Deciding to purchase a house in Pennsylvania is a huge financial decision, but with the unique benefits provided by the VA loan, your dream of homeownership just got that much easier.
With the average listing price of a home in Pennsylvania landing at $360,570, the VA loan’s signature $0-money-down benefit is a considerable advantage for Pennsylvania homebuyers.
See also: VA Loan Options for Other States
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Philadelphia, PA, you'll need to find a lender licensed in Pennsylvania to do the loan.
VA borrowers in Pennsylvania should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
As of January 1, 2020, VA borrowers in Pennsylvania with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to Pennsylvania’s VA loan limits. As of January 1, 2023, VA loan limits for all counties in Pennsylvania are $726,200 except for Pike County where the loan limit is raised to $1,089,300.
Another consideration for VA buyers in Pennsylvania is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in Pennsylvania if you meet one of the following conditions:
If you are required to pay property tax in Pennsylvania, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
|County||Property Tax Rate|
View the graphic below to learn more about how VA loans work in Pennsylvania.