Home Buying in Philadelphia>Question Details

Shelton Green, Real Estate Pro in Philadelphia, PA

I'm looking for my first investment property in northeast philadelphia.Where to get a good loan? And Do I have to put down 20%?

Asked by Shelton Green, Philadelphia, PA Fri Jan 24, 2014

Help the community by answering this question:

Answers

7
I have a perfect Lender for you to turn to:

ERic Jones
Branch Manager
Office: 3032194547
Cell: 646) 580-4839
Fax: 315-701-9198
E-MaIl: morethanlending@gmail.com
Web Site:iccmortgage.com

If you want to discuss your situation in more detail please Email me on gonyo_m@yahoo.com: When you are ready to buy your home after obtaining a pre-approval i will assist you with finding a home.

Maria Gonyo
Realty Mark Cityscape
0 votes Thank Flag Link Thu May 1, 2014
Shelton,

Although, traditionally, you can expect a 20% down payment for any investment property, however, there are other options out there. I work with investors throughout Philadelphia and, depending on what your goals are in regards to your first investment property, I may be able to connect you to a program that does not require a 20% down payment.

Feel free to reach out to me and we can further discuss how you can reach your goals if you haven't already done so.

Best,
Hilary

Hilary Lefkowitz Karaman
REALTOR
Investment Specialist
Director's Club
0 votes Thank Flag Link Wed Mar 19, 2014
hi Shelton
I am a contractor from Allentown, pa with 30 yrs exp. have been doin real estate investing for 20 yrs. I buy condemned homes/rehab them and rent to gov't. am lookin for an investor to fund projects and be a 50/50 deed owner. if interested email me. mjk_no10@yahoo.com ty--mike
0 votes Thank Flag Link Thu Mar 6, 2014
Yes 20 to 30% will be what most Banks will require this depends on your application and credit. Please remember that the new lending regulations are in effect. My best recommendation is to first find a Realtor that will spend the time to first help you make a long term plan on what comes after the investment in the property and why are you investing in Real Estate. Please call me at 267-934-1971 so I may explain what you need to plan for after purchase the property and what you need to know about the area you invest in. When you start to do real estate investing what you are doing is starting a new business. Your first step is not getting a property or looking for a mortgage but doing a BUSINESS PLAN, please call me.

Philip J. Cunningham Sr.
Market Force Realty
801 W. Street Rd
Feasterville, PA 19153
866-993-8585
267-934-1971
PhilCunningham2004@yahoo.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Fri Jan 24, 2014
Good morning Shelton;
As far as the loan amount, the answer is 20% down is required.
There are many directions to go as far as investing and there are properties that will fit different investment stratagies.Do you want to flip the property or rent it out is just one of the parameters that will decide which property is best for you
I am a Realtor who grew-up in the Northeast and my office is in the heart of the Northeast, as such I have a intimate knowledge of the real estate in the area.
Please call me and we can discuss your needs further.
Don Sherman
Century 21 Advantage Gold-Castor
Cellphone-267-716-8228
Email-realtor94@gmail.com
0 votes Thank Flag Link Fri Jan 24, 2014
Shelton,

We would love to help you get pre-approved and ready to purchase an investment property in Philadelphia. I have been lending there since 1997 and can give you an insight on which Realtors are good to work with in that city.

As for mortgage & down payment, the mortgage crisis has eliminated all the creative financing on investment properties with less than 20% down. Underwriters will require the minimum 20% into the transaction.

Hope this info helps. Feel free to reach out to me to get started. Best of luck!

Joseph S. Cordova
Trusted Mortgage Advisor
Partner
NMLS 146855
Evesham Mortgage, LLC
65 East Route 70, Plaza 70
Marlton, NJ 08053
856-985-9944 ext. 103 Tel
856-304-2381 Cell
206-333-0946 Fax
jcordova@eveshammortgage.com
http://www.joecordova.com
0 votes Thank Flag Link Fri Jan 24, 2014
Hi Shelton,
It is a great to start thinking of investing into real estate. I have worked and helped with many of my clients, whose are new to Real Estate investment
Feel free to either email back or call me direct , should you have any questions or concern

Tony Lam 215-688-6488
LAM Agenciesl
LAMagencies@gmail.com
0 votes Thank Flag Link Fri Jan 24, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer