Best Mortgage Lenders in Pittsburgh, PA

Owning a home in Pittsburgh allows homeowners to build equity, receive tax advantages, invest in their communities and have stability. The average listing for homes in Pittsburgh is roughly $200,000, but prices vary depending on the location, layout and condition of the property. For a better idea of what you may be able to afford as well as your potential mortgage payment, check out our mortgage calculator.

Because Pittsburgh is home to many young couples and members of the Navy, the most common loan types in Pittsburgh are loans through FHA for first-time home buyers and VA loans for active military and veterans.

Popular neighborhoods in Pittsburgh are home to college students, young married couples and individuals working in traditional office jobs. Demographics fluctuate from wealthy families to individuals in lower-income brackets.

• Lawrenceville: Formerly an industrial area, Lawrenceville is now a hub for creativity and nightlife. It's filled with small businesses, brunch spots and a brewery inside a historic church. The average cost of a home in this area ranges from $180,000 to $299,000. Popular lending options here include conventional loans and FHA loans for first-time homebuyers.
• Shadyside: One of Pittsburgh's wealthier neighborhoods and known for its Victorian-style mansions, Shadyside draws a crowd each summer during its annual concert block party. The area features award-winning restaurants and high-end retailers, but parking and green spaces are hard to come by. Homes in this district start around $550,000 and can exceed $2,000,000. Property owners may benefit from the appreciating value of their homes. The best loan types for residents here are conventional and jumbo loans.
• Gayly: A suburban neighborhood featuring studio apartments and homes built in the 1970s, this area is populated by families of varying income brackets. Residents in this neighborhood work in a variety of positions, from executive sales to fast food associates. Homes in this area range between $100,000 and $149,000, and the median home price is around $126,000. Mortgage loan types here are typically FHA loans, VA loans and HUD loans.
• Mount Washington: Admired for its beautiful panoramic views of the city, Mount Washington boasts a quaint shopping district, a 280-acre park, upscale restaurants and charming coffee shops. Homes in this area are appreciating, and the current average cost for a home in this neighborhood ranges from $179,000 to $259,000, though some homes cost about $550,000. Common loan types in this neighborhood are conventional, fixed-rate and FHA loans.

Pittsburgh federal mortgage requirements

Residents in Pittsburgh who want to purchase a home in an expensive neighborhood — like those in Squirrel Hill, Lawrenceville and Shadyside — may benefit from a conforming loan. These are mortgages equal to or less than the dollar amount established by the Federal Housing Finance Agency (FHFA) that meet Freddie Mac or Frannie Mae funding criteria.

The primary federal requirements for obtaining a conforming loan in Pittsburgh are:

• A minimum credit score of 620 to 700, depending on the type of loan and the size of the down payment
• A debt-to-income ratio that doesn’t exceed 36% or 45%, depending on the type of loan and the size of the down payment

Choosing a lender for a mortgage loan is very personal. Because a consumer has a mortgage payment for 15 to 30 years, it’s critical to compare rates from several lenders, ask about turnaround times for pre-approvals, appraisals and closings and find a lender who can assist with specific needs, like having a low credit score or being self-employed. If a lender specializes in jumbo loans, but a consumer doesn’t require a loan limit beyond a conventional amount, the borrower should continue researching companies until they find the right lender.

When evaluating a lender, consider which factors are important — whether it’s competitive rates or friendly customer service — and then read online reviews and ask for recommendations from family and friends who have utilized services from the particular company.