im 32 years old i dont have perfect credit im a home health aid what do i have to have to purchase a home meaning a downpayment or could i get a loan

Asked by Edward10, Olney, Philadelphia, PA Sun Oct 10, 2010

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Vincent Leonardo’s answer
Vincent Leon…, Home Buyer, Philadelphia, PA
Fri Sep 28, 2012
Depends on a number of factors. But I like to use PACE:


What type of property are you looking at (residential etc) ? What are your assets? Whats your credit score? Have you been employed for more than to two years?

I recommend calling a mortgage rep for a free consultation. They will go though all of this with you?
0 votes
Monir Mamoun, Agent, Denville, NJ
Fri Oct 15, 2010
You will want to go for an FHA loan. You can get it down to 0 down if you get downpayment assistance, like with the Nehemiah program (google it) -- just figure a few hundred dollars program fee.

Typically without that you are looking at least 3.5% downpayment. Not bad. But if your credit is not that good you could have to put 10% down. Contact me and I'll go over your options. I can get you set up in the Philly zone.
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Tressa Archer, Agent, Jenkintown, PA
Fri Oct 15, 2010
There are a couple of thing you can do to prepare yourself for the task of purchasing a home. I speacialize in cresdit counseling and I alson work on with customers in the olney area.Please contact me for more information on how I can help you clean up your credit , and get financing.
Tressa Archer
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Kahlia Rhodes, Agent, Cityscape, PA
Fri Oct 15, 2010
There are many program's that help you in your search I think you ask me this question before if you really want help call me my number is 267-351-0569 my name is Real- Estate Kahlia Rhodes
0 votes
Kahlia Rhodes, Agent, Cityscape, PA
Fri Oct 15, 2010
There are many program's that help you in your search I think you ask me this question before if you really want help call me my number is 267-351-0569 my name is Real- Estate Kahlia Rhodes
0 votes
Monica Flor…, Agent, Langhorne, PA
Thu Oct 14, 2010
Hi, Edward, as a first time buyer there are several programs available to assist you with down-payment money. There is also a program through the PA Housing Agency that can help you purchase your first home. Your credit doesn't have to be perfect, however, there can be no collections. Call me, I'll be happy to help you with repairing credit and your pre-approval. I specialize in helping first-time buyers.

Talk to you soon!

Monica Flores, ASR, SRES
Realtor/Notary Public
Remax Affiliates NE
0 votes
Julia Samoui…, Agent, Philadelphia, PA
Tue Oct 12, 2010
Hi Edward,
I would suggest you speak to a Mortgage Consultant to evaluate your creditability. He would be able to tell you what programs there are out ther at present and what are their requirements. You would also be able to find out up to what amount you could get a mortgage,what creidt score would allow you to qualify for that purchase price and lastly how much money would you need to have saved!

Julia Samouilova Realtor,ABR
Prudential Fox and Roach
office: 215-869-9300
direct 215-860-4779
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Josh Buchter, Other Pro, Philadelphia, PA
Mon Oct 11, 2010
Credit Rescue Inc. is located at 2nd and Chestnut Street in Old City, Philadelphia.

We can usually raise most people’s credit scores anywhere from 50 to 100 points in just 90 days!

We have been repairing credit for 12 years now and have helped thousands of people. We use the actual laws against the credit bureaus to have negative items permanently removed from the credit reports thus raising a person’s credit score.

Qualify for a home or car!

If you are interested, please call me at 215-333-2200 and I will be happy to tell you more about our program.

Thank you!
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Kahlia Rhodes, Agent, Cityscape, PA
Mon Oct 11, 2010
If you know you dont have the best credit the worst thing you can do is have it pulled because it bring your score down my advice to you is that you get credit counseling first here 's a great place 1617 JFK boulevard PA, 19103 Phone 215-567-7803 they help with grant's toward your closing cost and cleaning up your credit as well .

Able Real-Estate
3639 Spring Garden
Real Estate Agent Kahlia Rhodes
Web Reference:
0 votes
Elizabeth Cl…, Agent, Philadelphia, PA
Mon Oct 11, 2010
Great Question:

First thing is to talk to a mortgage professional and have them look at your credit. If your credit is on the edge of where it needs to be to qualify, the best advice I can give you is to take 3 or 6 months to work on cleaning up your credit. Sometimes cleaning up your credit can be a simple process and can go quickly if you work with a lender or credit professional to do so. I am not a lender, I am a Realtor, but I could certainly give you some recommendations for folks I use in the Olney area. Once you have your credit up to where it needs, we can figure out what sort of monthly payment you are interested in making. That number, along with area taxes and home owners insurance, will let us know what sort of purchase price to be looking for. Once we know that, I can tell you how much money you might need for a down payment. For instance, $100,000 house would need at least $3,500 if you went with an FHA program. If you need any more advice, please feel free to ask.

