Home Buying in Bustleton>Question Details

ladybug69420, Home Buyer in Philadelphia, PA

no money saved... steady income... relative selling house and paying for closing cost....what are my next steps?

Asked by ladybug69420, Philadelphia, PA Mon Jul 16, 2012

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17
Sheri Curci’s answer
Hey Lady Bug,

I shot over some advice to you last July 16th.... How did you make out?

Feel free to give us a confidential email or call ?

All the Best John + Sheri Curci 215-757-2889 or HomeCatch@verizon.net

Great Olympics Game! U S A !!!!
0 votes Thank Flag Link Wed Aug 1, 2012
Hello, I just saw your question so I guess I am late to the party but I wanted to jump in anyway.. I am not sure I totally understand your question but something that jumped out at me was "no money saved".. I would say your next step would be to save as much money as you can since you have a steady income.

If you have no money saved, you won't be in the best negotiating situation when it comes to putting an offer in on a home if you get approved. You would have to ask for seller assist and that puts you behind the 8 ball so-to-speak. When you put an offer in on a home you want to be as strong as you can be and be in the best position to negotiate hard (well your buyer representative). I would say that you should first find yourself a Realtor® or licensed sales person (there is a difference) who you feel that you will mesh well with and then build a relationship with this person. Schedule an appointment and put a plan together with your new representative.

I do this with my clients. By the time you have money saved, you will be in a great position to get your dream home and won't need to ask for any assist from the seller.

I'd be happy to go over this with you more if you would like and help you put a plan together. Feel free to email me at reneeporsia@mac.com or call me direct at 215.669.0589.

Thanks.

Renée Porsia
Associate Broker
RE/MAX Action
215.669.0589
215.358.1100 Ask for Renée
http://www.reneeporsia.com
Proudly servicing all of Philadelphia County, Bucks and Montgomery as well as New Jersey for over 13 years.
0 votes Thank Flag Link Thu Sep 26, 2013
Hello Ladybug,

I do quite a few family transactions each year. We can do it with no money down by and setting up the agreement in a way that is fair to both you and the family member.
Give me a call and I would be happy to walk you through the transaction.
It's quite simple to do but for whatever reason most loan officers can't figure out exactly how to structure the deal

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Wed Sep 25, 2013
Hi Lady B,

Your next step would be to get approved for a mortgage.
Unless your relative is willing to hold the mortgage (accept monthly payments from you)? Does your relative have a mortgage that needs to be paid off? If so, you'll need a mortgage lender.

From there, once you know you can secure a mortgage, I can prepare an agreement of sale for you and walk you through the entire process to a smooth settlement.

Let's discuss taking those next steps.
Please call me directly at 267-254-7994 so we can discuss how I can assist you.
I'd be happy to work with you.

Have a great day. Looking forward to speaking with you soon.

All the best,
Larry Lichtman, CNE
Realtor, Property Manager
Your Real Estate Resource For Life
CELL/Text: (267) 254-7994
0 votes Thank Flag Link Tue Sep 24, 2013
Hi Lady Bug,

How is your credit?
Can ask a relative for a gift that you can use for the down payment of a home? We can also ask the seller for a "seller's assist" which will help you pay for some of the settlement cost.
The lender will allow up to 3%, and in some instances 6%, depending on the type of mortgage program they are offering you.
There are many different programs out there to help you buy a home. Interest rates are still at an all time low and low prices and short sales make it even a better time to buy a home. It is very easy to go to a lender and get qualified for a mortgage. You want to make sure that you can afford the monthly payments.
Eric Fishman from Waterstone Mortgage Comp has done at great job for some of my clients. He can pre-qualify you over the phone and explain the different programs. His telephone # is 215-280-4371.
You can ask as many questions as you want, He is a great guy...

If you want to let me know the type of home you are looking for and the areas that you want to live in, I can start sending you Homes....
You have already been on my website so I have an idea of what you are looking for.

Have a great weekend and call me on my cell when you are ready.

Sally Perloff
Keller Williams Real Estate
Horsham Pa 19044
215-657-8100
215-327-2548 -*cell
Http://sallyperloff.yourkwagent.com
0 votes Thank Flag Link Fri Jul 27, 2012
See if they'll work with you on a rent to own basis.
0 votes Thank Flag Link Mon Jul 23, 2012
You need to sit down with a lender and find out if you qualify for a mortgage and save enough money for the down payment.
0 votes Thank Flag Link Mon Jul 23, 2012
Hello Ladybug69420,

I'll be glad to help you if you are looking for help with buying a house from your relative. It's not as hard as you may think. The first step you need to take is talk to a mortgage company. You will need to allow them to look at your income, credit and debt. They will then be able to tell you how much money you are qualified to borrow and you'll then know if you can buy the house at the price your relative wants for it or not.

