Looking for finacial/real estate advice about buying a house in Philadelphia during the Fall of 2012.

Asked by Reggie Jeffries, Philadelphia, PA Fri Nov 11, 2011

I would like to buy a house in Philadelphia sometime during the Fall of 2012. From what I've seen the Graduate Hospital area seems to provide the most value while still being in close proximity to downtown. However, I am more than willing to explore other neighborhoods. I'm looking for advice on how to best position myself to buy the house I want. I've already started working on my credit, but need sound advice on how much to save for a down payment, new construction vs. rehab vs. rehabbing a house myself, how much house I can reasonably afford, etc. I've already done some initial research, but it seems like the more I read the more confused I become. I am also interested in finding out more information about programs that can assist first time home buyers in Philadelphia.

Any advice will be greatly appreciated.

Gratefully,

Carter Jeffries

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Answers

9
Bruce Lang, Agent, Philadelphia, PA
Tue Nov 15, 2011
call a lender and have a chat about fha, standard loans and streamline 203k....all have pluses and minuses...keep saving.
0 votes
John Szymans…, Agent, Philadelphia, PA
Sun Nov 13, 2011
Dear Carter:

New Kensington Community Development Council has a first time buyers program and they are located on the 2500 block of Frankford Avenue,phone number 215-427-0350 and ask for mortgage counseling. Once, you complete the class,they will let you known about first time buyer programs,you maybe eligible to receive.In addition, Citizen's Bank has a first time buyer assistance program, that can help you with your settlement costs(sometimes as high as 6 percent of the sales price).Also, they can approve you for a mortgage amount based on your income and savings/debts. Finally, any property, you are interested in bidding on,ask your agent for some recent sales to get an idea of what comparable properties are selling for in the immediate area. And always get a home inspection by a reputable home inspection company.Best wishes, John Szymanski 215-888-3162 (cell)
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Fri Nov 11, 2011
Just a quick note Please go to http://www.HUD.gov there you can find a list of HUD approved counselor for housing and credit at no charge then interview a Real Estate agent I would recommend a REALTOR just because they tend to have more real estate knowledge due to the counting education offered by their associations. After you find your house all there is left to do is enjoy it. If I can help at any step please call

Philip J. Cunningham Sr.
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700
Web Reference:  http://www.GreatPaRE.com
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Fri Nov 11, 2011
Ask your Realtor to refer you to the loan officer they trust the most, then work as a team. There is some important info on my blog about credit, see the link below.
0 votes
Phil Green, , Philadelphia County, PA
Fri Nov 11, 2011
Hello Jeff,

Give me a call. I can answer your questions for you.

Best,

Phil Green
Philgreenrealtor@gmail.com
215-852-2041
0 votes
Sheri Curci, Agent, Newtown, PA
Fri Nov 11, 2011
OK Carter,

You should speak to a financial credit Pro that can put you on a Time Track to clean up any Derogatory credit. Don’t let anyone run your credit until you feel comfortable with you Mtg rep.

Make sure they are not just Blowing Smoke to get your loan without you COMPLETELY understanding what you must do to correct your scores.

It should be a confidential sit down.

If you go to my site at http://www.HomeCatch.com and click the MORTGAGE tab under our picture... give Ryan Kaplan a call at Home Source Mortgage.
He helps alot of our clients. There is No obligation with Ryan... He just gives Great Service and he is a Straight Up Professional.

Once you see the best Mtg Approval route for you to take, ..... Then I can start sending you the Right homes that fit your price range.
Its a process and any question is a good question.
Thanks J C
Web Reference:  http://www.homecatch.com
0 votes
Stephanie Ba…, , Philadelphia, PA
Fri Nov 11, 2011
Hi Carter,

I'm a Realtor with Prudential in Society Hill and also a recent first-time home buyer.
I would love the opportunity to talk to you more about your concerns and to offer you some valuable advice. It's definitely important to make the right decisions on your first investment and I know that I can help you with this. Please feel free to email me or call me anytime and I'll help you in any way that I can.
Best Regards,
Stephanie Barr
Prudential Fox & Roach
Stephanie.barr@prufoxroach.com
Cell: 412-559-5730
Web Reference:  http://www.prufoxroach.com
0 votes
Brian Yoak, Agent, Elkins Park, PA
Fri Nov 11, 2011
These are all questions that can not be answered without sitting down and talking to an agent and a mortgage lender. I would be more than happy to sit down with you to discuss the home buying process, along with your wants a needs in a new home. After that you will be able to answer these questions yourself.

Thanks,
Century 21 Advantage Gold
Brian M. Yoak
cell:267-303-7380
office:215-887-4653 x1318
brian.yoak@c21ag.com
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Fri Nov 11, 2011
Hello Carter,

I'd be happy to speak to you about best preparing yourself to be a buyer. Credit repair, down payment needed. etc etc. Call me anytime 267 992 7276

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
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