If this is your first home purchase you should consider an FHA loan when buying your house. An FHA loan is geared towards first time buyers. An FHA loan has low down payments, low closing cost, and easy credit qualifying. The minimum credit score for an FHA loan can be as low as 500, but that can vary depending on the lender.
I hope this helps! If you have any other questions or if you need a loan feel free to contact me with the information that is on my profile page!
Good Luck!... more
ATTENTION FIRST TIME HOME BUYERS THAT SERVE OUR COUNTRY If any military first time home buyer that has been deployed outside of the US from Dec. 2008 to May 1st 2010 and have served 90 days or more.
The simple answer is that lower level space is not counted in the square footage.
However, there has been so much resistance to that idea that most MLS systems now have several fields for square footage measurements.
Much of Central Pa. now shows "finished sq ft above grade" "finished sq ft below grade", Total sq ft, and unfinished sq ft above and below grade.
Even with those choices there is some resistance to the appraisers' method of counting the lower levels of split foyer (bi-level), and split level homes as below grade, and many of the listings in York County, at least, are showing bi-levels as if the finished lower level is above grade. It isn't the right way to measure, but it is becomming such common practice that many of us have given up and are listing them that way just to keep our listings competative.
When I list bi-levels I have started putting a note into the comments to explain how I have measured.
Now to complicate matters more, there is a glitch in the auto-fill part of the latest update to a commonly used program, and many homes are shown with part of the square footage added twice. It is not uncommon to see a bi-level that you know is 1100 or 1200 square feet, listed as over 2000. Unfortunately, agents and their staff are not always catching this mistake in the automated system.
My main point is that you cannot blindly accept the square footage measurement that you see in the MLS listing. If it is important to you confirm by measuring, or by checking the tax records, etc.
If you are having an appraisal done, have your agent try to find a way to confirm the accuracy of the measurements used in the comps. This is a real "hot button" issue for me right now because I see so much confusion on the subject.... more