Buying a Home in Erie, PA?

Estimate Your Monthly Mortgage Payment!

Thinking about making a move to the Erie, PA area and curious to know what you might pay per month for your mortgage? We can help! Learn more about the common types of mortgages used by Erie-area home buyers, then use our mortgage calculator to estimate what you might pay at different home prices, interest rates, loan terms, and more. Questions? We're never more than a phone call away!

Learn More About Mortgages

Not sure what loan options are available to you as an Erie-area area home buyer? These are some of the most common types of loans used by local buyers, but they're hardly the only options out there! Before you make any decisions, we recommend talking to a few local lenders about your best options. Need a recommendation for a great local lender? Contact us!

Common Erie Mortgage Options

Conventional loan

  • Commonly used by buyers with good credit, low debt-to-income ratios, and good financial history
  • Often requires a 10% – 20% down payment
  • May have strict income or credit requirements
  • May reqire Private Mortgage Insurance (PMI) for down payments under 20%

VA loan

  • Available to most active, veteran, and retired military personnel and spouses
  • Up to 100% financing (0% down payment)
  • May offer lower credit and income requirements
  • May require a one-time funding fee

FHA loan

  • Down payments as low as 3.5%
  • May require Private Mortgage Insurance (PMI)
  • May offer lower credit and income requirements
  • Interest rates may be slightly higher

USDA loan

  • Targeted to low- or modest-income buyers
  • Up to 100% financing
  • Only available to buyers in specific rural areas

Balloon mortgage

  • Has a short term of 5 or 7 years but payments based on a 30-year loan
  • May have lower interest rates and credit requirements
  • At the end of the loan, buyer must pay off, refinance, or convert the loan

Lender-specialty loans

  • Certain lenders may offer specialty loans or rates for certain buyers
  • May be targeted to first-time buyers, lower-income buyers, or even specific career fields
  • May offer lower credit and income requirements or reduced fees and interest rates

PHFA Keystone Home Loan Program

  • Available to first-time buyers and those purchasing in targeted counties
  • Offers down payments as low as 3.5%
  • Provided by the Pennsylvania Housing Finance Agency (PHFA)
  • May be used with the Keystone Advantage Assistance Loan for down payment assistance

FHFA Keystone Government Loan Program

  • Provides financing on FHA, USDA, and VA loans
  • No purchase or income limits
  • Provided by the Pennsylvania Housing Finance Agency (PHFA)
  • May be used with the Keystone Advantage Assistance Loan for down payment assistance

Ready to Calculate Your Monthly Payments?

With our mortgage calculator, you can estimate your monthly mortgage payments at various home price points, interest rates, down payments, insurance and tax costs, and more. Find a payment that fits comfortably into your budget!

Questions? Need a recommendation? Ready to get started? Contact us at any time!

Start Your Calculation

Questions? Just Ask!

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