I am a strong first time buyer, but am totally oblivious

Asked by Allan, 19152 Fri May 16, 2008

Ive heard about FHA loans, first time buyer incentives, I have VA bene's to use, and what you could call a financier (my dad wants to help me buy a house) how can I make all this work out in my best interest? im confused and losing sleep over it! i have been gainfully employed for several years with a large and steady rent payment history, i recently bought a car (which now i think i should have waited) i just want to turn my rent payment into a mortgage payment you know?

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Deb, , Paoli, PA
Fri May 16, 2008
Allan I suggest you sit down with a couple different bank/mortgage specialists and have them lay out all your options for you. Getting things on paper to look over afterwards helps. There are so many options for you that you really need a specialist to help you sort them out. Stick with reputable companies. Weichert, Prudential and Long and Foster all have mortgage companies that are reliable and offer very competetive rates. Good luck to you. Debbie
Web Reference:  http://www.dhaleyhomes.com
1 vote
joe, , 37040
Fri May 16, 2008
FHA loan lenders will offer lower more affordable rates to those with less than perfect credit. This is possible because the FHA insures the lenders so they have less risk in taking you on as a buyer.
see the attached website for FHA downloadable guide
1 vote
Bill Lublin, Agent, Southampton, PA
Sun May 25, 2008
Asking a group of real estate agents if you should buy a house is a proposition with a certain answer. We all believe that buying a house is a good thing, and not something you should lose sleep over. Meet with a mortgage lender to determine a comfortable price range - like everyone who answers your question, I can make a referral for you if you wish.

Then, look around and see what in your price range interests you. There is a good amount of affordable housing stock for sale in Philadelphia right now, and while our prices are not being impacted as negatively as other parts of the country, there are certainly good affordable deals out there for smart buyers. Make sure you are working with an agent who makes you comfortable and understands your needs. As the owner of Philadelphia's Largest Century 21 firm, and an expert in purchasing foreclosures, that might be an avenue you wish to explore if you are able to trade some sweat equity for a better resale value later. You can search for foreclosures on our website at http://www.c21ag.com, or email me for more information if you are interested.

Have a wonderful Memorial Day weekend. Thanks for your Service - I'm so Happy you're Safe at Home and Best wishes in whatever direction you move in!.
Web Reference:  http://www.c21ag.com
0 votes
Adrienne Reh…, , Southampton, PA
Wed May 21, 2008
Allan, First & Foremost, Thank You for your service to our Country. Since you have Va benefits that is going to be the way to go. You can do 100% Financing .There is no Mortgage Insurance & The Seller can pay all the closing cost for you. I am a northeast girl myself, Born & raised. It is a great area to live & raise a family in. If I can assist you in trying to differenciate Fha & Va I would be more than happy to. I am a mortgage Banker with over 16 years experience. I can be reached at arehiel@ivyleaguemortgage.com or office# 215-953-1960 ext 206. Either way Good luck with your House Hunting & Thanks again for my Freedom!! Adrienne Rehiel
0 votes
raemaeg, , Doylestown, PA
Mon May 19, 2008
I thought Andreas had a great answer for you in regards to the options available for your financing. VA is definitely something worth taking advantage of if you can get it. As some of the other answers eluded to, investing in real estate is a very solid decision. I get the impression you are quite anxious to get started with your search. Please contact me if you need any further guidance through the process, I also work with a great Mortgage guy.

Raegan Guelich
Prudential Fox & Roach
0 votes
Debt Free Da…, , 85260
Sun May 18, 2008
Web Reference:  http://getprequalified.com
0 votes
George Slawt…, Agent, Philadelphia, PA
Fri May 16, 2008
You will be happy to have your own investment. Take that leap, and take advantage of the VA benefits. You served our country, now you should enjoy some of the benefits. Thank you for serving of us. I live in the 19152 zip code, and it looks like you are consider this area? Let me know if you need information regarding certain parts of 19152? My email is gslawter@comcast.net or you can call me at 215-676-0863. Thank you and God bless.
0 votes
Donna, , Florida
Fri May 16, 2008
It is a buyer's market. I rented for 20 years before buying and regret not buying sooner. I thought if I lost my job at least I could rent a less expensive apartment,etc. but you can do that with a home also.Home buying involves mowing lawns, possible home association fees, strict enforcement in area as to color and type of home on land, etc. Maintaining a home is more expensive but well worth it. The only problem I see is the possible location of the home you would like.I found after moving from New England to Miami to Tampa area there are natural disasters like hurricanes, tornadoes, etc. so choose a place that is least likely to have home insurance rates that are out of your income bracket. Here in FL you have a hard time getting flood insurance if you can get insurance at all. If you choose an incorporated area your taxes will probably be lower. I would choose well and septic over city services any day. We paid 7 $ a month when we had septic vs.60 a month with city sewerage. Look at your next door neighbors and property to make sure that it is strictly residential and they don't build a landfill next door or put power lines near your property. If possible have a basement where in case of tornadoes or hurricances you have a place to seek cover and also have space to store belongings.Also depends if you plan on a family what their needs might be. Don't lose sleep as my husband did and found out later we sold that home for three times the price we paid 11 years prior.Go for it.Donna
0 votes
Terrence Cha…, Home Owner, Allentown, PA
Fri May 16, 2008
You say you have VA benefits available. First and foremost, thank you for your service. I myself an prior military with about ten years in the Army. Please check out my site (below) and if you wish to sit down and chat about all of your options and who you could see, then please give me a call.

I give to organizations who help those who are in the service or who served. I also have a "Thank You" gift for those who are or were in the service.

Thanks agains for your service.

Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow GRove, PA 19090
Office: 215.659.5250
Cell: 877.614.1494
0 votes
, ,
Fri May 16, 2008

Being a mortgage specialist you seem to be a strong buyer. Withour looking at your credit or income I'm going to say your best bet will be the VA loan. The VA loan lets you do 100% financing including all your closing cost, there is no private mortagage insurance, and the VA will charge you 2.15% funding fee which can be included in your loan. With FHA and other conventional products you will need private mortgage insurance unless you are putting 20% down. Also VA rates are lower than conventional rates. If you have money that you'd like to use it will just allow you to afford more house. And there is nothing to stress about that is why you need to contact a lender and they will guide you from A-Z and make it a smooth process for you. Should you have any questions or need a pre-approval please feel free to contact me. 800-839-6186x334. Thank you and good luck
0 votes
Jeremy S. Hi…, , Cherry Hill, NJ
Fri May 16, 2008
Hello Allan,

Its seems as if you are in a better position than most 1st-time home buyers. Strong rental history, dad who will help you, and steady employment. In addition to your credit score what with any loan what lenders look at is DTI(debt-to-income) ratio. All your monthly debt( car payment, revolving credit and projected house payment is added up. This is then compared to your monthly gross income. There is some advantages to a VA loan. One is there is no PMI. Also there is still 100% financing with VA loans. VA do require a small funding fee tho. FHA allows a person to put a minimum of %3 down. The money can come in form of a gift. You do have to pay PMI with FHA and depending on your gross income you may be limited with a FHA loan. This is just a short overview. In the long run what you need to do is get preapproved. In addition you should have a buyers consultation. This is when you can you let us know your desired housing criteria and we show you the available inventory and how we assist you thru the process. Its is best is you get a copy of your own 3 in 1 credit report online. You can do this for free and it does not count as an inquiry against you. Becareful when it comes to your credit. You do not want multiple people running your credit. I've seen buyers go thru some brokers and their credit was ran many times over as they were shopping for rates. This has negatively affected their credit.

In the interim if you just want to play with numbers google mortgage calculators. Or on your computer if you have Microsoft software you may have Microsoft Money there is a mortgage calculator there. Simply plug in whatever you pay monthly as a mortgage then use %6 interest as an average and the end the calculator will compute how much you will borrow. If you would like further assistance feel free to call me anytime direct. Information is free 1-888-818-0957.

Best Regards
0 votes
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