Home Buying in Stroudsburg>Question Details

Jenny, Home Buyer in Pocono Lake, PA

down payment assistance

Asked by Jenny, Pocono Lake, PA Sun Jun 23, 2013

I want to move and was qualified for an FHA but needed to know if there is any programs to help assist with the down payment. I know there is an option for sellers to offer 6% sellers assist but is there any else to cover the rest?

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This question was asked from this property: http://www.trulia.com/property/1052482498-603-Fawn-Ln-Stroud…

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4
Hello Jenny,

I saw your reply to John Burke.
USDA is better than FHA.
Here is why.
FHA has 1.75% upfront fee that is financed. USDA has a 2% fee that is financed
FHA has 1.35% mortgage insurance paid monthly
USDA has 0.4% mortgage insurance paid monthly
On $100,000 loan that's $112 per month with FHA and only $33 a month with USDA.

Both allow up to 6% seller assist towards closing costs. So you can (in effect) finance closing costs.
FHA requires a 3.5% down payment and USDA requires non.

That means that a USDA you can get in with pretty much no money down and with an FHA you need 3.5%.

However please note that if the appraiser appraises a home at $100,000 and attaches a value of $6,000 to a swimming pool then the USDA will only lend on $94,000.

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 Thank Flag Link Mon Jun 24, 2013
Alan, thank you for your quick response but it is starting to look as if we would be getting a home in the middle of no where, Just cows and road..lol
(Rural) I do want to see some people around..Not sure how rural these areas are going to be.
Flag Mon Jun 24, 2013
Hello Jenny, Thank you for contacting me regarding my listing at 603 Fawn Ln, Stroudsburg. There are governmnt loan assistance programs available. You may check with your lender or contact me for referrals to lenders who can assist you. Qualification may depend on your income, debt ratio or other factors so it is important that we connect you with a lender as your first step. Then if you decide to proceed with this house, there may be concessions available that we would review with seller. Feel free to contact me to discuss further.
Have a Wonderful Day, Your Way,

Kris Collis, ABR
Commonwealth Real Estate Your Way, LLC
1434 Pocono Blvd, Suite 2
Mt. Pocono, PA 18344
Direct 570-801-5525
Fax 570-300-1727
KristineCollis@gmail.com
http://www.trulia.com/profile/kriscollis
http://www.kriscollis.com
License: PA #RS293138
Web Reference: http://www.kriscollis.com
0 votes Thank Flag Link Mon Jun 24, 2013
Dear Jenny,
There are also some incentives for First Time Homebuyers and they are income based. They are to help lower income families to get into a home of their own. I also have some great incentives for FTHB that are also income based for Brand New Townhouses at the Ivy Ridge in East Stroudsburg (Smithfield Township). I also have a lender that can often get a lender credit that will help you towards closing cost. If you would like to know about these options call me.
Sincerely,
Ed :) 570-242-8518
0 votes Thank Flag Link Mon Jun 24, 2013
Hello Jenny,

Absolutely. USDA allows for 100% financing and seller assist. If you qualify for FHA there is a good chance you will qualify for USDA. It's actually a better program.

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 Thank Flag Link Mon Jun 24, 2013
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