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Home Buying in Philadelphia : Real Estate Advice

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  • Home Buying1K
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Activity 1,468
Yesterday at 8:17am
T B asked:
Seems to me that it is a seller's market. Will home values continue to rise? I guess that is dependent on where government policies take the economy. I just got out of the service and want…
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Yesterday at 3:59am
Thomas Martin answered:

Purchase a GEORGIA home 12 months after a chapter 13 Bankruptcy
Purchase a GEORGIA 24 months after a chapter 7 Bankruptcy.
FHA will allow a FHA mortgage 3 years after a Foreclosure.
Minimum FICO credit score of 580 required for 96.5% financing.
Bad credit GEORGIA FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
No Credit Score GEORGIA mortgage loans & No Trade Line Florida FHA home loans.
... more
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Wed Feb 8, 2017
Ally answered:
Rent to own is going to be a deal you work out with an individual seller. However, your credit score is good enough to buy a home of your own. FHA loans require a 580 credit score and just 3.5% down. If you're a Veteran VA loans require a 580 score too but no down payment is needed.

I'd contact The Lenders Network, they will help you find a lender that works with low scores.

Good luck!
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Thu Feb 2, 2017
Jschech answered:
My brother in law said you are a really good lawyer. Do you take on criminal cases
0 votes 7 answers Share Flag
Tue Jan 31, 2017
Kellypat26 asked:
I am moving to a suburban area and want to buy a house instead of renting because of the outrageous rental prices. I was wanting buy a 3 bedroom house with a basement and rent out 2 of the…
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Tue Jan 3, 2017
jaja asked:
Sat Dec 31, 2016
Eibradley answered:
Anywhere in the mid-west: MI (Wayne County) Ohio, PA, WI, TN, IL,
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Sat Dec 17, 2016
Kathy Burgreen answered:
If the liens are tax related, they never expire. If there are mechanics liens, they can expire depending on state or local laws.
0 votes 1 answer Share Flag
Thu Dec 8, 2016
Winn Stelzer answered:
Hello F_ieudy,
It would seem that you have been watching too many "1-800 Gurus".
I have been an active Real Estate Investor since 1972 when I was 18 y.o. attending the Georgia Tech School of Architecture.
While my first property deal was "ZERO" down, the property was uninhabitable at the Close.
NO MONEY DOWN is a misnomer.
My Mentor was the Seller of that first (1st) property and he FINANCED the entire transaction; all-the-while teaching me things that are now "hawked" on the Web/800's as "secrets" to become wealthy.
Those Web/800's spots are designed to pry your cash away from your control and tease you into the belief that you can be successful without "much effort".
Education is the first (1st) step to getting out of your financial rut.
Being able to recognize opportunity will open your mind and start asking "what can I do to overcome the lack of cash in-hand"?
While you may not have any money to put down, that does not mean you cannot ask a "MOTIVATED Seller" to allow you to "take over" a mortgage.
You may get lucky.
That said, I would suggest that you take stock of "WHY" you do not have much money to put down..!!!!
Do you have a written budget?
If you do not have one, WHY NOT?
Want to further this discussion?
Get back to me,
Winn Stelzer, Trustee/Mentor
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Thu Dec 8, 2016
Winn Stelzer answered:
Lending guidelines are under constant revision due to the Dodd-Frank Act.
I just mentored one of my Students to get a refinance of their Primary Residence.
Their situation was reversed in that the Husband's credit score is superior to the Wife's score.
The Lending Matrix allowed for her income to be added to the mix since her DTI (Debt to Income) ratio was lower, but the her lower credit score was also a part of the criteria.
I will be happy to set-up a 3-way call with a Loan Officer at Network Capital (NC) and then you can work-out a somewhat customized loan package.
An additional upshot is that NC is "quick"..!!!!!
The couple that I just referenced will Close before the end of 2016.
The application was only initiated LAST Friday (02 December 2016).
Net-Net going forward they will save over $950/month PLUS their first (1st) payment will be March 2017.
Not to mention, not having to send three (3) payments of $1,800.00 to the current bank.
Want more information?
Get back to me.
Winn Stelzer, Trustee/Mentor
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Thu Dec 8, 2016
Winn Stelzer answered:
Ms. Diggins,
I have Students/Associates in the Philly area.
They have an extensive network of Real Estate Investor related vendors that have augmented their investing goals.
Get back to me and I will establish a 3-way call to introduce you to them.
Winn Stelzer, Trustee/Mentor
... more
0 votes 1 answer Share Flag
Thu Dec 8, 2016
Winn Stelzer answered:
First (1st)..!!!!
Stop letting your "emotional need" for a house drive your decisions.
Second (2nd)
Find an apartment in/near where you "might" want to live for at least two (2) years.
Third (3rd)
Start driving around the area during the second (2nd) year.
Get involved with some of the community associations and visit schools,, banks, libraries, even the fire station to get the TRUE VIBE of the area.
Even BEFORE you get married, WRITE a budget that helps you put away NO LESS THAN six (6) months of reserves to cover every one (1) of your anticipated living expenses.
Live BELOW your means for this two (2) year learning curve as you get to REALLY KNOW your Spouse.
Life has a way of throwing mud on your plan for life and it will be up to you to clean-up any mess, stay out of the mud-filled rut and look downrange.
I was VERY LUCKY to have had EXCEPTIONAL mentors when I went to Georgia Tech and being "young & dumb(ignorant)" I purchased my first property at 18 y.o.
The difference is that my Mentors "educated" me away from ignorance and lit my fire to separate "Wants FROM Needs" that enabled me to retire from Corporate Architecture in 1986 @ 34 y.o.
I have Students/Associates in the Philly area that could actually help you purchase a home as a FSBO (For Sale By Owner).
So much for my "advice" is up to you to execute, but if you want more "words of wisdom", get back to me at:
God speed,
... more
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Fri Nov 11, 2016
Sally Grenier answered:
Did you mean Seller? Or Buyer? Typically the seller pays the commissions for both buyer's agent and listing agent. However, there are some brokerage firms that charge a client (either buyer or seller) a small administrative fee. If you're the buyer, you should ask your Realtor about this. ... more
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