This page will explain the operation of the Pennsylvania Good Faith Estimate & Mortgage Closing Cost Calculator.
Which loan program is right for me?
VA home loan
If you're an eligible veteran with little or no cash, or you can't make a significant down payment, choose the VA home loan with the maximum seller-paid closing cost option.
FHA home loan
The FHA is a very popular loan program for home buyers with little or no cash. The down payment is only 3.5%, and the seller can pay a large percentage of the home buyer's closing costs. Choose "maximum" under the seller assistance option to obtain the lowest cash requirement.
USDA home loan
The USDA loan does not require a down payment. Like the FHA program, the seller is permitted to pay a large percentage of the buyer's costs. There are income limits and area requirements.
Conventional home loan
The conventional loan is best when there is a down payment of 5% or more. The seller can also pay a percentage of the home buyer's closing costs, although the maximum amount is dictated by the down payment percentage.