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I plan on purchasing my firsthome in January of 2009 in Philadelphia. I want to give myself a year to get

my credit together and save some money for a
downpayment. I know that there are some first time
home buyers programs out there, but I'm not sure where
they are or where to start. Would someone have any info on
that and should I wait until it's near the time I want
to buy to apply to one of those programs? Thanks for your help!
Thu Dec 27 2007, 12:07 - Philadelphia - Home Buying - 6 answers
 
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Rory
Just Looking
in Philadelphia
Rory, Just Looking in Philadelphia in Philadelphia
Answers (6)
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Matthew was FIRST TO ANSWER
As far as trying to find someone to help you repair your credit,I will definitely call Tara Colquitt- Consumer Credit Advocate at the Credit Depot. Her telephone number is 215-350-2483. Our reach her on her blog at http://activerain.com/thecreditwoman. Please tell her that I referred you to her. Good luck

Fri May 9 2008, 23:14
Web Reference: http://activerain.com/ernal00
 
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There are a few programs available for 1st timer buyers (Philadelphia Neighborhood Housing Services, Inc. Settlement Cost Assistance GRANT (215) 829-9899,Philadelphia Settlement Grant Program (215) 686-9706) just to name 2. There is also My Community mortgage program.
You are absolutely smart in starting your process now. Call a mortgage company and have them run an application for you.
I always have my clients make of what is required, things you HAVE to have; parking, extra bedroom, deck. Then a list of what is nice but not necessary, parks, coffee shops. These things will help you to narrow your search.

Mon Jan 28 2008, 01:23
 
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The other people answering your question seem to be agents looking for your business - notice how none of them gave specific information. I spent several months looking for a house and investigating 1st time buyer programs and discovered that while there are programs available through the Feds or PA, Philadelphia residents are excluded from these programs. Instead there are city programs aimed at very low-income residents. As far as I could tell there are no programs available to hard-working middle-class 1st time buyers other than FHA loans. Anticipate closing costs of about 5%.

Thu Jan 24 2008, 15:39
 
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Rory-

You are smart to be thinking in advance about buying next year. I encourage you to speak to a lender about your current situation and to get specific suggestions about ways to improve your personal credit in the meantime. While things may be quite different in 2009, the need for a good credit score will always be essential. I'd be happy to give you the name of a very well qualified, highly reputable mortgage consultant that has assisted many of my first time buyers with their purchases. Please let me know if you would like more information. Good luck!

Thu Jan 10 2008, 20:17
 
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Rory,

There are quite a few programs offered by the city & state for 1st time homebuyers. Even though you are giving yourself until 1/09, you should actually begin the process of applying for them and going through the processes that many of them mandate. I'd also suggest getting an initial pre-qualification to begin assessing your buying power and what neighborhoods would accommodate your price range. Finally, unless you're going FHA, you should expect to need about 5% of purchase price for downpayment as well as additional monies for closing costs and reserves. Feel free to contact me to schedule a consultation.

Thu Dec 27 2007, 13:05
Web Reference: http://PhillyandBeyond.com
 
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FIRST ANSWER
You are right to try to get your credit in order in advance.
The difference in what you qualify for can costs you thousands of dollars over the life of your loan.

We work with people to help then repair their credit and pre-qualify for their purchase.
Feel free to email me for more information. mcoburn@prestigemortgageinc.com

Thu Dec 27 2007, 12:44
 
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