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Home Buying in 19153 : Real Estate Advice

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  • Local Info0
  • Home Buying7
  • Home Selling1
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Activity 7
Wed Feb 24, 2016
Davida Morris asked:
Tue Oct 14, 2014
Suzanne MacDowell answered:
It is. USDA loans are zero money down, as are VA loans. FHA only requires 3.5% down but you will have to pay private mortgage insurance, which will increase your monthly payment. You can ask the seller to pay part of your closing costs with FHA. ... more
0 votes 1 answer Share Flag
Wed Dec 18, 2013
Michael Solomon answered:
Mon May 7, 2012
Ian A. Wolf answered:
I'm going to assume a few things since they weren't provided. We'll assume 4% interest(as per your question), 30 yr amortization, and 3.5% down(FHA Loan) as that is probably the least amount you can do. This will give you a conservative number based on you putting down as little as possible. You will have to pay MI(mortgage insurance) and UFMIP(upfront mortgage insurance at 1.75). Your best bet is to use the seller's assist as 3.5 % down plus 2.5% towards closing costs to minimize your out of pocket expense at closing. So Loan amount is $135,100 plus UFMIP of $2364.25, so total loan amt is $137,464.25. Now MI is going to be 1.25. So 135,100 x 1.25 = 1688.75 divided by 12(months) = $140.73/mo. Based on terms mentioned the monthly principal and interest payment is 656.28 + MI of $140.73 means a total lending payment of $797.01. Don't forget to factor in real estate taxes and home insurance also.

Hope that helps.
... more
1 vote 2 answers Share Flag
Thu Mar 8, 2012
Christine McNamee answered:
If you are looking for foreclosures in the 19153 zip, it would not be worth all the time & effort on the sale price. This is a low income area which is not worth all the time & effort of a realtor. I would suggest trying to work through the city's auctions. The homes are no longer moving in this area due to the lack of intrest of buyers. ... more
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Sun Apr 10, 2011
Phong Lam answered:
Hi Khan,

How are you? Thank you for your inquiry. It depends how much does the mortgage company or bank has pre-approved you for, that is the only way to find out if you're able to borrow up to $60,000 or not. For example, if they say that you are pre-approved for $100,000, then definitely you're pre-approved for $60,000. However, then it comes down to the purchase price of the home being appraised for the amount that you are buying. If you have a real estate agent working for you, please have him/her to recommend a couple of good and reputable mortgage companies for you to compare the rates and fees. IF you're not working with any real estate agent, I'll be more than happy to assist you further and recommend you some mortgage companies that have closed all of my buyers' deals smoothly!

If you have any questions, please feel free to email or call me at (267) 918-1880.

Thank you for your time and I'm looking forward to hearing from you soon! Have a nice weekend!

Hope that helps!

***** If you like the answer - please consider giving it a Thumbs-up & making it a "Best Answer" ! Thank you! *****

Best Regards,
Phong Lam, CSM
REALTOR®
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
Email: Phong.Lam@c21ag.com http://www.c21ag.com
Professional Profile & Testimonials: http://www.linkedin.com/in/PhongDucLam
To connect with me: http://www.retaggr.com/AddMe/PhongDucLam
Buyers' Info: http://www.facebook.com/TriCountyPhiladelphiaHomebuyers
Sellers' Info: http://www.facebook.com/TriCountyPhiladelphiaHomeSellers

Century 21 Advantage Gold Top 21 Percent Award for 2009!
A referral from you would be the biggest compliment you could give me!
If you're interested, please ask me for your FREE Local Market Report for home values in your area!
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0 votes 4 answers Share Flag
Fri Feb 13, 2009
Jason Ewing answered:
Stacey,

A First TIme Homebuyer is defined as an individual who has not had an ownership interest in a principal residence in the prevoius three years. If you still own the home you purchased 7 years ago, you would not be considered a first time homebuyer. However, if you sold your home and their will be a minimum of three years between the closing dates you would be a first time home buyer. Feel free to contact me if you need more specific information.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors
... more
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