Financing in Pennsylvania : Real Estate Advice

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John Burke, Real Estate Pro in ELK CITY, OK
John Burke answered:
what are the points?
Hi Barb,

Paying "points" is basically pre-paying interest upfront. For example:
Let's say today's interest rate is 3.75% with no points. You could pay a "point" or "points" to brin ... more
0 votes Share Flag Sun Jun 3, 2012 Financing in Kingston
Suzanne MacD…, Real Estate Pro in Morristown, NJ
Suzanne MacDowell answered:
can you get an fha or a first time home buyers loan without a downpayment?
The USDA still offers no money down loans. Contact a local mortgage banker and talk to them about these types of loans to see if you qualify.
0 votes Share Flag Tue May 29, 2012 Financing in Carbondale
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tim Moore answered:
i I want to sell me house on sales agreement to my tenent, she wants to check for for firtst time home buyer programs with assisstance,
She needs to speak to some mortgage brokers and you need to speak to a lawyer to draw up the paperwork. Good luck.
0 votes Share Flag Thu May 24, 2012 Financing in West York
Alan Openshaw, Real Estate Pro in Southampton, PA
Alan Openshaw answered:
In PA, can a married couple only have 1 spouse put the mortgage in their name?
Hello Alley,

you can both be on title, and that being said, both will be on the mortgage. HOWEVER the mortgage is the pledge of that property as security for the NOTE. You can ( if y ... more
0 votes Share Flag Mon May 21, 2012 Financing in Ambler
Katiejo Shank, Real Estate Pro in Wyomissing, PA
Katiejo Shank answered:
With a credit score of 710 and a yearly salary of 43000, how much house would I qualify for and at what interest rate? I have no debt.
First off, your credit is great! Good job!!! What you qualify for is not necessarily the question, you would probably qualify for more than you feel comfortable with. The question would ... more
0 votes Share Flag Tue May 29, 2012 Financing in Sinking Spring
Alan Grizzle, Real Estate Pro in Dahlonega, GA
Alan Grizzle answered:
Is Pre-approval necessary in the northern Allegheny County and lower Butler County housing markets?
I don;t think you can get approved if you can't show you have the income to pay the loan off.
0 votes Share Flag Wed Nov 13, 2013 Financing in Cranberry Township
Michael Gard…, Real Estate Pro in Philadelphia, PA
Michael Garden answered:
Closing Costs in Philadelphia
Somewhere around 5%. Only the transfer tax of 2% is percentage based. The other closing costs involve flat fees and title insurance, the second largest cost after transfer tax, is formu ... more
0 votes Share Flag Sun May 20, 2012 Financing in Philadelphia
Sheri Curci, Real Estate Pro in Newtown, PA
Sheri Curci answered:
Closing Costs question in Philadelphia
Well, there is the Lovley Phila 2% Transfer Tax ( 1% in Bucks County ), Title Insurance Should be a Must, recordeing of the deed in Phila, pro rated Taxes, Home Owners Ins ( if you hav ... more
0 votes Share Flag Mon Sep 17, 2012 Financing in 19103
Gregorio Den…,  in San Diego, CA
Gregorio Denny answered:
Low credit score, good steady income
You should probably take the offer from the credit union. You won't qualify for anything with that score except an extremely slim chance you could get a FHA mortgage with 10% down. I sa ... more
0 votes Share Flag Tue Jul 2, 2013 Financing in Erie
Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
USDA Rural Development
Kevin your best bet is finding a buyer broker who has expereince who can refer you to a loan officer with USDA experience. It is a great program but definately requires an expereinced l ... more
0 votes Share Flag Sun May 13, 2012 Financing in Lancaster
,  in
How long to wait after credit becomes "good"?
You can begin your pre-approval process with a 640 score! 700 and up will grant you a little better in rate (.125-.375). After you are pre-approved and the house search begins your scor ... more
0 votes Share Flag Fri May 11, 2012 Financing in Philadelphia
James Ryan, Real Estate Pro in Leesburg, VA
James Ryan answered:
Have the home values really dropped that much in 3 years?
Hi again Chris....they sure dropped significantly 3 years ago, 2 years ago almost flat, but seem to be increasing now.

See my response in your other question for a thought or two!

... more
0 votes Share Flag Fri May 11, 2012 Financing in Havertown
R. Eric Axel…, Real Estate Pro in Sewell, NJ
R. Eric Axelson answered:
I am considering refinancing my home, zillow has it listed $40,000 less than what we paid in July of 2009.
Hi Chris, values have gone a bit, that said, Zillow is not an accurate appraisal, just an estimate. Your bank will order an appraisal and the appraiser will NOT go by Zillow.

If you ... more
0 votes Share Flag Mon Nov 12, 2012 Financing in Havertown
Brooke Willm…, Real Estate Pro in Philadelphia, PA
Brooke Willmes answered:
How can I contest an unfair home appraisal?
You need to address this with the lender and see if you can get that appraisal thrown out and a new one done. Arguing with appraisers is fairly futile. A single family rowhome should ... more
0 votes Share Flag Wed May 9, 2012 Financing in Roxborough
Larry Lichtm…, Real Estate Pro in Bala Cynwyd, PA
Larry Lichtman answered:
look below ,..need lender for 25% down payment plus other costs on 1MM apartment deal

Contact me directly to discuss your situation.

All the best,
Larry Lichtman
(267) 254-7994
0 votes Share Flag Fri May 4, 2012 Financing in Philadelphia
Larry Lichtm…, Real Estate Pro in Bala Cynwyd, PA
Larry Lichtman answered:
Ian, around 200K Usually I will rehab raise rents increase NOI-MV then refinance 2 yrs pay off lender.

So what is your question?
0 votes Share Flag Fri May 4, 2012 Financing in Philadelphia
Timothy Garr…, Real Estate Pro in Philadelphia, PA
Timothy Garrity answered:
Looking for Hard Money Lenders in PA and NJ that lend on 25% down payment and other acquistion costs for apartment deals. Jim
I have some contacts if you need help. Let me know.

0 votes Share Flag Sat May 5, 2012 Financing in Philadelphia
Carol Cei, Real Estate Pro in Maple Glen, PA
Carol Cei answered:
I Hope there is someone out that can help! My wife and I are financing our first home and I have some questions regarding PHFA versus FHA.
Hi, Mike,

PHFA is actually the funding source for an FHA loan. People go to PHFA because they have the $3,000 second mortgage to help with down money or closing costs. The bank or ... more
0 votes Share Flag Sat Apr 28, 2012 Financing in Philadelphia
Edward D. Ni…, Real Estate Pro in Milford, CT
Edward D. Nikles answered:
I should move forward in building a house w/ an FHA loan (pre-fee increase) or loose some or all of $10k I gave to builder so far?
If you get an FHA mortgage commitment , I would recommend closing on it & building right away , before the construction costs increase even more with the current higher gas prices .
0 votes Share Flag Sat Apr 7, 2012 Financing in 18337
John Burke, Real Estate Pro in ELK CITY, OK
John Burke answered:
When applying for a mortgage, does the bank count child/spouse support as monthly income?
Hi Stacyc7,

Yes we will as long as you can verify/document that you'll receive the it for the next 3 years.

Part of Mechanicsburg is eligible for the no money down USDA mortgage. ... more
0 votes Share Flag Fri Apr 6, 2012 Financing in Mechanicsburg
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