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Financing in Lancaster : Real Estate Advice

  • All286
  • Local Info21
  • Home Buying80
  • Home Selling10
  • Market Conditions22

Activity 3
Thu Mar 1, 2012
jjacobsDO answered:
Our advice is to not go with an FHA loan if you happen to be a first time buyer.

Place 5% down and use this new program.
Consider what my staff has been advising clients, and look into the "FIRST-TIME HOMEBUYER'S" loan program. Our staff has reported great testimonies in regard.
Below is an email we sent to various clients we are working with:

Notice to first time home Buyers serving the following states: Florida, Alabama, Texas, California, Arizona, New Mexico, and Colorado.

Here are the highlights of this unmatched program that our agents have had success with closing deals and saving our clients a lot of money.
1. NO Mortgage Insurance
2. Only 5% down
3. 30 year fixed rate (4.500% estimated)
4. NO payment until the 5th month after closing.
5. NO origination fee, NO points, and NO junk fees !
6. single family home or townhome eligible
7. 680 credit score
** It is truly remarkable, and is certainly a way this bank (BBVA) has demonstrated giving back to the communities it serves.

The Sr. Mortgage Banker that my staff in these area's is using is Tom R. Callahan and you may reach him
at E-mail


Take full advantage of this program and save yourself a lot of money by not having the FHA MIP.

Good luck shopping for the right home. - TJ
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Mon Apr 18, 2011
Matthew Bartlett answered:
Hello Lancaster,
You can do one of two things to see if you have a pre-payment penalty. First, pull out your current loan documents and go straight to the Truth In Lending Statement. Towards the bottom of the page you will see several boxes. If the box that says "You may have a prepay penalty" is checked then you have a prepay. If the box that says "You do not have a prepay penalty" is checked then you do not have a pre-pay. Second, you could simply contact the Lender who carries your trust deed and ask them if you have a pre-pay and if so what would be the total cost. I hope this helps. Good luck!

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Mon Aug 2, 2010
Sylvia Barry, MAS,CIPS,SRES answered:
Hi Hobbs: I suggest you to change the title of the question to more subject related - such as "Can I refinance my FHA loan to a Conventional Loan if I have 20+% equity on the house?"

This will get the right people (Mortgage Brokers) to answer your question.

Sylvia Barry
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