Valerie Arch…, Other/Just Looking in Philadelphia, PA

Where can I find a first time homeowners program so that I could purchase a home?

Asked by Valerie Archangel, Philadelphia, PA Mon Sep 8, 2008

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18
Renee Porsia, Agent, Newtown, PA
Sat Oct 18, 2008
Hello Valerie,

If you are looking to purchase your first home and need hand holding on the entire process, I would love to talk with you. I provide a first-time home buyer counseling session where I go over absolutely everything you need to know. I can also provide you with information on any first-time home buyer programs currently available to you from reputable mortgage companies. My buyer counseling session is absolutely free. I will make sure you are a savvy buyer by the time I am done with you. Also, if you are interested in being on tv, please contact me for all of the details.

Feel free to contact me at (215) 669-0589. Or visit my website at http://www.reneeporsia.com

Thanks.
Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589
(215) 358-1100 Office ask for Renee
0 votes
HGTV, Both Buyer And Seller, San Francisco, CA
Fri Oct 17, 2008
Hey Valerie,

BUYING YOUR FIRST PLACE?
Then HGTV is looking for you!

MY FIRST PLACE, HGTV’s hit series, is coming back for a Sixth season and we’re looking for first-time homebuyers in the Greater Philadelphia area RIGHT NOW!

We are looking for fun, high-energy people who are just starting the home-buying process for their first place! Our goal is to capture all the trials and tribulations of looking for, bidding on and buying your first place.

Taping begins October 2008. Ideal candidates will be enthusiastic buyers with a great story to tell and a desire to share their experiences. Singles, couples and families are all invited to apply!

Candidates who are chosen for the show will also receive a unique SURPRISE that HGTV has picked just for you!

Request an application by emailing:
JKawano@highnoonentertainment.com


Or call Jon Kawano at (303) 712-3222
0 votes
Carol Cei, Agent, Maple Glen, PA
Tue Oct 7, 2008
Hi, Valerie,
I am not sure if you have found anything yet, but I have come across some additional programs, 1 or 2 which actually have no money down. Let me know if this is of interest to you.
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Scott Godzyk, Agent, Manchester, NH
Tue Sep 16, 2008
Valerie your states housing authority is always the best choice. however you really should fond a trusted and local loan officer to help you out. Stay away from the internet lenders. Ask your friends, coworkers or family who they have used for a great refferral. The loan officer will be able to look at all the programs out there including fha and conventional loans and pair you up with the best program for you. good louck with your purchase
Web Reference:  http://www.ScottSellsNH.com
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Carol Cei, Agent, Maple Glen, PA
Tue Sep 16, 2008
First Front Door is a FABULOUS program. I totally forgot about it but good thing someone else was on the alert!!!!
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Valerie Mack…, Agent, Wyomissing, PA
Mon Sep 15, 2008
Valerie:

Carol's advice is very good - there is a very good program through the Pennsylvania Housing Finance Agency called Front Door which offers grant money for 1st time home buyers (matching funds or adding to funds put in by the buyer), so that the buyer has to bring less money to the settlement table.

I've attached a link that you can copy and paste into your internet browser that should take you directly to the information on the Front Door program - it specifies all the different Front Door programs for each county in Pennsylvania.

http://www.phfa.org/forms/counseling_agencies/ctyprog.pdf

You definitely need a good FHA/PFHA-approved lender - in Keller Williams Realty Elite, we are affiliated with VIST Financial (used to be Leesport Bank, which is a local Berks County bank), and your best bet like Carol mentioned below is to ONLY go through an approved lender. Working with a good realtor in your area will definitely help, as they should be able to get you in touch with an approved lender, but just in case, I've also copied a link to the PHFA site where you can put in your County and look up approved lenders there.

