Financing in 19145 : Questions & Answers

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Reid Rosenth…, Real Estate Pro in Philadelphia, PA
Reid Rosenthal answered:
What should a first-time home buyer do to secure the best interest rate possible on their loan?
You can start by calling a Mortgage Banker who originates their own loans. Usually for the best rates but you can bounce those rates off competitors and other Mortgage brokers who shop ... more
0 votes Share Flag Fri Oct 19, 2012 Financing in Philadelphia
Alan Openshaw, Real Estate Pro in Warminster, PA
Alan Openshaw answered:
I had a chp 7 bnk dischrg 2 yrs ago, I have est new credit but some of my pymt were 30, 60 days late. Late due to a trans in job.
Hello Michaeldlee,

Accorrding to FHA guidleines you must re-estbalish your credit after a bankruptcy.
However that mean with on time payments. In dealing with clients that have had ... more
0 votes Share Flag Thu Oct 11, 2012 Financing in 19131
Robert C. We…, Real Estate Pro in Philadelphia, PA
Robert C. Weiss answered:
Owner - occupied house. Fulfilled occupancy requirement but lender denied request to rent.
Assuming your mortgage is a standard FNMA mortgage and note it has always been my understanding that once you fulfil your one year occupancy requirement you are free to rent the house, ... more
0 votes Share Flag Fri Jul 27, 2012 Financing in Philadelphia
Alan Openshaw, Real Estate Pro in Warminster, PA
Alan Openshaw answered:
I can not find my w2 forms for to show to apply for mortgage loan what other acceptable forms are there? Will 1040 work?
Hello Husser,

Your HR should be able to provide one. Your 1040 should work too.


Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 99 ... more
0 votes Share Flag Wed Jul 25, 2012 Financing in 19125
Carol Murray…, Real Estate Pro in Montgomery County, PA
Carol Murray Cei answered:
adding a person to a deed
Hello WZA,

You have asked some great questions so I will try to answer:

1. You can't make arrangements with municipalities....you just pay in one lump when the tax bill is due. ... more
0 votes Share Flag Wed Jul 18, 2012 Financing in Philadelphia
Lisa Y. Risco…, Real Estate Pro in 19150
Lisa Y. Risco MBA answered:
if you get 6% sellers assist is there a cap on how much the assist can be
Of the total closing cost with an FHA loan you must put 3.5% of your own funds. So if the amount of the sellers assist is is greater it will be reduced to the difference of your own c ... more
0 votes Share Flag Sat Jun 23, 2012 Financing in Philadelphia
Terry Bell, Real Estate Pro in Santa Rosa, CA
Terry Bell answered:
Looking for a lender. Any suggestions? Someone who isn't so backed up he/she doesn't have time to call me back.
You might first start by getting your credit report from one of the free credit report websites so that you know what your situation is. If you have good credit, you will be able to ma ... more
0 votes Share Flag Wed Jun 13, 2012 Financing in Philadelphia
Jim Simms, Real Estate Pro in Louisville, KY
Jim Simms answered:
I would like to buy a house with zero down...is this possible in this day and age,,,,I have excellent credit?
yep, it's possible, I do them often, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Share Flag Sat Jun 9, 2012 Financing in 19127
Michael Gard…, Real Estate Pro in Center City West, Ph...
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 Philadelphia, 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
Edward Dubin…, Real Estate Pro in Philadelphia County,...
Edward Dubinsky answered:
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
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 Philadelphia, PA
Larry Lichtman answered:
look below ,..need lender for 25% down payment plus other costs on 1MM apartment deal
JP,

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 Philadelphia, 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 M. G…, Real Estate Pro in Philadelphia, PA
Timothy M. 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.

Best,
Tim

tim@usspaces.com
267-879-2716
0 votes Share Flag Sat May 5, 2012 Financing in Philadelphia
Carol Murray…, Real Estate Pro in Montgomery County, PA
Carol Murray 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
Kathy, Home Seller in West Chicago, IL
Kathy answered:
If my buyer puts down 20% of the value of the home in question will this guarantee that they will get the loan?
There are many more factors which will determine if a person will get a loan..putting 20% down only means they won't have to have PMI.
0 votes Share Flag Sat Mar 31, 2012 Financing in 19121
Alan Openshaw, Real Estate Pro in Warminster, PA
Alan Openshaw answered:
Are there any hard money lenders in the Philadelphia area with no upfront fees?(All costs rolled into loan)
I just closed one last week,

But they are not pretty and it better be a strong deal. Call me if you want to run it by me

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southamp ... more
0 votes Share Flag Sun Jan 19, 2014 Financing in Philadelphia
Alan Openshaw, Real Estate Pro in Warminster, PA
Alan Openshaw answered:
A rental property has been left to me in need of repair. Would I do better to sell now or apply for financing to get the work done?
Hello Lbc,

There are people that would buy your property as is and I would be one of them as I am currently looking to buy rental property in the city.
What you have to do is figurt ... more
0 votes Share Flag Fri Mar 9, 2012 Financing in 19139
John Leonard, Real Estate Pro in West Chester, PA
John Leonard answered:
Investor using hardmoney to buy and rehab. Looking for a lender that does 70-75% of appraised value cash out refinance
hello mr. / ms. Lees

I have a good one. feel free to contract me for his details.
will be 70% of appraised. money is tighter, as you know.
but it WILL go for you.

John Leona ... more
0 votes Share Flag Mon Feb 27, 2012 Financing in Philadelphia
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