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Buying Your First Home in Pennsylvania

Buying your first home is exciting — but it can also feel overwhelming. At BMC Keystone, we make the process easier by helping first-time buyers across Montgomery, Bucks, Chester, Delaware, Berks, and Philadelphia counties understand their mortgage options and take confident next steps toward homeownership.

Here you’ll find helpful articles, guides, and loan program highlights designed specifically for first-time buyers. Learn how much you can afford, explore programs like FHA, USDA, and PHFA loans, and get answers to common questions about credit, down payments, and pre-approvals.

When you’re ready, our licensed Pennsylvania mortgage advisors are here to help you compare lenders, secure competitive rates, and move from pre-approval to closing with confidence.

Popular Loan Programs for First-Time Homebuyers

Several of these loan options are tailored for first-time buyers in Pennsylvania, while others are open to all qualified borrowers.

Homebuyer Advantage Program

The Homebuyer Advantage Program If you're a Pennsylvania home buyer, whether this is your first home purchase or not, the...
Learn More about Homebuyer Advantage Program

Low Money Down Loans, Below Market Rate Loans

First time home buyer? Here's a low down payment option with  below market  rates. If you're a first time home...
Learn More about Low Money Down Loans, Below Market Rate Loans

Buy Downs-A Temporary Mortgage Rate Reduction

You don't have to wait for mortgage rates to drop! Knock up to 3 POINTS off your interest rate with...
Learn More about Buy Downs-A Temporary Mortgage Rate Reduction

BorrowSmart Loan Program with Downpayment Assistance

BorrowSmart Downpayment Assistance Loan in Pennsylvania Interested in receiving a Lender Credit with your mortgage loan? Learn more about the...
Learn More about BorrowSmart Loan Program with Downpayment Assistance

VA Loans

What is a VA Loan? With your military service, the dream of home ownership is even more affordable when you...
Learn More about VA Loans

Check Out Our Blog

If you’re new to buying a home—or simply want to refresh what you know—our Learning Center is a great place to start. Browse articles on mortgages, loan programs, and the homebuying process.

5 Tips for Getting an Affordable Mortgage

5 Tips for Getting an Affordable Mortgage - and a Beautiful Home - Amid Rising Rates and Stiff Competition. If...
Learn More about 5 Tips for Getting an Affordable Mortgage

Documents Required for Mortgage Loan

Documents Required for a Mortgage Loan Whether for a mortgage pre-approval or a standard loan application, you'll be asked to...
Learn More about Documents Required for Mortgage Loan

Financing Lake House in Poconos Lake Harmony PA

A getaway near northeastern Pennsylvania's beautiful lakes and mountains...could the Poconos be home to your next vacation home or rental...
Learn More about Financing Lake House in Poconos Lake Harmony PA

Waiting periods after a Foreclosure, Short Sale or Bankruptcy

Waiting periods depend on the type of loan and are subject to underwriting approvals. After a Foreclosure: Conventional 7 years...
Learn More about Waiting periods after a Foreclosure, Short Sale or Bankruptcy

Do’s & Dont’s Loan Process

THE DO'S AND DON'TS DURING THE LOAN PROCESS Your credit, income and asset situation is critical to maintain during the...
Learn More about Do’s & Dont’s Loan Process

Don’t Make These Mortgage Mistakes

Buying a house is often more complicated than most people expect; it’s not a matter of simply finding a house...
Learn More about Don’t Make These Mortgage Mistakes

Tax Benefits of Owning a Home

There are some great tax benefits to owning your home. 1. Mortgage Interest Deduction 2. Real Estate Taxes Deduction 3....
Learn More about Tax Benefits of Owning a Home

Mortgage Glossary

The mortgage process can be confusing, especially if it is your first loan. BMC Keystone is here to help you...
Learn More about Mortgage Glossary

The Loan Process

I need a Mortgage. Where do I start? To help you understand more about applying for a mortgage or refinancing...
Learn More about The Loan Process
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Frequently Asked Questions from First Time Buyers

Yes there are a number of programs that can be beneficial to first time buyers. The Homebuyer Advantage Program If you’re a Pennsylvania home buyer, whether this is your first home purchase or not, the Homebuyer Advantage Program is a great loan to consider. It’s designed to make owning a home more accessible and more affordable, yet many buyers simply aren’t aware of this loan. At BMC/Keystone, we have experience with this program. Low Down Payment Loans with Below Market Rates If you’re a first time home buyer, a veteran, or if you haven’t owned a home in over 3 years, this program can make buying a home considerably more affordable with minimal money down, a below market interest rate, and/or some closing cost assistance. For many Pennsylvania buyers, programs like these make the dream of home ownership a reality. BMC/Keystone has experience with this program. BorrowSmart Downpayment Assistance Loan in Pennsylvania The Borrower Smart program is a Freddie Mac mortgage program designed to make homeownership more accessible to first time buyers. Because coming up with a down payment is one of the biggest obstacles first-time buyers face, this program helps by offsetting some of their out-of-pocket closing costs with a lender credit. BMC Keystone has a lot of experience with different loan types and we know how to customize a loan to suit your financial position, from down payment assistance, structuring a seller assist into the offer, and exploring your eligibility for government grants or forgivable loans. Please schedule a free consultation to discuss.

