FHA Loan Calculator for Pennsylvania

FHA Loans in Pennsylvania

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Pennsylvania's median home of $240,000, that's a minimum down payment of $8,400.

FHA Loan Limits in Pennsylvania

FHA loan limits vary by county and are tied to conforming limits. In most Pennsylvania counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Pennsylvania counties are at the standard conforming limit.

FHA vs Conventional in Pennsylvania

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Pennsylvania's median home at $240,000, buyers who can put down $48,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Pennsylvania closing costs average $4,100. Pennsylvania charges a 1% realty transfer tax at the state level, plus local transfer taxes that in Philadelphia and Pittsburgh add another 3-4%. Combined transfer taxes can reach 4% or more, significantly elevating closing costs. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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