Please give me a call. As I said, I'll be glad to help you with this process. I work with a team of very good mortgage lenders and they can get you squared away pretty quickly.

i hope to speak to you.
Trina Wallace
Keller Williams Real Estate
West Chester, PA
267-257-2621
trinawallace@kw.com
0 votes Thank Flag Link Tue Jul 17, 2012
Hi, ladybug69420.

The 3 biggest things to be aware of when buying a home and qualifying for a mortgage are: 1) Credit, 2) Income, and 3) Assets. If one of these is completely out of sync, the loan will not go through.

If you have not attempted to qualify for a mortgage yet, I would say that is your next step. Call your local bank or please feel free to contact me for a referral.

If you need any more advice, please let me know.

Thanks,
Tim

Timothy M. Garrity | REALTOR®
U S Spaces, Inc. | #RS314897
267-879-2716 - Call & Text
PhillyUrbanLiving@gmail.com
PhillyUrbanLiving.com
0 votes Thank Flag Link Tue Jul 17, 2012
Ladybug,
Talk to 2 lenders, PHFA will require the least amount of cash, if your income level meets their criteria so do talk to a PHFA approved lender. You are likely to need some money of your own, so stop spending on anything that is not essential. That means no Starbucks, no eating out, no shoes.
0 votes Thank Flag Link Mon Jul 16, 2012
Well… Lady bug... If you’re looking to rent? try to find a L/L with less stringent guidelines..... If you are looking to Purchase.... your steady Income should be seasoned for at least 2 years employed, you can ask your relative for gift monies for your 3.5% FHA down payment and we can ask the seller of the home that you want to purchase,... if they could assist in paying for your closing cost....

It all depends on Credit scores.
Watch out who pulls your credit and don’t keep having the credit re-pulled from different lenders, for this will lower your score and raise a flag.

Try to keep your conversation confidential and if you think Sheri + I can Help you?

By all means feel free to give us a confidential call.
All the best John + Sheri RE/MAX Properties 215-757-2889
0 votes Thank Flag Link Mon Jul 16, 2012
I you have good credit, you may go to a relative and get a gift for the down payment and settlement cost that the bank won't allow the seller to pay. The lender will allow up to 3%, and in some instances 6%, depending on the type of mortgage program they are offering you. Go to a lender and get qualified for a mortgage. You want to know if you can afford the payments. I can refer you to a very good person for a pre-qualification. Over the phone, this should only take a few min.
call 215-694-9169 for the referral. Good Luck.
0 votes Thank Flag Link Mon Jul 16, 2012
Hey ladybug69420,

You need a no cost, no obligation Confidential mortgage pre-approval. Our in-house lender, Waterstone Mortgage is both FHA and PFHA approved. With a 6% seller assist and potential grants available, you may not need that much cash to settle. Give Linda Povey, our mortage rep a call: 484.468.1300. What do you have to lose?
Web Reference: http://www.stevesisman.com
0 votes Thank Flag Link Mon Jul 16, 2012
Hi, LadyBug, run to your bank or get to a mortgage lender who can help you get a pre-approval. Do you have a 401K? Is there anyone who can give you a gift? What is the price point? Maybe the PHFA second mortgage of $2000 can help you with your downpayment. Just make sure that you go to a Bank or a Lender who is PHFA approved - not everyone is. That way, if you need the $2000, you will be able to get it.

Good luck

Carol Cei, Realtor, ePRO
ReMax Hall of Fame
ReMax Platinum Club
Five Star Professional
ReMax Action Realty
carolcei@remax.net
215.643.9661
Web Reference: http://www.carolcei.com
0 votes Thank Flag Link Mon Jul 16, 2012
hello ladybug,

The next step is to give me a call. I will show you how to get it done

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Mon Jul 16, 2012
hello ladybug,

The next step is to give me a call. I will show you how to get it done

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Mon Jul 16, 2012
I'll be happy to tell you how to proceed please give me a call!
610-507-6085
Gary udinson
0 votes Thank Flag Link Mon Jul 16, 2012
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