John Topa

A family transfer is usually exempt from transfer tax. Please consult a title company in your area or call our office so we can steer you in the right direction. 570-344-6091. John Topa, First Sunrise Mortgage - Fri May 9 2008, 18:20

Usually when there is owner financing two things are involved.
1) The seller is having a hard time selling & has resorted to seller financing to unload the property.
2) Seller wants a high price or wants to charge a higher interest rate to get a good return on the investment.
Seller financing must be overlooked by Real Esate Attorney before signing so you are protected.

There are bank mortgages that allow a combination of a bank mortgage & a seller held 2nd mortgage instead of downpayment.

If you have any question feel free to contact me. - Thu Mar 27 2008, 08:31

If your client is in PA I can help. I specialize in originating mortgages for self employed borrowers. If your client's credit is good, I can offer him very attractive conforming rates. I do have a Stated Income program that will give him a great rate & 5% down on a owner occupied single family residence. Contact me with more info. - Sat Mar 15 2008, 17:36

As a Pennsylvania mortgage broker, I have seen the recent market being extremely volitle. I would advise to lock.

We have a construction program offers a "float down option" that allows you to receive a lower interest rate at the end of construction if rates have gone down. If the rates stayed the same or went up, you are protected by the lock.

The following is a brief explaination about the affect the Fed has on mortgage rates.

When Bernanke and the Fed "change rates", what does this mean. and what impact does this have on mortgage interest rates?
The answer may surprise you. When the Fed makes a move, they can change a rate called the "Fed Funds Rate" or "Discount Rate". These are both very short- term rates that impact credit cards, Home Equity credit lines, auto loans and the like. On the day of the Fed move, Mortgage rates most often will actually move in the opposite direction as the Fed change. This is due to the dynamics within the financial markets in response to inflation. For more information and explanation, just give us a call. - Sat Mar 15 2008, 17:25

Pike, Wayne, or Monroe counties would fit the bill. Some areas in these counties would definitely fit your price range. - Sat Mar 8 2008, 17:08