see the attached website for FHA downloadable guide
Then, look around and see what in your price range interests you. There is a good amount of affordable housing stock for sale in Philadelphia right now, and while our prices are not being impacted as negatively as other parts of the country, there are certainly good affordable deals out there for smart buyers. Make sure you are working with an agent who makes you comfortable and understands your needs. As the owner of Philadelphia's Largest Century 21 firm, and an expert in purchasing foreclosures, that might be an avenue you wish to explore if you are able to trade some sweat equity for a better resale value later. You can search for foreclosures on our website at http://www.c21ag.com, or email me for more information if you are interested.
Have a wonderful Memorial Day weekend. Thanks for your Service - I'm so Happy you're Safe at Home and Best wishes in whatever direction you move in!.
I thought Andreas had a great answer for you in regards to the options available for your financing. VA is definitely something worth taking advantage of if you can get it. As some of the other answers eluded to, investing in real estate is a very solid decision. I get the impression you are quite anxious to get started with your search. Please contact me if you need any further guidance through the process, I also work with a great Mortgage guy.
Prudential Fox & Roach
I give to organizations who help those who are in the service or who served. I also have a "Thank You" gift for those who are or were in the service.
Thanks agains for your service.
Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow GRove, PA 19090
Being a mortgage specialist you seem to be a strong buyer. Withour looking at your credit or income I'm going to say your best bet will be the VA loan. The VA loan lets you do 100% financing including all your closing cost, there is no private mortagage insurance, and the VA will charge you 2.15% funding fee which can be included in your loan. With FHA and other conventional products you will need private mortgage insurance unless you are putting 20% down. Also VA rates are lower than conventional rates. If you have money that you'd like to use it will just allow you to afford more house. And there is nothing to stress about that is why you need to contact a lender and they will guide you from A-Z and make it a smooth process for you. Should you have any questions or need a pre-approval please feel free to contact me. 800-839-6186x334. Thank you and good luck
Its seems as if you are in a better position than most 1st-time home buyers. Strong rental history, dad who will help you, and steady employment. In addition to your credit score what with any loan what lenders look at is DTI(debt-to-income) ratio. All your monthly debt( car payment, revolving credit and projected house payment is added up. This is then compared to your monthly gross income. There is some advantages to a VA loan. One is there is no PMI. Also there is still 100% financing with VA loans. VA do require a small funding fee tho. FHA allows a person to put a minimum of %3 down. The money can come in form of a gift. You do have to pay PMI with FHA and depending on your gross income you may be limited with a FHA loan. This is just a short overview. In the long run what you need to do is get preapproved. In addition you should have a buyers consultation. This is when you can you let us know your desired housing criteria and we show you the available inventory and how we assist you thru the process. Its is best is you get a copy of your own 3 in 1 credit report online. You can do this for free and it does not count as an inquiry against you. Becareful when it comes to your credit. You do not want multiple people running your credit. I've seen buyers go thru some brokers and their credit was ran many times over as they were shopping for rates. This has negatively affected their credit.
In the interim if you just want to play with numbers google mortgage calculators. Or on your computer if you have Microsoft software you may have Microsoft Money there is a mortgage calculator there. Simply plug in whatever you pay monthly as a mortgage then use %6 interest as an average and the end the calculator will compute how much you will borrow. If you would like further assistance feel free to call me anytime direct. Information is free 1-888-818-0957.