Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in North Philadelphia East : Real Estate Advice

  • All29
  • Local Info4
  • Home Buying4
  • Home Selling0
  • Market Conditions2

Activity 4
Tue Mar 18, 2014
Tim Moore answered:
Some people will rent to college kids and others won't.
0 votes 1 answer Share Flag
Wed Dec 30, 2009
Chad Bahnsen answered:
You will need to speak with a lender and I could possibly help. the questions would be..
1. Are you looking to refinance the mortgage just in your name?
2. Who is on the loan/deed at the moment?
3. How is your credit score?
4. income?
5. You'll have to give more specifics on what you are trying to do for anyone to be able to help.
Have a good day.
Chad
... more
0 votes 3 answers Share Flag
Tue Dec 1, 2009
Phong Lam answered:
Hi Ronnie,

How are you? Is the reason why the lender is asking for a large down payment because of your debt-to-income ratio is less than the standard guidelines? But that is kind of high for a mortgage loan. Are you a first-time homebuyer? If so, I would strongly recommend you contact an FHA lender because the minimum down payment requirement is only 3.5% and it is a Federal-insured loan. Below is a summary of what the FHA loan is:

FHA (Federal Housing Administration), also known as HUD (Department of Housing and Urban Development). The Federal Housing Authority is a federal entity that governs the FHA mortgage program, which is a low down-payment mortgage program with flexible credit and qualifying guidelines.mortgages. Here is a website that you can find out more on FHA Loans:

http://www.fha.com

It gives you everything you need to know about FHA there. Buyer's assist is when you do not have money upfront to cover some of your closing costs, then you can factor that into your offer as a part of your mortgage. For FHA, you're allow to get up to 6% seller's assist with 3.5% downpayment (at least 3.5% of purchase price has to be your funding to bring to settlement).

If you have any other questions regarding loans or helping you find your next home, please feel free to email me at Phong.Lam@c21ag.com or call me at (267) 918-1880.

Thank you and I'm looking forward to hearing from you soon!

Have a great day!

Sincerely,
Phong Lam
REALTOR®
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
Phong.Lam@c21ag.com
http://www.c21ag.com

P.S. I would like to pass along this good news that was officially put into writing by President Obama recently in regards to the extension of the $8,000 First-Time Homebuyer Tax Credit. In addition to that, it is now expanded to current homeowners as well. If you or anyone that you know were looking for a house but were discouraged to buy because the expiration date of Nov. 30th was approaching fairly quickly, there is no need to worry anymore because it has just been extended until next year!
... more
0 votes 12 answers Share Flag
Search Advice
Search

Followers

727