What type of property are you looking at (residential etc) ? What are your assets? Whats your credit score? Have you been employed for more than to two years?
I recommend calling a mortgage rep for a free consultation. They will go though all of this with you?
Typically without that you are looking at least 3.5% downpayment. Not bad. But if your credit is not that good you could have to put 10% down. Contact me and I'll go over your options. I can get you set up in the Philly zone.
KELLER WILLIAMS REAL ESTATE
766 OLD YORK RD
Talk to you soon!
Monica Flores, ASR, SRES
Remax Affiliates NE
I would suggest you speak to a Mortgage Consultant to evaluate your creditability. He would be able to tell you what programs there are out ther at present and what are their requirements. You would also be able to find out up to what amount you could get a mortgage,what creidt score would allow you to qualify for that purchase price and lastly how much money would you need to have saved!
Julia Samouilova Realtor,ABR
Prudential Fox and Roach
We can usually raise most peopleâ€™s credit scores anywhere from 50 to 100 points in just 90 days!
We have been repairing credit for 12 years now and have helped thousands of people. We use the actual laws against the credit bureaus to have negative items permanently removed from the credit reports thus raising a personâ€™s credit score.
Qualify for a home or car!
If you are interested, please call me at 215-333-2200 and I will be happy to tell you more about our program.
3639 Spring Garden
Real Estate Agent Kahlia Rhodes
First thing is to talk to a mortgage professional and have them look at your credit. If your credit is on the edge of where it needs to be to qualify, the best advice I can give you is to take 3 or 6 months to work on cleaning up your credit. Sometimes cleaning up your credit can be a simple process and can go quickly if you work with a lender or credit professional to do so. I am not a lender, I am a Realtor, but I could certainly give you some recommendations for folks I use in the Olney area. Once you have your credit up to where it needs, we can figure out what sort of monthly payment you are interested in making. That number, along with area taxes and home owners insurance, will let us know what sort of purchase price to be looking for. Once we know that, I can tell you how much money you might need for a down payment. For instance, $100,000 house would need at least $3,500 if you went with an FHA program. If you need any more advice, please feel free to ask.
Have a great Monday!
Congrats on your decision to potentially become a homeowner. As stated already, your first step would be to get pre-qualified for a loan/mortgage. This is usually a free process (just to see if you're eligible) and I can recommend a few different lenders/banks.
If all goes well with the PQ, your next step would be to choose a licensed agent/Realtor to work with. He/she will be the one to show you what homes are currently available for sale in your area of interest. Since you will already have a PQ at this point, you will know what you can and can't afford.
If you need any help getting started, please feel free to contact me by email or phone.
Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
email@example.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
There are ways of reducing the money that you need. You can negotiate for the seller to pay a portion of your closing costs, and some programs exist for closing cost assistance. Your first step is to contact a reputable loan officer and review the numbers.
Ed Fallon, MBA NMLS#144708
Experienced Mortgage Professional
Helping homeowners in the Delaware Valley since 1984
Arlington Capital Mortgage
300 Welsh Rd. Bldg 5
Horsham, PA 19044
I'm a lender and Realtor. There are various options, but not as many as a few years ago. USDA Rural financing is available with zero down but there are difficult qualifiers, regarding where the home is and income requirements. VA offers 0 down if you are a veteran. FHA offers flexible terms with only 3.5% down.
In addition to down payment, you may need to have closing costs, commonly 2%-3% although this can be handled various ways, seller paid, lender paid, combinations etc.
To qualify, you'll need to meet with a local lender and provide income documentation. Once credit is pulled from a reliable source the lender can help you figure out if you qualify now or what you'll need to do to address your credit issues.
Now is a great time to buy a home and I'd be happy to assist you in this process. I always schedule a meeting first to discuss any credit issues and how to correct them if necessary, different types of financing and the variety of mortgage programs available and hopw much you can qualify to purchase, down payment and closing costs so you know what to expect , the Agreement of Sale process and what type of house and features you're looking for in a home. Then we start our home search...........
Please feel free to call me when you're ready. My Direct number is # 215-961-1404.
Take care, Nancy
I am a local agent. I have to agree with all the answers thus far. There are a few programs locally which you may qualify for. Feel free to contact me directly and I will get you heading in the right direction. Email me at SellWithMikeR@gmail.com or direct at 267-879-3556.
There are many things that factor into getting a loan besides your credit. These things include job history, income, debt that you currently have, etc.
Contact a few lenders to go over your individual situation so you will know what is needed, and if you don't qualify they can guide you on what to do so you can qualify in the future.
If there are any programs you qualify for, they will be able to help you.