose to use a refinance calculator to help. Then shop around, getting at least three quotes to compare the terms offered to you.
The PA Housing Finance Agency offers refinance programs for conventional loans and federal programs, including Federal Housing Administration (FHA) and Veterans Affairs (VA) loans. This program includes an option with low mortgage insurance requirements as a benefit for people who qualify.