Have a great Monday!
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Timothy Garr…, Agent, Philadelphia, PA
Mon Oct 11, 2010
Hi, Edward.

Congrats on your decision to potentially become a homeowner. As stated already, your first step would be to get pre-qualified for a loan/mortgage. This is usually a free process (just to see if you're eligible) and I can recommend a few different lenders/banks.

If all goes well with the PQ, your next step would be to choose a licensed agent/Realtor to work with. He/she will be the one to show you what homes are currently available for sale in your area of interest. Since you will already have a PQ at this point, you will know what you can and can't afford.

If you need any help getting started, please feel free to contact me by email or phone.


Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant Email| Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
Web Reference:
0 votes
Ed Fallon, M…, , West Chester, PA
Sun Oct 10, 2010
The dollar amount you need will depend on the purchase price of the home and where you buy, as closing costs in some areas are higher than others.
There are ways of reducing the money that you need. You can negotiate for the seller to pay a portion of your closing costs, and some programs exist for closing cost assistance. Your first step is to contact a reputable loan officer and review the numbers.
Ed Fallon, MBA NMLS#144708
Experienced Mortgage Professional
Helping homeowners in the Delaware Valley since 1984
CELL: 610-308-9001
Office: (215-591-0222
Arlington Capital Mortgage
300 Welsh Rd. Bldg 5
Horsham, PA 19044
0 votes
Dan Tabit, Agent, Issaquah, WA
Sun Oct 10, 2010
I'm a lender and Realtor. There are various options, but not as many as a few years ago. USDA Rural financing is available with zero down but there are difficult qualifiers, regarding where the home is and income requirements. VA offers 0 down if you are a veteran. FHA offers flexible terms with only 3.5% down.
In addition to down payment, you may need to have closing costs, commonly 2%-3% although this can be handled various ways, seller paid, lender paid, combinations etc.
To qualify, you'll need to meet with a local lender and provide income documentation. Once credit is pulled from a reliable source the lender can help you figure out if you qualify now or what you'll need to do to address your credit issues.
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Nancy Aulett, Agent, Langhorne, PA
Sun Oct 10, 2010
Hi Edward,

Now is a great time to buy a home and I'd be happy to assist you in this process. I always schedule a meeting first to discuss any credit issues and how to correct them if necessary, different types of financing and the variety of mortgage programs available and hopw much you can qualify to purchase, down payment and closing costs so you know what to expect , the Agreement of Sale process and what type of house and features you're looking for in a home. Then we start our home search...........

Please feel free to call me when you're ready. My Direct number is # 215-961-1404.

Take care, Nancy
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Mike Rosania, Agent, Philadelphia, PA
Sun Oct 10, 2010
Hi Edward
I am a local agent. I have to agree with all the answers thus far. There are a few programs locally which you may qualify for. Feel free to contact me directly and I will get you heading in the right direction. Email me at or direct at 267-879-3556.
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Anna M Brocco, Agent, Williston Park, NY
Sun Oct 10, 2010
You can begin by visiting with any qualified loan officer(s), see if you do qualify, how much, the type of loan and downpayment requirement, and have your credit checked, as their scoring is often different--if your credit needs improvement, your loan officer may suggest great ways as to improving it in the fastest time--after reviewing your overall financials, your loan officer can make a determination as to qualification--then go from there.
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Kevin Olson,…, Agent, Colorado Springs, CO
Sun Oct 10, 2010

There are many things that factor into getting a loan besides your credit. These things include job history, income, debt that you currently have, etc.

Contact a few lenders to go over your individual situation so you will know what is needed, and if you don't qualify they can guide you on what to do so you can qualify in the future.

If there are any programs you qualify for, they will be able to help you.

Best wishes,
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John Walin, Agent, Libertyville, IL
Sun Oct 10, 2010
minimum is 3% if you are not eligible for VA loan with no money down. Plus you have other closing costs and have to have cash reserves sufficient in case you need to repair the home. Good luck, but you might be too ambitous to buy without at 5% of a purchase price to cover costs and the down payment.
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