Home Buying in Schwenksville>Question Details

Rlpinkie, Home Buyer in Schwenksville, PA

Is getting a preapproval the first step in the homebuying process? Also, what loans are out there for people with little to no money down but have

Asked by Rlpinkie, Schwenksville, PA Wed Oct 28, 2009

excellent credit? I'm sick of throwing away money every month on rent and would like to finally have a place to call my own.

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Answers

11
Okay, here is my list of your best loan options from top to bottom:

1) USDA Rural Housing Loan. 100% financing, Awesome rates, no monthly mortgage insurance. However, it limits the location of where you can buy your home and has income limitations.
2) FHA. 3.5% down, Great rates and a low monthly mortgage insurance payment. It has no income limits and each county has a maximum loan amount assigned to it. You can also do a 203k FHA rehab loan and make minor or major improvements.
3) Conventional. Will require at least 10% down and have higher MI payments than FHA.

I hope that helps.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
1 vote Thank Flag Link Thu Oct 29, 2009
Yes, I would say getting Pre-Arroved would be the first step. This will help you in your home search greatly by not wasting your time looking at properties that don't fall into your financing window. As far as what loans are available I would reccomend the FHA (3.5% down) and utilize the First Time Homebuyer Tax Credit if you can. For other financing programs I am sure the Loan Pros on here will have some great ideas for you.

You can check out my latest blog on the First Time Homebuyer Credit by clicking here. Hopefully this will be extended.

http://www.trulia.com/blog/chad_fay/2009/10/senate_likely_to…

Best of Luck!!!

Chad Fay, ePro, TRC, QSC
Realtor
Prudential Palms Realty
941-400-2741
1 vote Thank Flag Link Wed Oct 28, 2009
Have you found a home yet?

Cheryl Supplee
0 votes Thank Flag Link Thu Apr 8, 2010
Hi there. One additional piece of information I need before I can give you an estimated budget....how much do you have in savings -- to go towards a down payment and closing costs?

Feel free to contact me by phone (610.324.5240) or email (Judy.May@Century21.com), if you prefer.

I look forward to hearing from you (my second home -- many years ago:) -- was in the townhome development of Spring Mount in Schwenksville.....so I know the area VERY well and would LOVE to help you find your first home!:)

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
http://www.JudysFineHomes.com
Judy.May@Century21.com

CENTURY 21 Alliance
2828 Audubon Village Dr
Audubon PA 19403
O: 610.666.0202 x. 226
C: 610.324.5240 (preferred)
0 votes Thank Flag Link Tue Nov 3, 2009
Greetings. You can run mortgage scenarios on my web site. Most likely you’ll obtain an FHA mortgage with a maximum seller assist, unless you’re a vet, in which case consider a VA mortgage. Chances are you will need little if any cash if the mortgage and sale is structured correctly. You might also be able to tie in the FHA financing with the PHFA program for 1st time homebuyers. I have the income and sales price limits up and links to PHFA. The PHFA has a list of approved lenders, I suggest you speak to one of these lenders for pre-approval.

Good Luck!
0 votes Thank Flag Link Tue Nov 3, 2009
Thank you for all of the answers so far. I have been working at the same company for 8 years, and my annual salary is $60K and have excellent credit. Does anyone know how much of a loan I could get with that?
0 votes Thank Flag Link Mon Nov 2, 2009
Good morning, Rlpinkie! You've already gotten some GREAT advice from my colleagues below.

I wanted to give you contact information for 2 terrific lenders/brokers that my clients have been happy with:

1. John Quattrochi/First American Mortgage -- 215.630.9567
2. Kevin Fitzsimmons/First Intercoastal Mortgage -- 215.837.6308

Either of these mortgage reps could advise on ALL possible options out there for you to enable you to buy a home of your own!

Besides a lender/broker, you also need an experienced, knowledgeable and dedicated Realtor to represent you. If you haven't yet hired a Realtor/Buyer's Agent, pls do so right away. A good Realtor is an invaluable asset to you as you go through the homebuying process, saving you not only time and stress, but MONEY as well!!:)

Please call me at (610) 324-5240 and let's chat about your homebuying needs! It would be my pleasure to assist you in any way that I can.

Good luck and blessings to you............

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
http://www.JudysFineHomes.com
Judy.May@Century21.com

CENTURY 21 Alliance
2828 Audubon Village Dr
Audubon PA 19403
O: 610.666.0202 x. 226
C: 610.324.5240 (PREFERRED)
F: 610.666.1942

Search 1000s of available homes!
http://judysfinehomes.com/homesrch.htm
0 votes Thank Flag Link Thu Oct 29, 2009
Good morning, Rlpinkie!

The first step in the home buying process is to find out how much you are qualified for and get a preapproval from a local lender. A preapproval is just like cash when making an offer on a home. This tells the seller that you are able to afford a home in that price range, therefore, increasing your chances of having the offer accepted.

There are many different loan options for you. The fact that you have excellent credit allows for more options. I suggest speaking to a local lender about the different loan options you have. They will be able to go into details about each of your options.

If you would like a list of lenders, contact me and I will be happy to assist you.

Brigita McKelvie, REALTOR, e-PRO, GRI
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424
E-mail: brigita@brigitamklv.com
Web: http://www.RuralAndHorseProperty.com
Blogs: http://activerain.com/blogs/brigitam
0 votes Thank Flag Link Thu Oct 29, 2009
Call me and we can see what is available. There is always owner financing, when the seller is able to provide. There are many options. Have you owned a home in the past 3 years? Are you a first homebuyer? Let me know how I can help.

Cheryl Supplee
Coldwell Banker Preferred
716 Dekalb Pike
Blue Bell, Pa 19422
(610) 812-6575
csupplee@cbpref.com
0 votes Thank Flag Link Wed Oct 28, 2009
Hello, Rlpinkie,

If you are looking for almost no money down there is a new loan available as well as grant money. If I knew your income and family circumstances I could tell you if you were eligible. In July I was able to help a buyer get $13000 in grant money in Montgomery County. He was able to buy a home for $220,000 with less than $7,000. He would have also been eligible for some grant money from the state but we were in a hurry.

My specialty is first time buyers. If you need help getting out of that rental, get in touch with me and I will show you how!

Good Luck,

Carol Cei
ReMax Millennium
215-643-9661
carolcei@remax.net
0 votes Thank Flag Link Wed Oct 28, 2009
Good Evening!

Absolutely there is an alternative for buyers who do not have a lot of money to put down. FHA is a great financing option and requires 3.5% down. Remember you also have closing costs and they vary depending on the cost of the home as well as the taxes. Most of the closing costs can be paid for by the seller through a seller assist.

You are correct, there is absolutely no reason to pay your landlords mortgage month after month when this is a great time to purchase a home! Interest rates are low and homes are on sale. I'd be more than happy to assist you and put you in contact with a wonderful direct lender who can assist you in getting your pre-approval and then off to find YOUR home!

If you could email me and let me know what areas you are searching I can begin emailing you all homes that are available as well as send you the mortgage referral. It's so much fun to look at the homes on the market and choose the one that fits your wants and needs! I'd love to have the opportunity to represent you as YOUR Buyer's Agent! Please feel free to contact me at anytime and be on your way to Home Ownership!

Jennifer Daywalt, Realtor
Re/Max Results Realty - Collegeville
Top Realtor 2004, 2005, 2006, 2007, 2008
Author of "Ask The Realtor" every Saturday in The Phoenix Newspaper
610-999-7693 - Direct Line
610-489-7355 Main Office
Sellinghomesjenn@aol.com
0 votes Thank Flag Link Wed Oct 28, 2009
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