Down Payment Help!

Asked by Darren Wilson, Philadelphia, PA Mon Nov 5, 2012

My fiance and I have been looking to buy for some time now. We are looking to buy within 100-120k. My report says I have no credit. My fiance has around 700 from the last report done. We are trying to figure out how much is needed for the downpayment. And what other costs should we know about when purchasing a home? We have cash saved and he is going to take from his annuity. We just need help. We have no clue what we should be looking for.

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kelly hudson, Agent, Exton, PA
Fri Nov 16, 2012
First off find someone you can trust with this process. Your buyers agent should be open and honest in this "big" process. They should also put you in touch with a mortgage person you can trust that will give you great advice for all the $ needed.
When you find the perfect house you wish to buy you will also get a rough estimate for closing costs so you have a clue about what is expected of you as you come close to settlement.
Good Luck to you in this venture and hopefully you will find all that you need with this stressful yet exciting process.
0 votes
Sheri Curci, Agent, Newtown, PA
Mon Nov 5, 2012
Good Afternoon Gladys,

As a 1st time buyer...... you should have a Confidential conversation directly with a BUYERS AGENT.

Sheri is an accredited Buyers Agent and we have been in the business in helping 1st time Buyers for over 17 years.

Feel free to give us a call so.... we can have a confidential conversation.

All the Best, John + Sheri 1-866-473-6290 (direct)
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Mon Nov 5, 2012
I also work with first time home buyers and Don is 100% on the money find a Realtor in the area you want to buy and set an appointment up and sit down with that person also go to and start your education about home buying. I'm in NE Philadelphia and know the area well so if you want to look in NE Philadelphia call me 215-725-5700 X49.

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
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Don Sherman, Agent, Philadelphia, PA
Mon Nov 5, 2012
Good morning Gladys;
If you both want to go on the mortgage then the dtate bond program will be the way to go.You will get a lower interest rate and may be able to get money toward your costs.You have asked a lot of good questions that deserve complete answers.I specialize in firstime buyers and would like to sit down with both of you for a no o ligation session where you will gain a complete understanding of the buying process.Please contact me to setup a time that is convienient for you both.
My best;
Cell- 267-716-8228
Don A. Sherman
Century21 Advantage Gold
0 votes
Barbara Smith, Agent, Marlton, NJ
Mon Nov 5, 2012
First you need to get your team of Realtor & mortgage professional together. There are so many mortgage options but it all depends on your credit & income. If you have no credit or poor credit, you may have to purchase using only your fiance's income and credit.

The more money you put down, the more options you have. But it is not just a down payment you need to consider. If you buy in Philadelphia, you will have a transfer tax to pay along with other customary fees such as those to your mortgage lender such as appraisal and app fees, and of course the home inspections and title insurance.

There are options to offset those costs by asking the seller to assist with some of the closing costs. The best advice is to speak with a mortgage professional and Realtor to determine your buying power and to begin to search for homes that are within your reach.

Best of luck and feel free to contact me with any further questions.

Barbara L Smith ABR, SFR, GRI
Weichert Realtors
Licensed NJ & PA
*5 Star Professional*, Phila Mag, Sept. 2012
Direct: 609-980-7593
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Carolyn Mosl…, Agent, Philadelphia, PA
Mon Nov 5, 2012
Hi Gladys,

First off congratulations on your decision to become homeowners! I would love to answer your questions regarding down payment and closing costs. Send me a text, email or just call me and I will be glad to answer all of your questions soup to nuts on the home buying process.


Carolyn Mosley
267 971-9373
0 votes
, ,
Mon Nov 5, 2012
Hello Gladys,

FHA requires that you have 3.5% of the purchase price for down-payment.
Some other programs VA USDA and PHFA requires no down payment but they may or may not be available to you or the best program for you.

As for closing costs, they can be paid by the seller with a seller assist

. If you have more than 3.5% to put down it may save you money to put a larger down payment down.

Give me a call and I will be happy to work up some numbers for you

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
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