http://www.phfa.org/applications/participatinglenders.aspx

Best of luck to you! I hope all this has helped in your search to become a new homeowner.
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Alina Kanevs…, , Cherry Hill, NJ
Sun Sep 14, 2008
in responce to Carol...we are approved for those programs and I did not mean to give any scare tactics at all I just wanted to be honest. I see too often people people get their hopes up and then let down with those programs so i want to make sure that people understand that even though they are there it is not easy to obtain one, especially in the way banks operate currently since everything gets scrutinised tenfold. There are amny other financing options to still make a great deal for 1st time with-out going through those programs which is all that i was trying to really say. Buying a home for the 1st time is an incredible stressfull experince and I'm a believer in making things easier in ways where they can be.
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Carol Cei, Agent, Maple Glen, PA
Sun Sep 14, 2008
To respond to Alina....is your company approved for the PHFA financing? Have you done any of these loans? I fear that you are trying to give "scare tactics" to this first time buyer. Let her go to the website, gather info and speak to lenders who can help her get the grants, etc. It doesn't long. Actually, the state of PA is required to respond within 24-48 hours on anything sent up there.
0 votes
Alina Kanevs…, , Cherry Hill, NJ
Sat Sep 13, 2008
Hey Valerie,
to counteract on what the Carol is saying because i am a Banker and a Broker so i know it from both ends... and i have many friends who work in banks and who are real-estate agents and have sent many of my clients to non-profit organizations such as NACA to obtain loans when they cannot get regular financing through fannie mae or fha ( where i have no compensation for at all because its more important for me for the client to get what they need, whther i get compensated or not, since them knowing i looking out for them and their best interests in more important in the long run....thats how one grows their referral business). These prgrams are there but as i said it is incredibly hard to obtain them so i tell people that if you can afford to put down 3 % and get approved with fha, fha will allow you to obtain up to 6%sellers assits ( this is where having a good real estate agent negotiate for you comes into place) that money can be used to pay for the closing costs and/or escrow for fixing things up. Those grants are there but very hrad to obtain and i've seen banks hold up loans for months and months at a time to then just turn the loan down because they didnt want to fund it with those types ofgovernment grants ( meanwhile the person risks looking a property they might really love)
0 votes
Carol Cei, Agent, Maple Glen, PA
Sat Sep 13, 2008
Valerie, as I told you in my earlier post, Mortgage Brokers will not be able to give you the special state programs. By and large, they are not approved and don't like to participate because they don't make enough money on the loan. I know this because I used to be a loan originator. I have done many, many of these loans and have closed them in less than 45 days. Also, I had worked with people who have less than perfect credit.

This is a very big step for you. If you can get an FHA loan, you can get grant money. Then you can use the grant money so that you don't have to have 3% of your own money (as of 10/01/2008 it will be 3.5%). Go to PHFA.ORG and you will find out who the approved lenders are and how you can get grant money. Don't be led astray by someone who just wants to sell you a loan. I am not in the business so I just like to be able to give people the best possible information. There is NO ADVANTAGE for me, no matter where you place your loan.
0 votes
Joanne, Home Buyer, Canton, MA
Fri Sep 12, 2008
It depends on you who you use for your loan. The federal gov offers certain institutions to disperse the grants. I used Harbor one credit union who received funding from the federal banks to give loans to qualified individuals., and I got a Mass housing loan with a $15,000 grant for down payment and closing costs. You do need to have a 3% down payment of your own funds however..
0 votes
Alina Kanevs…, , Cherry Hill, NJ
Fri Sep 12, 2008
Valerie,
let me explain with my answer previously below by what Carroll was stating....those grants and programs are there but banks do not line to appoove them so you can apply for them but getting them is incredibly hard. So if you are someone ho can qualify for an FHA, Fannie Mae, or Freddie Mac loan you would be benefiting jsut the same. Those grants and special loans they state are for 1st time homebuyers are there nad have to be there for legal reasons ( no bank wnats to be sued) however banks put insane restrictions since they do not want to grant them. For example, Neohmaya and Ameridream foundation are 2 government down payment assistance programs that would in theory provide 3% down assistance for home buyers so if that homebuyer can qualify for an FHA loan at 97% loan to value then they would be getting 100% financing ( sounds great right). Banks protested however for legal complications ( not wanting to be sued) they couldnt not just not accept these programs. So they made minimum credit scores and other varrying complicated requirements so that if was incredibly hard for homebuyers to attain such financing. These programs are now being completely shut down as of this coming Dec.
0 votes
Carol Cei, Agent, Maple Glen, PA
Fri Sep 12, 2008
Valerie, there ARE 1st time buyer programs. Don't be distracted with incorrect information. The PHFA (Pennsylvania Housing Finance Agency) as well as the OHCD (Office of Housing and Community Development) are alive and well.

