The Best Mortgage Lenders in Abington, PA
Compare verified mortgage lenders serving Abington, Pennsylvania. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Abington
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a strong local presence in the Philadelphia area, serving Abington residents with competitive rates and exceptional customer service. Known for their digital mortgage platform and extensive loan options, they have high ratings for transparency, efficiency, and personalized support. Their experienced loan officers provide tailored solutions for first-time homebuyers, refinancing, and investment properties, making them a trusted choice in Montgomery County.
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CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a highly regarded lender with a robust presence in Southeastern Pennsylvania, including Abington. They excel in offering a wide range of mortgage products with competitive rates and personalized service. Their team is praised for responsiveness, local market knowledge, and guiding clients through complex loan processes. With a focus on community engagement and customer satisfaction, they have built a strong reputation for reliability and support in home financing.
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New American Funding
New American Funding, LLC
New American Funding is a respected mortgage lender known for its commitment to diversity and customer-centric approach, serving the Abington area with a variety of loan options and competitive rates. They are highly rated for their efficient processing, educational resources, and dedication to helping underserved communities. Their local experts provide personalized advice and support, making them a reliable choice for home purchases and refinancing in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Abington, PA
Are there any first-time homebuyer assistance programs specific to Abington, PA?
Yes, Montgomery County, where Abington is located, offers the HOMEstead Downpayment and Closing Cost Assistance Program. This program provides up to $10,000 in a five-year forgivable loan for eligible first-time homebuyers purchasing in the county. Additionally, the Pennsylvania Housing Finance Agency (PHFA) offers statewide programs like the Keystone Home Loan and down payment assistance that are widely used by Abington buyers.
How do Abington's property taxes impact my mortgage qualification and monthly payment?
Abington Township has its own property tax rate, which is a significant component of your monthly escrow payment. For 2024, the total millage rate is approximately 27.75 mills, which includes township, county, and school district taxes. Lenders will factor this into your debt-to-income ratio, and you should budget for an annual tax bill that is typically between 1.5% to 2% of the home's assessed value, which can be substantial given the area's higher home prices.
What is the typical down payment needed for a home in Abington's competitive market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Abington's competitive market secure conventional loans with 10%, 5%, or even 3% down. Given the median home price, a 20% down payment can be a large sum, so lenders here are accustomed to working with various down payment levels. Strong offers often require proof of funds or pre-approval showing you can cover a down payment and the potential for appraisal gaps.
Are there specific mortgage considerations for buying one of Abington's older, historic homes?
Absolutely. Many homes in Abington's established neighborhoods are older and may require specialized financing. A standard appraisal might flag issues with outdated electrical, plumbing, or roofs. You may need to consider an FHA 203(k) renovation loan or a conventional HomeStyle loan to finance both the purchase and necessary updates. It's crucial to get a thorough, local home inspection and ensure the property meets modern lending standards.
How do local jumbo loan limits affect mortgage options in Abington, PA?
For 2024, the conforming loan limit for Montgomery County is $766,550. Given that many single-family homes in desirable Abington neighborhoods exceed this price, jumbo loans are common. Jumbo loans in this area often require excellent credit (typically 700+), a lower debt-to-income ratio, and larger down payments (usually 20% or more). It's important to work with a lender experienced in the local jumbo market, as terms and rates can differ from conforming loans.
Why Choose a Mortgage Lender in Abington?
Local Market Knowledge
Lenders who understand Abington's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Pennsylvania.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Abington and get competitive rates on your home loan.