Property Q&A in 19606>Question Details

Pat Goldman, Home Buyer in 19508

I would like to know how much I would need for a down payment on this home

Asked by Pat Goldman, 19508 Wed Oct 1, 2008

--
This question is about this property: http://www.trulia.com/property/1068591793-4312-Sylvan-Dr-Rea…

Help the community by answering this question:

Answers

6
Actually, Pat, I just took a look for you on the Multiple Listing Service (which is where the actual up-to-date information that realtors have access to can be found, unlike a lot of the internet sites, which aren't always kept as up to date as they should be, unfortunately), and saw that that particular house went under contract on September 27th.

If you are working with a real estate agent, they should be able to set you up with an automatic search of the Multiple Listing Service (TREND MLS) that sends results directly to your e-mail, with up-to-date searches of new properties or any changes in status like price changes or whether a house went under contract.

If you don't already have this, you can either go to my website and click on Search For A Home, put in some basic information and click SEARCH, then go to the status bar above and click on SearchSaver and you can create an automatic search that will send results directly to you. Or you can call me at Keller Williams Realty Elite at 484-334-7542 and I can set you up with a search. Let me know if there's anything more I can help with.

(Sorry about the Sylvan Drive house....however, there are another five houses in that development for sale right now, and many more in that area and price point.)
2 votes Thank Flag Link Wed Oct 1, 2008
Due to the sub prime mess the real estate industry is in, most banks are requiring 20% down on a 30 year fix loan. This is not just an American issue, this is a global issue. Buyers will need to put more money down, have debt to income ratio below 36% and an excellent FICO score (750+) or you will not even be considered for a loan. If you do not have the money to put down on the house don't even consider taking out one of those "too good to be true" loans even if they still exist. If you do willingly and you know that you cannot afford this home, then you too could end up like the millions of Americans who are facing or will be facing foreclosure because they put no or only 2-3% down on their homes. Also keep in mind that you should by a home only 2.5 times your salary. Most websites have mortgage calculators to help you figure out how much you can afford. Depending on how long this home has been on the market and how much competition is within the neighborhood, you could get it for less then asking thus requiring less for your down payment. Also, Berks County prices will soon reflect those prices from 2002!!! In some areas, homes are over priced by at least 20% and are already falling because banks are really tightening their lending as well as loan rates are rising. Right now, buyers are getting smart and sitting on the sidelines. Good Luck!
0 votes Thank Flag Link Tue Oct 14, 2008
Pat,
This is a very broad question. Your first step would be to talk to a good loan officer and see what kind of loan programs you qualify for. If you don't know of any personally, i would be glad to assist you. The very best of luck to you!
Michael

Michael D Delp
Mortgage Pro
ph:215.453.1025
fax:215.453.1012
cell:610.762.0318
email- michaelddelp@verizon.net
0 votes Thank Flag Link Tue Oct 7, 2008
You should first sit down with a loan officer who can explain down payment and closing costs to you. Based on you credit you may qualify for certain programs. Yes FHA is a good program.
You should work with a buyers agent who can help you and show you homes and recent sales in the area so that you can decide on the purchase price.
If you are not working with an agent, you can go to my web site and look up all available listings at http://www.gitabantwal.com
Call me if you have any questions.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Thu Oct 2, 2008
You will need about 3% if you get an FHA loan.

In this case, just a shade under $6,000 will get you into the home if you get seller paid closing costs.

Let me know if I can help.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
0 votes Thank Flag Link Wed Oct 1, 2008
Pat,

The minimum would have to be 3% of purchase price, an FHA loan. You will also need money for closing costs and any pre-pays(taxes, insurance). That could run up to $10,000 alone, hopefully less. If you do not have that extra cash you might need a seller's concession. Talk to a loan officer and they can go into much more detail with you. Of course, If you already own a home and have equity you will have extra money when you sell your house.
0 votes Thank Flag Link Wed Oct 1, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer