Hi, I'm a city teacher looking for my last home with maybe an extra flat for some rental income, I was

Asked by Patrick, Chestnut Hill, Philadelphia, PA Wed Feb 11, 2009

divorced and have worked very hard to reestablish my credit now over 760. I have some student loans from finishing my grad degree, I haven't owned a home in 9 years. What programs are out there to help me get a house and roll the loans in, also? My income is 55K now and will go to 60k by Sept. My deb is 20k student loan. All else is paid off. I have been at the same school for 6 years and teach extra programs for extra income. I am 51.

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8
Renee Porsia, Agent, Newtown, PA
Thu Feb 12, 2009
Hello Patrick,

Thanks for all of your information.

My advice is to read the answers that you will receive here on Trulia and see which 3 answers you feel best answers your question and of those 3 answers, contact those 3 agents to discuss further what your goals are. Whichever of the 3 suits your needs best, your next step would be to hire one as your buyer agent. If you are not familiar with buyer agency, please feel free to read about it on my blog at http://www.reneeporsia.com

I do have a question for you though... how much money do you have for down payment and closing costs saved? That is a very important factor.

Your next step would be to speak with a reputable mortgage lender to find out exactly what program would be best for you. If you do not know a lender, you can ask your Realtor for a few names of reliable, reputable lenders who will be able to assist you. Once you have talked with the lender you will then have all of the information you will need to begin your search.

FHA has recently changed their guidelines and have now changed their credit score requirements. It has also gone from 2.5% down to 3.5% down.

Once you have all of your mortgage information, you can then sit down with your Realtor and talk about the areas you may be interested in and what type of home you would like to eventually purchase as well as what to expect during the process.

I'd love to talk with you further about the services I provide to my buyer clients. Feel free to contact me.

Good luck.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee
http://www.reneeporsia.com
1 vote
Michael D De…, , 18969
Mon Feb 16, 2009
Patrick,
It sounds like you are in great shape to purchase a home. You should qualify for several different loan programs. I don't know of any mortgages that will let you roll in youtr student loans. at least not in Philadelphia. There are some rural loans that will allow you to borrow the appraised amount of the house if it is higher than the purchase price. Do you have any money saved for down payment or closing costs? There are things like sellers assist to help you, but most of the time it doesn't cover it all.
It is hard to give you good advise without getting all of the information. If you need any more help or have any more questions, feel free to contact me. The very best of luck to you!

Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com
0 votes
Gita Bantwal, Agent, Jamison, PA
Sun Feb 15, 2009
Please go to hud web site as mentioned by Keith. Choose one of the lenders .They will be able to guide you about FHA programs as well as other programs. You have a good credit score. You should be able to take advantage of low rates and low prices.Good luck.
Web Reference:  http://www.gitabantwal.com
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Feb 12, 2009
Check out this link....most states have incentive programs for teachers, firefighters, and police.

I would also ask you credit union.
0 votes
Mike Rosania, Agent, Philadelphia, PA
Thu Feb 12, 2009
Hello Patrick,

I agree with most of the info posted thus far. When seaching for your lender be sure to mention the fact that you are a school teacher. There are programs out there specific to your occupation but not all lenders offer them. Your income may restrict you from some of the first time home buyer grants but I would be sure to ask about any of those as well. If the new stimulus package passes as is interest rates will be bought down to help make monthly payments more affordable. Please feel free to contact me with any quetions or concerns you may have. Good luck!
0 votes
Renee Porsia, Agent, Newtown, PA
Thu Feb 12, 2009
Dawn,

The tax credit isn't really a credit but instead it's more like a loan because it needs to be paid back if the owner moves within a few years. It also expires soon I believe. Seller assist is available on most mortgage programs and has nothing to do whatsoever with just first-time home buyers.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
0 votes
Dawn Fussell, Agent, Phila, PA
Thu Feb 12, 2009
Hi Patrick

I know of a few first time homebuyer programs it depends on the area you move in. Also the 7500.00 tax credit and Seller assistance is available. I would love to help you please contact me at 215-356-3926 or email me at dawn.fussell@realestate.com

Dawn Fussell, Exclusive Buyer Agent
0 votes
Neil and Kat…, Agent, West Chester, PA
Wed Feb 11, 2009
Hi Patrick,

There are many first time home buyer programs (not owned a primary residence in last 3 years) currently available, though I do not believe there are any that will allow you to roll the student loan into the initial financing of the home. Depending on where you are purchasing you may still be able to purchase with a zero down loan, though I would count on a min of 3.5% down needed.

Your next best step is to find a proven real estate advisor to work with who will take the time and risk to ask you the difficult and insightful questions to determine your long term goals and values so that they can create a strategic plan specific to meeting those goals.

I do not know if I would be the right advisor for you or if you are the right client for my services until I could ask you a series of questions and listen vigilently to your answers. If I feel I would be able to help you reach your long term goals, I will show you how I work and if you do not feel like you would be the right client for my services you can let me know.

Feel free to call me to set up a time we can talk.

Neil Haverly
Web Reference:  http://www.EveryHomeInPA.com
0 votes
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