Home Buying in 19335>Question Details

Mizzi, Home Buyer in 19335

buy or rent? i don't have a lot to put down - would I qualify for a first time home buyer program? what does that make me eligible for? zero

Asked by Mizzi, 19335 Mon Nov 28, 2011

down? First Time Home Buyer Question

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Todd Reed’s answer
Certain areas in Chester County are eligible for USDA 100% financing. At the link below you can enter a property address and it will confirm if it is eligible or not. http://eligibility.sc.egov.usda.gov/eligibility/eligibilityA…
Feel free to contact me if you have futher questions.
0 votes Thank Flag Link Tue Nov 29, 2011
Hello Mizzi
Factual information - current and honest, direct figures should come to you from a reputable qualified lender. Chester County - wredel@gatewayfunding.com - Bill Redel has been one of my top lenders for the last 14 years. Bill Redel 610-719-1777

First time home buyers do have special savings - depending on your income, debt ratio, etc. Bill will qualify you and provide an estimate of monthly payments --- He will guide you whether to buy or rent at this time.

NOTE: When agents are speaking to you about anything connected to real estate - they must explain the 'consumer notice' required by the state of PA. This notice lets the 'consumer' know that agents represent buyers, sellers and dual - KNOW who you speak to and require honesty and confidentiality first. I will send you this notice - email me your email address and ty.

0 votes Thank Flag Link Sun Jul 28, 2013
As you can see by the answers below a lot depends on your location. In my market we have several programs that require zero down for a first time home buyer.

Find a good Realtor and have them introduce you to the loan officer they trust the most. Gather all of the support documents that will be needed to apply for a loan and meet with the LO face-to-face, have them walk you through the process and options available, good luck, home this helps,

I linked below some info on the type of programs in my area:
0 votes Thank Flag Link Tue Nov 29, 2011
Hello Mizzi,

It is great that you are thinking of this and asking all the right questions.

I recommend that you first meet with a qualified mortgage representative who can help you determine what mortgage you would be eligible for - based on your credit score - your current debts - your income etc. Then a local Realtor can show you the buy and rent possibilities based on that amount and possibly a sellers assist from the seller which is very common these days. Rent vs Buy decisions are also based on your long term plans - how many years will you be living at the house... job security and more...

I will be happy to recommend several good mortgage representative in this area - it only takes a 15 min phone conversation. I also offer you my buyers consultation session - absolutely free. Together we will go through a series of questions that will be your checklist - at the end of which you will have good clarity about your specific situation and you will be able to move forward on your decision with confidence!

My blog may give your some more insights - http://downingtownrealestate.blogspot.com/

Feel free to call or email me to schedule our meeting.

Bela Vora, Realtor®
Coldwell Banker Preferred - Exton
Cell: (484) 947 3127
Web Reference: http://www.belavora.com
0 votes Thank Flag Link Tue Nov 29, 2011
USDA does not apply in Downingtown, unfortunately. Closest town where you might find USDA loans are Parksburg and Spring City. With an FHA loan you would need 3.5% of the loan. In addition, you'll need closing costs. It is not unusual to have these closing costs paid by the Seller (called a Seller Assist); I'd help you negotiate this. But it's hard to get away from the 3.5% down payment for an FHA loan. I do alot of work in Downingtown. See http://www.AnnByerRealEstate.com for market statistics about Downingtown Area School District real estate.
0 votes Thank Flag Link Tue Nov 29, 2011
It will all depend on where you want to buy a house! Some area's qualify for USDA (100% financing) and some don't qualify for it which means you would mean to go FHA and put 3.5% a down payment.
If you would like to meet and go over what you are looking for and the area's I could help you more in your search process. It is alway best to get prequalified for a mortgage so you know how much you can afford before we even meet.
If I can be of any service please feel free to call me or email me.
I look forward to helping you find a NEW HOME!

Best regards,

Kimberly Collins, Realtor, ABR, SFR
PA License # RS202924

"A Refreshing Real Estate Experience"

Keller Williams Realty Group
Cell: 610-476-7519
Office: 610-792-5900 Ext 8177
Fax: 610-792-8131

Search the MLS -- for FREE! Visit http://www.findahomeincollegeville.com/

Each Keller Williams Realty office is independently owned and operated.
0 votes Thank Flag Link Mon Nov 28, 2011
As Edmund said below, few if any products today allow for zero down unless you are a veteran and some specific products. Some counties also have first time buyer programs that can give you a grant towards closing costs. However, most mortgage companies today want to see buyers have some funds used to purchase the home. If this is your first home to buy or you have not owned a home for several years you may qualify for firt time buyer programs. I can connect you with several local mortgage providers if you are interested in exploring any of these options.
0 votes Thank Flag Link Mon Nov 28, 2011
The most popular product today for low downpayment homebuyers is the FHA, requiring a minimum 3.5% down. However, depending on your search area, 0% down USDA financing may be an option. If you were in the military services, 0% down VA financing may be another avenue. Also, the PHFA grants may be an opportunity if you are willing to take several classes and anticipate living in your home for several years. Finally, your Realtor can negotiate that a portion or all of your closing costs will be paid by the seller at closing. Mizzi, there are many ways to structure a deal, but take the time, see which options best meet your financial needs--don't let the financing dictate your home search too much (meaning, don't settle, just because your short on cash)--, and start saving today. Good Hunting!
0 votes Thank Flag Link Mon Nov 28, 2011
Hi Mizzi, For a FHA loan you will need 3.5% to put down on a loan. It is better to own than to rent in most cases but that would depend on your situation. Let me know if you have any further questions I am happy to help. Thanks

Bill Quinn
Sales Associate
Homestarr Realty
1250 Old York Rd Suite 201
Warminster, PA. 18974
Office : 215-355-5565
Direct : 484-881-1378


0 votes Thank Flag Link Mon Nov 28, 2011
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