Financing in 19122 : Questions & Answers

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Ed Fallon, M…, Real Estate Pro in Bala Cynwyd, PA
Ed Fallon, MBA NMLS#144708 answered:
FPHA / Keystone Home Loan Assistance program ($3000 towards down payment ar closing costs).
No, the money is provided at closing, it cannot be used for earnest money deposit.
0 votes Share Flag Fri Nov 5, 2010 Financing in Philadelphia
Ed Fallon, M…, Real Estate Pro in Bala Cynwyd, PA
Ed Fallon, MBA NMLS#144708 answered:
I'm looking to purchase a condo in Philly and could only put 5-10% down. My credit score is 800 , are there any lenders out there who could
Lisa,
I can assist, and it will depend on the condominium. Some condominiums are not eligible for financing with only 5 or 10% down.
Ed Fallon, MBA NMLS#144708
Experienced Mortga ... more
0 votes Share Flag Sat Feb 5, 2011 Financing in 19123
Christopher…, Real Estate Pro in Collegeville, PA
Christopher Luckowski answered:
If I rent my homestead out, and buy a new home, can my rental income help qualify for new loan? I was told this is not allowed due to a change in Aug.
Hi Troy,

The answer is no. You have to have two years of documented rental history to be able to use some of the rental income towards your total income. Reason is banks do not and ... more
0 votes Share Flag Wed Aug 25, 2010 Financing in Philadelphia
Ed Fallon, M…, Real Estate Pro in Bala Cynwyd, PA
Ed Fallon, MBA NMLS#144708 answered:
are there lenders that finance new home buyers with a 600 score?
It is possible, but we would have to look at your complete financial picture to see if you could qualify.

Ed Fallon, MBA NMLS#144708
CELL: 610-308-9001
Office: (215-591-0222
FA ... more
0 votes Share Flag Thu Aug 19, 2010 Financing in Philadelphia
Alan Openshaw, Real Estate Pro in Warminster, PA
Alan Openshaw answered:
Does anyone know of a Homepath approved lender in Pennsylvania that will do a minimum loan amount of $40,000?
Hello Patelprash,

I know that Sovereign bank will do down to $40k....not sure if they do homepath. They are not on the list
http://www.fanniemae.com/homepath/financing/lenders.html; ... more
0 votes Share Flag Mon Aug 9, 2010 Financing in Philadelphia
Renee Porsia, Real Estate Pro in Philadelphia, PA
Renee Porsia answered:
Conventional mortgage with 670 tri-bureau credit score?
Hi Alisa,

A question I would have for you is do you also have money saved for a down payment and closing costs. Now, you don't have to answer that here on Trulia but if I were ... more
0 votes Share Flag Tue Aug 3, 2010 Financing in 19104
Mike B, Real Estate Pro in Raritan, NJ
Mike B answered:
I am looking for a home in the $600k range in the Main Line area of Philly but can't seem to find any Jumbo Loans for less than 20% down.
Looks like you'll need to reduce the price range in which you are looking then to be within the current Fannie loan limits, or come up with 20% down.

https://entp.hud.gov/idapp/ ... more
0 votes Share Flag Wed Aug 4, 2010 Financing in Philadelphia
Alan Openshaw, Real Estate Pro in Warminster, PA
Alan Openshaw answered:
Looking for a Broker who uses Desktop Appraisals in PA?
Hello Jason,

I can do a renovation loan at 4.75%. Call me at 267 992 7276

Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa 18966
0 votes Share Flag Fri Aug 13, 2010 Financing in Philadelphia
Chad Landry, Real Estate Pro in Prairieville, LA
Chad Landry answered:
i am interested in buying a home but i don't have the best credit my score is 563 is it possible of a mortgage even if they check my rental
Your best bet is to talk with a local lender in your area. While most lenders like a 620 to be the minimum score, a local lender may be able to help you if not immediately maybe down t ... more
0 votes Share Flag Fri Jul 16, 2010 Financing in Philadelphia
James Yoakum,…, Real Estate Pro in Philadelphia, PA
James Yoakum, SFR answered:
I want to buy a home but i don't have the best credit i have a credit score of 563 do you think a mortgage company would take the risk
Mortgage companies are more strict than ever on credit these days, so I'd say you're probably going to have a very hard time finding a lender. However, in many cases a credit ... more
0 votes Share Flag Tue Jul 27, 2010 Financing in Philadelphia
Mechelle Rea…, Real Estate Pro in Folsom, CA
Mechelle Reasoner (Gooch) answered:
Obtaining a new mortgage and keeping existing properties as rentals.
I would recommend you talk to a lender to see how it would affect you.

