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Financing in Harrisburg : Real Estate Advice

  • All284
  • Local Info28
  • Home Buying72
  • Home Selling8
  • Market Conditions16

Activity 19
Sat Apr 30, 2016
Shane Milne answered:
Pepper, we offer FHA construction-to-perm financing in all 50 states - for manufactured, modular & stick built construction. I'd be happy to discuss your project with you.

Shane Milne | Lending in all 50 states | NMLS #81195 | 949-273-4161 direct
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Fri Dec 18, 2015
Discountfiresuperstore answered:
Yes, it is possible, but you end up paying more than the loan amount. I mean, the interest rate becomes higher owing to a low credit score.
0 votes 3 answers Share Flag
Tue Jul 28, 2015
Reb214 asked:
We are looking to build in the near future in Chambersburg, PA area. Home with land will probably run $500-550k. To clarify, we would be buying the land and having builder build. We don't…
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Fri Apr 18, 2014
RonS answered:
What exactly are you trying to say? Are you doing a refinance? if so (your post is confusing) sure it is if you are lowering your rate and the reduction in payment is beneficial to you.
0 votes 5 answers Share Flag
Wed Apr 3, 2013
William Morrow answered:
Why do you not just accelerate your current payments? This would in essence reduce your commitment term to 15 years or maybe less. There are multiple benefits to this as well. First you would have no charges associated with a refinance . Second you would not have to worry about the property appraising to meet a value that your lender would require. Thirdly and most importantly, if at some point in the future your financial situation would tighten, you would have the benefit of falling back on the lesser payment amount of the 30 year mortgage without any negative impact on your credit standing.

Keep in mind that extra payments that you make will reduce you principal amount owed, which will be of benefit to you later as your income to debt ratios will be enhanced.
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Sun Feb 24, 2013
rlowry answered:
Thu Dec 20, 2012
Christopher Jordahl answered:
Hi Miller,

I would be happy to sit down with you and your family and discuss your situation. I can also set you up with some great financial institutes so you can see what you could get approved for. I will also do a CMA so we can get an accurate price to put your current home on the market. Do you know what your current Credit score is right now? Feel free top contact me anytime with any questions or concerns you might have.

All the best,
Chris Jordahl
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Fri Aug 31, 2012
Djyamaki answered:

We recently had something similar happen to us when purchasing a home that didn't fit the local mold. The "comps" had to be adjusted by too great a percentage to be allowed as accurate by Fannie Mae. If you have a copy of the appraisal, and you are entitled to one having paid for it, look to see how much each of the comps were modified due to less square footage, more land, etc. Our situation was similar in that the type property we bought tended to be handed down from generation to generation rather than sold, so there were very few comps.

Hope that helps. We were shocked as well.
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Tue Jul 17, 2012
Phil913 asked:
We are looking to buy improved land in the Harrisburg area however are struggling to find finacning options and lenders. Any suggestions/ideas?
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Wed Jun 6, 2012
Thomas Bohlmann answered:
That is unfortunate

But Condo's must be FHA certified these days.

As yo mentioned the high level of delinquencies for HOA and the number of investors, non owner occupants, makes Condos, non-warrantable.

it may be unfortunate that you can not refi your condo.

Have you thought about selling?

Best of Luck
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Tue May 3, 2011
Jerry Kensinger answered:
If you paid off all your collections your scores should begin to climb. There are several factors that can affect your credit score such as your payments history, number of open tradelines, balance to high credit on any credit cards, etc... You would need a mortgage professional or credit repair agency to review your credit and determine how to best improve your credit. I have a package I can mail or e-mail to you that explains what the credit bureau looks at and things that can be done to help you improve your credit. If interested please let me know. ... more
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Sat Feb 5, 2011
Vincent James answered:
Hi I may be able to help you, apart from section 8 there are other programs here that you can benefit from,
give me a call at 717 364 7337 .
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Tue Oct 26, 2010
Alan Openshaw answered:
Hello Kvgorman,

I have local lenders in Bucks County that will go to 80% even on cash out but not for properties in Harrisburg.
Check your local banks. You will find someone that will do it.

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Wed Sep 8, 2010
Corry Shadle answered:
I know of 2 lenders who you could use to finance a mobile on a foundation. You may need a higher down payment. Feel free to contact me for more info.
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Fri May 28, 2010
Voices Member answered:
"but they don't make enough to support an increase in values."

It's always first things first Keane....First you find a way to stablelize values then increasing values comes into play. You can't skip the first step because you are too focused on the second step in this process is my opinion...

My assessment..I made that before the year started because there can be no increase in values until the floor is held up and stablelize..and increase in values? Who says we need that or determines what it even means...
Increase to where? Those are all debates for later, first you make the floor stable or discussion of an increase in values is moot.

Times are not different now...TIMES HAVE CHANGED...There is a difference
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Sat Apr 10, 2010
William Rudge answered:
Needmorespace. It all depends upon what your priorities are? If buying another home for more space is your true priority then if you are ready to do so now is the best time to buy another home before the real estate market makes its upward swing. Homes today are selling for some of the best prices ever and we are still in a buyer's market in most area of Central PA. It may not be the best time to sell your home but, again, if your true priority is that home with more space then I would advise to get your present home sold and try to get another place while the selling prices are good and also before interest rates start their upward swing as our economy improves. Cashing out could hurt you if your current home does not sell quickly or at the price that you anticipate. You do not want to have to go to the settlement table on the sale of your current home owing money. ... more
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Thu Mar 18, 2010
James Gordon ABR SFR SRS answered:
Paul by the way if your seller has a FHA mortgage they pay interest for the entire month not just to day of closing. So if you are closing out a FHA mortgage your client would not ";lose" those extra days of interest charges. ... more
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Fri Sep 25, 2009
Unhappybuyer answered:
hey wanted you to know that the bank came through and did the right thing. I did converse with an attorney who advise me to stand our ground. I told the bank that we would walk away from the entire deal and then seek reimbursement of all funds that were paid out already. Luckily, I had all my son's copies of everything he signed and the disclosure showing the lower interest rate.I was told that underwriting kicked it back because the bank did not know it was a condo until the appraisal came through. The sales agreement clearly was checked that it was a condo from day one. Clearly a mistake made by the bank. It has been a very long day and even though the loan is not going to close when it was suppose to, the bank is going to honor the interest rate.
so thanks everyone for your comments. I just wanted to let you know how it turned out.
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Tue Mar 25, 2008
Christopher Benedict answered:
The best way to finance these properties is with at least 20-30% down. You will get the best rates, and most likely be able to enjoy some positive cash flow.
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