I will guide you in the right direction for these programs so that you may also be able to benefit from the grants.

As for the $7500 tax credit - it will have to be RE-PAID. It is a no interest "loan" repaid at an annual rate of about $500 per year. I have a great brochure on this if you are interested.
0 votes
Barry Lynn M…, , Trussville, AL
Thu Sep 11, 2008
Check to see if the USDA which is a Rural Development Branch of the Government is available in your area if so you may qualify for a 100% loan with no MI

Very strong program and better payments than FHA

http://www.usda.gov
0 votes
Alina Kanevs…, , Cherry Hill, NJ
Thu Sep 11, 2008
Dear Valerie,
I'm a mortgage banker and i work with a local company, however I must tell you that there really isnt any special 1st time homebuyer programs in the idea that you might be thinking off of. For example, the new policy that came out where 1st time home buyers will be receiving $7500 back on their tax right off, however, if you break that down, in the end you are still paying for it. There are many great programs regarding Fannie Mae or FHA lending that have many options for 1st time home buyers but all those things depend on your personal situation since each case is different and is acessed in accordince to risk factors for the bank and the borrower. I'll be more the happy to talk to you and advise you any way I can if you are interested.


Thank you,

Alina Kanevsky
Lending Specialist

Mid Atlantic Capital
405 Kings Highway South
Cherry Hill, NJ, 08034
Phone: 856-429-2207
Toll Free: 800-232-5171 ext. 501
Fax: 856-429-4118
Cell: 267-474-8050

Email: akanevsky@midacap.com
Web Address: http://www.midacap.com
0 votes
Carol Cei, Agent, Maple Glen, PA
Tue Sep 9, 2008
Hi, Valerie,

There are still many programs available for first time buyers! Here are some things to think about:

1. Most programs have some income guidelines. If your income is low enough you will not only benefit by the lower interest rate, but also will be eligible for grant money to help with downpayment and closing costs. In Philadelphia, for example a single buyer can earn almost $50,000 and be eligible for at least $2000 in grant money and a reduced interest rate. The income limit goes up as more people occupy the dwelling. If you are purchasing in the suburbs, the income limits are slightly lower but are still good.

2. The city also has some other grant money which could be used based upon what neighborhood you choose, type of home, etc.

3. Surrounding counties have similar programs, many of which are specific to certain townships or geographic areas.

4. Sometimes you can combine State and Local funding for a grand slam. Also, when using State money you will get discounted closing costs, title insurance and other fees.

This is a wonderful time for you to take advantage of low interest rates, a possible $7500 tax credit and grant money. Get out there and start the process by getting your pre-approval by a reputable lender who is approved to do state programs. Most mortgage "Brokers" are not approved for this type of financing. Would you like to learn more???
0 votes
Amber Willia…, Agent, Harleysville, PA
Mon Sep 8, 2008
You should really check with an agent that specializes in your area as there are local programs available. Here in Montgomery County we have a first time homebuyers program run through the county and I'm sure Philly has some. There are requirements that you have to meet but they do help with down payment assistance and other important things. Happy house hunting! :)
0 votes
Michael D De…, , 18969
Mon Sep 8, 2008
Valerie,
A lot of the programs have gone away, however I still have a couple of great first time homeowner programs available if you qualify. It depends on what you are looking for. If you have any questions, feel free to contact me. I would be happy to look for a good program for you. 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
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