Gigi,

FHA loans are a good way to go right now but the government is scrutinizing the underwriting process of these loans very thoroughly. Your credit scores might hinder the rate that you can get slightly. Now for FHA you have to have 3% of your own money to put down. Is the 10k the money that you will also be using to pay closing costs? On a 200k condo in West Chester you closing costs are going to be in the neighborhood of $7,000. Your main closing costs will consist of the 1% transfer tax and the escrowing of taxes and reimbursement of taxes paid by the seller. These closing costs will vary depending on the township and condo development that you end up purchasing in. The rate that you will be able to qualify for will depend on which type of loan you are going to try and take out, it will vary from FHA to Conventional. Living in West Chester for over 8 years I have a great sense of the marketplace and would love to help you find and purchase a home here and I would be happy to put you in touch with a lender that can get you prequalified and help you feel comfortable with the rate and payment that you will have every month. Please don’t hesitate to contact me if you have any questions.

Andrew Himes, e-Pro, ABR
Certified Relocation Specialist
267.231.8255 (c)
www.AndrewHimes.com
Andrew@AndrewHimes.com

Thu May 1 2008, 08:11

Gigi,
This is a great question. I'm not a mortgage expert by any means, but I am quite familiar with the industry and the FHA loan. From the sounds of your financial situation you should definitely be able to get some sort of mortgage. I have used some of the calculators and found them pretty inaccurate at least in my situation, they were projecting about 50% of what I qualified for. I think the FHA loan would be a great option for you. They start with a 3% downpayment, so likely you wouldn't need your entire $10K. They finance up to $417K and are available to those without perfect credit. My office works with an outstanding in-house agency called Trident. They have many additional options available as well. Including a new program in which buyers with less than 20% down don't have to pay private mortgage insurance, which will save you a lot over the long term. Feel free to give me a call or e-mail if you would like a referral to a professional in the area.


Raegan & Sydney Guelich
Prudential Fox & Roach
raegan.guelich@prufoxroach.com
sydney.guelich@prufoxroach.com
215-817-7185

Tue Apr 29 2008, 08:17

Gigi, I'm not a mortgage expert - 1st time homebuyer myself. One of the best websites is http://www.homeloanlearningcenter.com. This site has a lot of great information and good calculators to help you figure out what you qualify for. Also go to Lending Tree, Countrywide & Wells Fargo websites (or call them) about qualifiying for FHA loan. Ask them about bond assistance for 1st time homebuyers.

Mon Apr 28 2008, 17:00