Home Buying in Philadelphia>Question Details

Caitlyn, Home Buyer in

My husband and I are looking to buy within the next year, we have good (not great) credit, and have a down payment of $20,000.

Asked by Caitlyn, Sun Mar 10, 2013

We would like to buy a home that is in the $130,000-150,000 range but take out a home loan that is $250,000. Is this possible?

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Philip J. Cunningham Sr’s answer
Please call me in my office. i would like to try to help you but I need to speak with you about tyhe extra 120,000 that you want to borrow. You need to understand the mortgage is on up to the appraised value of the house.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Mon Mar 11, 2013
Forgot to tell you that the program will assist with your closing cost.
0 votes Thank Flag Link Sun Mar 10, 2013
I know of a first time home buyer program where you can do exactly what you are trying to do. Contact me at 267-625-8928 Tariq Farr.
0 votes Thank Flag Link Sun Mar 10, 2013
Hello Caitlyn,

The down payment money is good.
However you cannot borrow more than the house is worth unless you are planning to do improvements on the property. Then you can borrow more. There are renovation loans available for that and the process is very regimented. the money for the improvements will only be released after each phase of the improvements are completed by a licensed contractor. I do have a presentation of this type of loan on my website and I would be happy to explain your optionms over the phone. I can also show you how to improve your credit scores without hiring a company that charges you an arm and a leg to do so

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Sun Mar 10, 2013
$100,000 debt= student loans not frivolous spending
Flag Sun Mar 10, 2013

Yes we would be wanting to take the additional funding for renovations. My credit is ok I pay all bills on time and am smart with my spending and debt to income ration, however I have almost $100,000 in debt on my credit score !!!! My husband however does not. I would love to talk more about my credit and other options. I will call this week
Flag Sun Mar 10, 2013
It is a possibility and I come across deals like that often. I deal with alot of investors and distressed properties. If you would like to discuss it further you can contact me at 267-228 -3910 or nicksylvestro@aol.com
0 votes Thank Flag Link Sun Mar 10, 2013
The house would have to appraise for the amount you're borrowing minus the minimum amount down, and your income vs debt ratio would have to be enough to satisfy the banks requirements...so now the hard part is finding a $250,000 for $150,000.00!!! Good luck!
0 votes Thank Flag Link Sun Mar 10, 2013
Hello Wbg,
The mortgage amount is based upon the lower of the sales price or the appraised value.
Flag Sun Mar 10, 2013
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