Pennsylvania’s Best Mortgage Lenders & Current Mortage Rates

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Ready to claim the keys to your own home in the Keystone State? You’re part of a growing trend. Pennsylvania has almost 5.7 million housing units and a homeownership rate of 68.3%, according to the U.S. Census Bureau’s 2017 American Community Survey.

The median housing value for Pennsylvania is $181,200, compared with a $217,600 national median value. Depending on where you live, though, you may have higher or lower expectations.

U.S. News’ Best Pennsylvania Mortgage Lenders

Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Pennsylvania. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.

Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
  • Minimum FICO credit score: 660
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no military service

  • Sets no minimum loan amount

See full profile

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender Highlights

  • Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Wide variety of mortgages

  • Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual, balance transfer and cash advance fees for HELOCs

See full profile

Best for low costs

Chase, one of the nation’s largest banks, offers mortgage and refinance loans for qualified borrowers. Home equity loans and HELOCs are also available.

Before You Apply

  • Mortgage types offered: ARMs, conventional, FHA, jumbo, refinance and VA
  • Minimum FICO credit score: 620
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Accepts down payments as low as 3%

  • Receives high marks from the Better Business Bureau

See full profile

Best for fair credit

Flagstar offers banking and lending products in every state. Borrowers can select from conventional or government-backed mortgages, such as FHA, VA and U.S. Department of Agriculture loans, and opt for adjustable-rate mortgages. Other choices include home equity loans and lines of credit.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, refinance and USDA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A+

Best Features

  • Provides a broad selection of mortgages and home equity loans

  • Offers some mortgages that don’t require a down payment

  • Allows borrowers to apply for loans online

See full profile

Best for fair credit

Guaranteed Rate has served millions of Americans since 2000 with more than $150 billion in loan volume. This lender has no minimum loan amount.

Highlights:

  • Minimum FICO score: 580 (FHA)
  • Maximum debt-to-income ratio: N/A
  • Loan amounts: No minimum
  • Total closing costs: Varies
  • J.D. Power overall satisfaction rating: Two out of five

Best Features

  • Provides qualifying borrowers with a 10-minute closing process.

See full profile

Best for product selection

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best for customer service

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

Best for online service

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Highlights:

  • Loan types: conventional, FHA, VA, USDA, ARM, refinancing
  • Minimum FICO Score: 600
  • Maximum loan-to-value ratio: not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total closing costs: 2% to 6% of loan amount
  • Equity required: not disclosed
  • J.D. Power Satisfaction rating: not rated

Best Features

  • Offers a wide variety of mortgage loans.

  • Provides mortgage loans nationwide.

  • Helps with closing costs.

See full profile

Best for product availability

Quicken Loans is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A+ Better Business Bureau rating and received a rating of five (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five

Best Features

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

What Are the Mortgage Rates in Pennsylvania?

The average interest rate for a 30-year fixed-rate conforming mortgage in Pennsylvania is 2.98%.

Home interest rates range from 2.5% to 3.88% in Pennsylvania.

What Are Today’s Mortgage Rates?

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.







Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage 3.01% 3.03%
15-year fixed-rate mortgage 2.58% 2.56%
30-year fixed-rate jumbo mortgage 3.03% 3.09%
5/1 ARM 3.04% 3.06%
5/1 jumbo ARM 2.86% 2.87%

*Rates as of Oct. 28, 2020

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some Pennsylvania Homebuyer Programs?

Pennsylvania homebuyers can get help with down payments and closing costs as well as reduced interest rates, lower fees and tax credits with these Pennsylvania Housing Finance Agency programs.

  • Available to: Eligible Pennsylvania homebuyers.
  • Income limits: Vary by county (see PHFA income limits).
  • First-time homebuyers only? No.
  • Loan options: 30-year fixed-rate mortgages.
  • Benefits: Provides access to low-cost mortgage insurance and a $300 credit toward closing costs if you have prepurchase counseling.

  • Available to: First-time homebuyers, or military veterans and homebuyers purchasing in a targeted county (indicated with a “T” in the program’s purchase price and income limits).
  • Income limits: Vary by county.
  • First-time homebuyers only? No.
  • Benefits: Loans – can be conventional, FHA, VA or USDA loans – are insured by the Pennsylvania Housing Insurance Fund. It also allows you to qualify for down payment assistance.

  • Available to: Homebuyers with a qualifying PHFA home purchase loan.
  • Income limits: Vary by county.
  • First-time homebuyers only? No.
  • Down payment and closing cost assistance: Grants a no-interest second mortgage of up to 4% of the purchase price or market value, or $6,000, whichever is less. The loan is repaid over 10 years.

  • Available to: First-time homebuyers, or military veterans and homebuyers purchasing in a targeted county (indicated with a “T” in the program’s purchase price and income limits).
  • Income limits: Vary by county.
  • First-time homebuyers only? No.
  • Down payment and closing cost assistance: Provides a tax credit of 20% to 50% of mortgage interest paid, with a $2,000 annual limit.

  • Available to: Homebuyers with a disability (or a disabled household member) who qualify for a PHFA mortgage loan.
  • Income limits: 80% of statewide family median income.
  • First-time homebuyers only? No.
  • Down payment and closing cost assistance: Offers an interest-free loan of up to $10,000 that borrowers can use to make modifications to meet the needs of the person with a physical disability. Payment is deferred until sale, transfer or nonowner occupancy of the property. Participants may also qualify for down payment and closing cost assistance of up to $15,000 through the Access Downpayment and Closing Cost Assistance Program.

  • Available to: Pennsylvania homebuyers purchasing a home in an eligible city or county through the HOMEstead program.
  • Income limits: Vary by county (see HOMEstead Program income limits).
  • First-time homebuyers only? No.
  • Down payment and closing cost assistance: Provides a no-interest second mortgage loan of up to $10,000, which is forgiven over five years.

  • Available to: Low- to moderate-income employees of participating employers.
  • Income limits: Vary by county (see HOMEstead Program income limits).
  • First-time homebuyers only? No.
  • Down payment and closing cost assistance: Workers can receive assistance through their employers, which doesn’t require a PHFA loan. But homebuyers who choose a PHFA loan can get an interest-free Keystone Advantage Assistance Loan of up to $8,000 for down payment and closing cost assistance that is repaid over 10 years.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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