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Buying a Home

buyingahomesmallGet a low rate and pre-qualified for a new home loan from New Penn

Whether you're a first time homebuyer or looking to buy your next home, your satisfaction is our #1 priority. We offer a wide variety of loan programs for your unique needs.

Loan Program Benefits Details
Fixed Rate Mortgage Your monthly mortgage payment remains the same for the entire term of the loan. If interest rates increase, your mortgage payment won't be affected. 10, 15, 20, 30 year fixed terms available
Take advantage of near record low fixed mortgage rates
Ask about our no closing cost option
Adjustable Rate Loan Adjustable rate mortgages (ARMs) generally start with a lower interest rate and a lower payment. However, the interest rate may change during the life of the loan. 10/1, 7/1, 5/1 and 3/1 ARMs available. The first number (10 for example) is the length of the initial period, during which the interest rate is fixed. So, the interest rate on a 10/1 ARM will be fixed for the first 10 years.
Jumbo Loan Loan amounts which are greater than conventional limits. Buy more home with a New Penn jumbo loan. Loans up to $3 million. Fixed and adjustable rate terms available Our jumbo loan programs do not include mortgage insurance premiums - saving you even more money.
FHA Mortgage Only a 3.5% down payment required for purchases. Finance most of the closing costs. An FHA loan is insured by the Federal Housing Administration. Ideal loan program if you have a lower credit score or limited cash available for a down payment.
Real Estate Investor Loan Purchase investment properties with flexible income and documentation options. Perfect for the serious real estate investor.

Borrow up to $650,000 per property. Income sources include rental, W2 and self-employment.

VA Mortgage 100% financing available on purchases. No monthly insurance premium. If you are serving in the military, National Guard or Reserve, a veteran or a surviving spouse of a veteran, you may be eligible for a Veteran Administration (VA) loan.
203(k) Streamline Loan Useful for buying REO properties. One loan to fund the purchase of a new home and the repairs. Finance up to an additional $35,000 into your mortgage to improve or to upgrade your home. You can quickly and easily tap into cash to pay for property repairs or improvements.
USDA Mortgage Loans offered in rural areas as determined by the USDA. Home buyers are eligible for this program when other financial products are not suitable.
PiggyBack HELOC Low down payment with no Mortgage Insurance required. Flexible monthly payments. Combine first mortgage with a Home Equity Line of Credit. Piggybacking these two loans could potentially give you a lower rate and lower monthly payment than other loans for high market value homes. First Mortgage can cover up to $500,000 and the second is a fixed or variable rate Home Equity Line of Credit. Works in conjunction with a purchase or refinance loan. Not available in Alaska, Hawaii, Louisiana, Tennessee and Texas.