When you purchase a home, closing costs cover fees, insurances, and taxes.

These include:

  • Lender fees
  • Appraisal fee
  • Home owner’s insurance
  • Title search and related fees
  • Settlement fee
  • Title insurance premium
  • Transfer Tax
  • Property tax and school tax
  • Reimbursement of fees pre-paid by seller (taxes, utilities)
  • County recording fees

Closing costs to total between 2–6% of the purchase price.

In this context, money from friends and family are referred to as gift funds, and as long as the funds are disclosed to the lender by proper documentation, it is generally allowable on both Conventional and FHA loans. There are no limits to the amount of gift funds that you can receive towards the purchase of your home. Gift funds can be used towards closing costs, your down payment, or applied to buy down on your mortgage interest rate to make monthly payments more affordable.

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Frequently Asked Questions About Mortgage Loans

BMC Keystone offers a complimentary mortgage consultation to help you understand your options and prepare with confidence. We can meet in our Glenside office or make it a phone call. During your consultation, we’ll ask about your plans to get a sense of what you need.  Then we’ll talk about:

  • Your credit scores and how they affect your interest rate
  • How much home you can comfortably afford
  • Loan programs and first-time buyer options available in Pennsylvania
  • Simple ways to improve your credit profile
  • How to get a letter of pre-qualification or pre-approval

Schedule your free consultation using our online form or call our Glenside office at (215) 885-4828.

First let’s clarify a few terms that borrowers often use interchangeably although they are different.

A mortgage pre-qualification is designed to give you an idea of how much money you can borrow or how much a loan will cost you. It is not a guarantee and there is no commitment from the lender to loan the money. A pre-qualification simply means that upon reviewing the financial information provided, the lender believes you will qualify for a loan. You typically do not have to fill out a full mortgage application (1003) or undergo a hard credit check in order to obtain a pre-qualification.

A mortgage pre-approval, or letter of pre-approval, goes further. It is a lender’s conditional commitment to lend you a specified amount of money. A pre-approval letter is a powerful tool to have on hand for house hunting, allowing you to shop with confidence and show sellers that you are a serious buyer. Your provider will likely have you fill out a mortgage application (1003), or fill in sections of the application, in order to obtain a pre-approval.

To obtain either a pre-qualification or a pre-approval, contact a lender or mortgage broker and explain your needs and where you are in the process. They’ll ask for some financial information, such as income, assets, debts, and credit history along with how much money you plan to borrow.

The amount of money required for a down payment will depend on the type of loan among other factors. Here are some guidelines:

Most buyers need minimum payment between 3–5% down for a conventional loan. But a down payment of less than 20% requires the buyer to pay an additional monthly amount for private mortgage insurance (PMI) which can be cancelled later once 20% equity is reached.

FHA loans require as little as 3.5% down but MIP, a monthly mortgage insurance premium, will apply for the life of the loan or until refinanced into a conventional loan.

VA or USDA loans may allow 0% down and do not require any monthly mortgage insurance.

Typical home loans for a purchase transaction can close in as little as 30 days. However, it may be more realistic to plan for 60 days to deal with any issues that arise during the appraisal and title search. Refinance loans often close a bit faster.

We have access to several types of mortgage loans in Pennsylvania for Purchase or Refinance: 1% down loans Family opportunity mortgage FHA/VA Loans FHA Renovation Loans VA Renovation Loans Conventional Renovation Loans USDA Renovation Loans FHA Streamline Refinance Fannie or Freddie MAC Programs Reverse Mortgages DSCR Loans USDA HomePath Jumbo Loans Bank Portfolio Loans (more favorable rates for lower credit score applicants) We also provide assistance with credit issues.

Request a Free Mortgage Consultation

Contact us to schedule a complimentary mortgage consultation to talk about your options.

  • Know your credit scores and how they affect your rates
  • Review loan options and see if you qualify for any special programs
  • Overcome credit issues so that you can get the lowest possible rate
  • Get a letter of pre-qualification

Request an appointment online or call our office during regular business hours at (215) 885-4828.

Let us know what you’d like to discuss so we can be ready with the best options for your situation.