Home Buying in 17363>Question Details

h_olzer69, Home Buyer in 17363

Looking at few houses in York Co, Pa, wondering if it is even worth trying to get financed?

Asked by h_olzer69, 17363 Mon Sep 10, 2012

I have no credit, SAHM of 3, husband has 633 score up 36pts from this time last year. 50% credit available. Income per month is 5200.00, income to debt ratio is about 22%. Houses we are interested in range from 130000 to 155000.

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why not try.. It is always better to own then rent. I can work with you and find you a home that works for you and your family . There are some possible loans and prices are not going to be this low forever. Best to look into your options now then be sorry later right.! Let me know if you want me to send you some homes and or sit down and go over some options.
0 votes Thank Flag Link Wed Sep 12, 2012
Hi H_olzer69,

You're in luck. Stewartstown is an area that's eligible for the no money down USDA mortgage and you only need a 620 middle credit score to get your foot in the door.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
ENG Lending
0 votes Thank Flag Link Tue Sep 11, 2012
LOL, never mind, I just saw you are out in Colorado. Sorry. But you still sound like you know what you are talking about.
Flag Tue Sep 11, 2012
Hello John, are you located around Stewartstown,PA? When we go up to see for viewings maybe we could meet and talk more. This sounds like a great option for us. We really don't want to put any money down if possible. We currently live near Annapolis, MD. Do you know how the taxes work if you live in PA and work in MD? Thanks for your help.
Flag Tue Sep 11, 2012
There are programs available that might work for you. Most investors want to see a 640 score but some will go down to 580 under some circumstances. FHA allows a DTI up to 43% with only 3.5% down and you might be able to get seller concessions to help. Find a lender that does not charge an application fee and talk to them. At least you will know whether you qualify and it does not cost you anything except some time. I would be happy to speak with you about this.
0 votes Thank Flag Link Tue Sep 11, 2012
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