I recently have had buyers in that same sort of position. They were told by the lender that as long as they w ... more
0 votes Share Flag Mon Sep 23, 2013 Financing in Philadelphia
Chris Lefebv…, Real Estate Pro in Methuen, MA
Chris Lefebvre answered:
I need some information on purchasing a investment property with no money down.
No money down loans are difficult to find these days. Contact some mortgage brokers to inquire, but it may be difficult. You may want to consider an FHA loan if the property you want ... more
0 votes Share Flag Tue Jun 29, 2010 Financing in Philadelphia
Leon, Real Estate Pro in Huntingdon Valley, PA
Leon answered:
Looking for a Bank lenders, that does FHA (203k) loans in the Phila, Pa. area..ROB
Call Leon @ Nations Funding Source 267.334.6269
0 votes Share Flag Fri Aug 12, 2011 Financing in Philadelphia
Timothy M. G…, Real Estate Pro in Philadelphia, PA
Timothy M. Garrity answered:
I'm looking for hard money lenders that will provide proof of funding letters to submit with my property purchase offers, who are the best
Hi, Gary.

"Hard Money Lender" in today's lending environment is a pretty broad term. There are many lenders out there today that offer non-traditional financing option ... more
0 votes Share Flag Thu Dec 1, 2011 Financing in Philadelphia
Erin Rowley…, Real Estate Pro in Savannah, GA
Erin Rowley Stoner answered:
I just pulled my credit scores from Experian, EquiFax and TransUnion. Experian has it 645, EquiFax has 588 and TransUnion says it's 592.
A lender will look at your middle score, in this case the 592.
0 votes Share Flag Sat May 22, 2010 Financing in 19106
Bill Eckler-…, Real Estate Pro in Venice, FL
Bill Eckler-Florida, answered:
I have a 1st and 2nd conventional mortgage. i want refi without having a physical apprasail done. can i do this?
So.....................you are seeking a lender for a loan and want them to approve funds for you without any assurance of the value of your home?

Based on your information provided. ... more
0 votes Share Flag Wed May 5, 2010 Financing in 19146
Dan Tabit, Real Estate Pro in Sammamish, WA
Dan Tabit answered:
What are my odds of closing tomorrow when underwriting blindsided me?
Frank,
Closing tomorrow is unlikely. No one can say for certain, but whoever told you that a job change in the midst of your application wasn't a problem amazes me. Lenders don ... more
0 votes Share Flag Fri Apr 30, 2010 Financing in Philadelphia
Jackson Masih, Real Estate Pro in 11949
Jackson Masih answered:
we will be living in philadelphia for next 3 years, we would like to purchase a property in philadelphia, we are on J1 visa
Please call me I will be abel to assist you with that, since I am already working with an over sees buyer. I am aware of the immigration status and will be abvel to assist , however I d ... more
0 votes Share Flag Thu Apr 29, 2010 Financing in 19131
Tomasreed0099, Other/Just Looking in United Westwood, San...
Tomasreed0099 answered:
Am I eligible to remodify my loan owned by PHFA?
Dear Valued Partner,

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0 votes Share Flag Thu Jun 10, 2010 Financing in Philadelphia
Gerard Dunn, Real Estate Pro in Potomac, MD
Gerard Dunn answered:
I would like to learn more about blanket loans, what are your expertises in this filed ? Why don't brokers mention anything about this type o...
A blanket loan is one that covers more then one property. In times gone by - it would allow you to by a home or property with very little down. The bank that makes the loan would plac ... more
0 votes Share Flag Sat Apr 10, 2010 Financing in Philadelphia
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