Home Buying in Hershey>Question Details

Nmr00, Home Buyer in Hershey, PA

How hard would it be for 2 grad students to get a mortgage on a property in hershey (near med center)?

Asked by Nmr00, Hershey, PA Wed Jul 15, 2009

My husband has a part time job but we are both grad students. I am looking for a place to purchase that would have less than $1000/month in mortgage payments (our current rent is that much). How possible is this? Any suggestions? Help or ideas? I greatly appreciate it!

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6
I am a private investor who finances home purchases for people with good credit,but may not qualify for conventional financing. The mortgage rate would be higher than current market rates due to little or no money being put down. there is a townhome near the med center that would sell for $130k, 1 bed room with a loft area for another bed room , 2 bath. a 30/yr fixed mortgage a 7% would be $864.89/mo, plus taxes and utilities. You would be able to refi anytime without penalty when you be in position to get a traditional mortgage. If this is of interest pls email me at dimpledan@yahoo.com
0 votes Thank Flag Link Fri Aug 31, 2012
Zoning in Derry Twp. would prevent you , unless your Married!
0 votes Thank Flag Link Fri Oct 7, 2011
There is a USDA program available with 100% financing that might work for you, but the property would need to be in one of their approved areas. Some locations in and around the medical center would qualify. It would also depend on your total combined income and credit scores, and you would still need some cash to work with. The Hershey area is wonderful, and I think you're going to enjoy living here. Best of luck!
0 votes Thank Flag Link Thu Dec 10, 2009
My suggestion is that you ask a parent or parents if they would become non-occupant co-borrowers on an FHA mortgage. You can read about this option on the internet, just Google FHA non-occupant co-borrower. In short, it’s your income and debt and their income and debt to determine the debt to income ratio. After a few years, you would refinance the loan to remove the co-borrower. I have a light duty debt to income calculator and FHA closing cost estimator on my web site.
0 votes Thank Flag Link Mon Jul 20, 2009
Nmr00,
Alot would depend on credit score, income, and length of employment. There is a loan that goes up to 100% financing, but would depend on the location of the home. My best advise would be to save as much as you can, make sure all your bills are paid on time, and work on your job history. You could qualify sooner than you think.
The very best of luck to you!

Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net http://www.mortgagepro.instantlender.com
0 votes Thank Flag Link Mon Jul 20, 2009
You would need a 3.5% down payment for FHA plus a 2 yr. work history,a 620 credit score & an acceptable debt to income ratio.
0 votes Thank Flag Link Wed Jul 15, 2009
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