Help me with my goal

Asked by jokermuss2323, Exton, PA Mon Jul 9, 2012

My family and I have recently relocated to West Chester and are looking to buy a home. I have raised my credit score almost 100pts in 3 months to 640, yes it was terribly low. I expect it will continue to increase with the attention I am paying to it.

My annual salary is $101k, my wife does not work, we have monthly debts of around $1k. And savings of about $2k.

I am eligible for a VA loan and my company has a nice relocation benefit and will reimburse for the following fees: Legal Fees, Credit Report Fee, Mortgage Application Fee, Mortgage Appraisal Fee, Survey Fee and Title Search Fee, Title Insurance, Recording and Transfer Tax Feesand Notary Fees.

So I ask you folks to help me establish what my savings goal should be (I know the higher the better, but...). We are looking to find a single family home in the West Chester area, price of $300k - $350k. Provided my credit score is in the 680 range, what is the bare minimum I need have in savings?
Thanks

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7
Tameka Golds…, Agent, West Chester, PA
Mon Jul 9, 2012
Hello! Welcome to Chester County! To answer your question in general terms, typically, a buyer's closing costs will range between 3-5% of the purchase price. Given a $300K purchase, it could range from $9,000 upwards to $15,000, but given your search is in West Chester where the taxes are relatively low, you'll more so than likely need to have saved $9-12K. BUT!!!!!!!!!!!!!! (the infamous "but") ... if you have a savvy agent like myself *smile* represent you, we could strategically search for homes where sellers have resided in their properties for 10+ years and more so than likely have equity as a result of the sale and would be willing to pay most if not ALL of your closing costs. So virtually you have the ability to buy a home w/ $0 out of pocket costs. You're probably wondering if this is feasible ... absolutely!!! I just assisted a single woman, 1st time homebuyer, a nurse w/great income and credit purchase a newly constructed townhome in Phoenixville for $215K ... she qualified for a program similiar to VA which was a 100% financing and I negotiated to have the seller pay ALL of her closing costs in the amount of $9500! The little bit of money she had saved went towards inspections, appliances and furniture. I can do the same for you ... call me! I'd like to be one of the agents you interview to represent you in buying your home here in PA. I look forward to your call!

Tameka Goldsborough, Realtor/Joint-Owner
Keller Williams Midway
License #RS2997767
484-784-2100 (office)
484-888-4603 (mobile)
Web Reference:  http://www.thesoldshoppe.com
1 vote
Also, you have establised a lot of great resources on here already, but if you're in need of a VA lender, I too have 2-3 lenders that I work closely with that I would recommend.
Flag Mon Jul 9, 2012
, ,
Tue Jul 10, 2012
I wouldn’t document any further that you are cranking your credit score if it is being done by disputing accurate information that is negative in nature; that is a felony, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
, ,
Tue Jul 10, 2012
Hello Joker,

Lets assume property taxes are around $6,000.

Va finances 100% of the purchase price and the funding fee.
You relocation company is picking up the tab on some of the mortgage costs so what is not covered?
You will have to pay for taxes $6,000 insurance ($1000) and transfer taxes ($3500)for a total of $10,500.

However if you use a 3% seller assist towards closing costs you are ready to go right now.
If you want to set up a nice rainy day fund, six months of mortgage payments is a good reserve to have. In your case that would be around $15,000

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes
Daniel Robins, Agent, West Chester, PA
Mon Jul 9, 2012
Call Sean Phelan (215-317-2396) at World Trade Mortgage, he is a VA Loan expert.
Tell him I told you to call him and you'll get $500 towards closing costs!!!!!
0 votes
Maureen Robi…, Agent, West Chester, PA
Mon Jul 9, 2012
I would be happy to talk to you about your needs and I am sure We could find you a
great home to move to. The first step is to be preapproved. If you would like , please contact me and I can give you my lender information who has done many VA loans can get you preapproved and then you will know exactly what you would need to close on and home.
Look forward to helping you and your family find a new home in West Chester


Maureen Robinson, Realtor, ASR,ABR,Eco-broker,e-pro
Keller Williams Real Estate
276 B Dilworthtown Rd
West Chester PA 19382
Direct 484 883 6248
Office 610 399 5100
Email: maureenrobinson@kw.com
Search for homes http://www.findahomeinwestchesterpa.com
0 votes
Robert D Hug…, Agent, Devon, PA
Mon Jul 9, 2012
Best to get pre-approved before you search for a home jokermuss2323. Eric may is an expert at VA Loans.

BEST OF LUCK.

Rob Hughes: Long & Foster Real Estate Inc.
(Associate Broker) (AB065650)
(Hughes Associates) (Realtor since 1987)

Office: 610-225-7400 x7438

Cell# 484-410-9765 (Preferred)

http://WWW.DELVALREALESTATEOFPA.COM

http://WWW.ERICMAYMORTGAGE.COM


Eric D. May

Mortgage Consultant|Loan Officer
President's Club|WF Leaders Conference
NMLSR ID 192066

Prosperity Mortgage Company | 92 Lancaster Avenue | Devon, PA 19333

Phone (610)225-7456| Cell (484)716-4299| Fax (866)770-9503

An Affiliate of Wells Fargo Bank, N.A.
0 votes
Michele Asht…, Agent, Chadds Ford, PA
Mon Jul 9, 2012
You need to speak with your relocation counsellor and have them out you in touch with their preferred mortgage person.
0 votes
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