Home Buying in 18966>Question Details

Eric, Home Buyer in 19006

We are looking to buy our first home with little or no money out of pocket.

Asked by Eric, 19006 Mon Jun 18, 2012

Hi, I'm looking for a way to buy our first home with little or no money out of pocket.
I'd much rather invest money directly money into the property.
What's the best way to move forward?

Help the community by answering this question:


Hello Eric,

There are programs with very little out of pocket expenses

For example USDA does 100% financing. However USDA is not available in Southampton. There is a USDA map that tells you where you can buy. In our area, it is available North of Almshouse rd and East of York Rd and then wrapping arround the North of Doylestown and towards Sellersville. You can do a PHFA loan where the Pennsylvania Housing Finance Agency lends you the minimum down-payment of your FHA or conventional loan. Also Montgomery County has a program whereby they will lend you the down payment also. There is no similar program in Bucks. All of these programs are good but there are certain upfront costs (such as PMI and Guarantee fees) thast can be avoided depending on your situation. I would be happy to sit down and discuss this with you. My office is at the corner of Street Rd and Second street Pike.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Tue Jun 19, 2012
You need to get qualified for a USDA loan. They are great for first time home buyers and you do not need any money down. I have a great mortgage rep that specializes in them if you need more information please feel free to call or email me. You will have to make sure that the properties you are interested in do qualify for 100% financing....It's a great way to buy a home of your dreams....Let me know if you have any other questions or needs and I would be happy to answer them for you.
0 votes Thank Flag Link Tue Jun 19, 2012
Hello, Eric,

Keep in mind that the USDA loans are typically for more rural areas. VA loans mandate that you are a Veteran.

Here are some other options: PHFA (PA Housing Finance Agency) still has some assistance programs and some municipalities and counties have grant programs. It will be based upon your income and credit and you may have to spend a few hours in a counseling program but it is certainly worth it.

Here is a great link for first time buyers: http://www.yourtopagent.info/163360/mega/1st-time-buyer/

If you would like some additional information, don't hesitate to ask me. Good luck with everything.

Carol Cei, Realtor, ePRO
ReMax Platinum Club
Five Star Professional
ReMax Action Realty
Web Reference: http://www.carolcei.com
0 votes Thank Flag Link Mon Jun 18, 2012
Hi Eric,
I agree with all of the agents who have answered so far. There are many ways to buy a home for little or no money of your own so you can invest your cash to make improvements. I would need more information from you in order to help you find the best home for you. Feel free to call or email me so we can arrange to get together and find out what type of home you are looking for and what areas are best for you.

Terry Lohrbeer
Long & Foster Real Estate
0 votes Thank Flag Link Mon Jun 18, 2012
Hey Eric,
You have some great answers below. Lender credits + seller assist can lead to some very inexpensive home purchases these days!

You can set up a search on my website for properties that fit your needs and be updated daily as to new listings as they come on the market. The website is http://www.kimberlyrock.com

I'd love to discuss this further with you.
Web Reference: http://www.kimberlyrock.com
0 votes Thank Flag Link Mon Jun 18, 2012
Dear Eric,
have your spoken with a mortgage lender? I can direct you to a few to discuss mortgage options that fit your needs. FHA USDA and VA loans are the mortgage types that require the leasst amount of down money. Again, you must qualify for either. Please contact me if you'd like additional information. I'd be more than glad to assist you. Please check out my website.

Frank Dolski MBA, ABR, e-PRO
Associate Broker
2010-2011 Coldwell Banker International President’s Circle Award Recipient
CARTUS & SIRVA Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors
215-803-3237 (mobile)
215-794-1070 x-103
0 votes Thank Flag Link Mon Jun 18, 2012
Hi Eric - as stated in the answers below, there are definitely ways to purchase a home with little up front investment. I work with some great lenders who can point you in the right direction, and am also familiar with the areas that qualify for the USDA financing. Your best bet would be to work with an agent that you feel comfortable with, and who will have your best interest in mind at all times. Give me a call (215) 740-0607, or email j.torres@cbhearthside.com so we can further discuss your options. I'd be happy to help!

Hope to hear from you soon,

0 votes Thank Flag Link Mon Jun 18, 2012
If the areas that you are considering qualify for USDA financing you could potentially get a 100% USDA loan. USDA loans area great product, the borrower/household can't make over a certain amount of money to qualify, but they allow for no money out of pocket plus you can finance your closing costs in many cases. FHA financing also can be done for 3.5% down and also has the option to have all/most of your closing costs financed as well. If you would like a great lender to contact just let me know, i'd be happy to have you talk to a mortgage professional that can help you understand what product is the best for what you are looking to do.

Any questions just ask.

0 votes Thank Flag Link Mon Jun 18, 2012
Hi Eric,

There are ways to do that. Aside from different mortgage programs, we can also ask for some assistance from the seller for closing cost. I would be happy to explain, in detail, what your options are. Feel free to give me a call.

Lisa Yoskin ABR CRS
Coldwell Banker Hearthside Doylestown
215 340-3500 x189
0 votes Thank Flag Link Mon Jun 18, 2012
Hi Eric, I'm Eric! There are many options that may work, but we certainly have to have a consultation to determine if any of them will apply to you. Feel free to call or email me.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Mon Jun 18, 2012
Eric would be happy to sit down with you and show you your options as I specialize with little money down buyers .. and there is no cost or obligation for this .. let me know if days or evenings work best Tony 215-485-3868
0 votes Thank Flag Link Mon Jun 18, 2012
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