The Best Mortgage Lenders in Elmhurst, PA
Compare verified mortgage lenders serving Elmhurst, Pennsylvania. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Elmhurst
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for exceptional customer service and competitive rates. With over 28 years in business, they have a strong local presence in the Scranton area, serving Elmhurst and surrounding communities. They are highly regarded for their efficient loan processing, personalized guidance, and wide range of loan options, making them a trusted choice for homebuyers in Northeastern Pennsylvania.
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New American Funding
New American Funding
New American Funding is a highly-rated mortgage lender with a strong reputation for diversity and inclusion in lending. Founded in 2003, they offer competitive rates and a variety of loan programs tailored to first-time homebuyers and investors alike. Their local Scranton office provides personalized service to Elmhurst residents, with a focus on customer satisfaction and fast closings, backed by numerous positive reviews.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a reputable lender known for its community-focused approach and rapid loan processing. Established in 2008, they have built a strong presence in Pennsylvania, including service to Elmhurst. They are praised for their transparency, competitive rates, and dedication to local homebuyers, with a emphasis on making the mortgage process straightforward and stress-free, as reflected in their high customer ratings.
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Frequently Asked Questions
Common questions about mortgage lending in Elmhurst, PA
Are there any special first-time homebuyer programs or grants available specifically for Elmhurst, PA?
While Elmhurst itself may not have a city-specific program, as part of Lackawanna County, homebuyers can access the Pennsylvania Housing Finance Agency (PHFA) programs, including the Keystone Home Loan and the Keystone Government Loan. Additionally, the PHFA offers down payment and closing cost assistance grants, which are particularly valuable in Elmhurst's market to help with upfront costs.
How do property taxes in Lackawanna County impact my mortgage payments in Elmhurst?
Lackawanna County has property tax rates that are above the national average, which significantly affects your total monthly mortgage payment when escrow is included. When getting pre-approved, it's crucial to factor in these taxes, as a home's assessed value and the combined county, municipal, and school district millage rates will directly influence your required monthly escrow payment alongside principal and interest.
What are typical down payment requirements for homes in Elmhurst given its market?
For Elmhurst's moderately priced, single-family home market, conventional loans often require 5-20% down. However, using an FHA loan can allow for a down payment as low as 3.5%, which is a popular option for many buyers in the area. VA loans with 0% down are also available for eligible veterans and service members purchasing in the Elmhurst community.
Does Elmhurst's location in a flood zone affect my mortgage process?
Parts of Elmhurst, especially areas near the Lackawanna River or other waterways, may be in designated flood zones. If your desired property is in a Special Flood Hazard Area, your lender will require you to purchase flood insurance as a condition of the mortgage. This is a mandatory, ongoing cost that must be included in your escrow payment and overall affordability calculation.
How does the appraisal process work for Elmhurst's mix of older and newer homes?
Appraisals in Elmhurst must account for its diverse housing stock, from historic homes to newer constructions. For older homes, appraisers will pay close attention to the condition of major systems (roof, plumbing, electrical) and any needed updates, which can affect the valuation and loan approval. For newer homes, they will compare to recent sales in developments like the Elmhurst Farms community to ensure the contract price aligns with market value.
Why Choose a Mortgage Lender in Elmhurst?
Local Market Knowledge
Lenders who understand Elmhurst'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 Elmhurst and get competitive rates on your home loan.