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Saylorsburg : Real Estate Advice

  • All27
  • Local Info3
  • Home Buying9
  • Home Selling1
  • Market Conditions1

Activity 21
Wed May 17, 2017
Mary answered:

Thank you for letting us know about the erroneous foreclosure status on this property page. I apologize we have false foreclosure information listed on our home details page. This data is provided to us from Zillow foreclosures and we currently do not have the ability to edit or remove the information that they are sending us.

Please be advised that I created a new ticket request to Zillow Consumer Care to remove the Foreclosure status of the property. Once the status is removed from Zillow, it will automatically update to Trulia after 24-48 hours.

Thank you for using Trulia!

Consumer Care Advocate
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0 votes 1 answer Share Flag
Thu Feb 9, 2017
Liz Erm answered:
Hi Sheryl, we just finished renovating a 3 bedroom 1 bathroom ranch home (no steps at all) in Saylorsburg. Are you still looking for such a home? I'm new to posting on Trulia so I hope this link works. Owner, no fees. Thanks, Liz ... more
0 votes 2 answers Share Flag
Tue Apr 12, 2016
Bthompson0727 asked:
I found lender if we were going to flip it . We have a approval for a va. Loan once it's fixed . Anywhere I can go.
0 votes 0 Answers Share Flag
Sat May 10, 2014
empress answered:
From NYC...totally depends on the time of day you choose. If you have decent traffic, maybe about 1 3/4 hours. It's about 80 miles, anyway.

Many people in this area actually work in NYC and commute there from here - I wouldn't do it, day in and day out...the drive is actually really nice till you hit 280 in New Jersey! From 280 until NYC, it's a nightmare! So, really, working in Central Jersey and living here is usually a pretty good deal. ... more
0 votes 2 answers Share Flag
Wed Apr 23, 2014
Sheryl Celeste Mosley Kise asked:
This question was asked from
0 votes 0 Answers Share Flag
Tue Aug 6, 2013
Tippy1940 answered:
How much to rent a cottage at saylors lake
0 votes 1 answer Share Flag
Thu Jun 6, 2013
My NC Homes Team answered:
You can always hire your own licensed septic company and pay to have them do a more detailed inspection and then share these results with the buyer. However you should be prepared that the septic is in fact failed and will need replacement and once you have your own inspection done the results will then have to be disclosed if this deal falls apart. ... more
0 votes 5 answers Share Flag
Fri Jan 4, 2013
Sylwia Sacci answered:
I would be more than happy to help. Please let me know how many bathrooms, bedrooms, square footage, and any other needs in the home that you are looking for. I look forward to sending you some homes to condsider. ... more
0 votes 1 answer Share Flag
Thu Dec 6, 2012
Christopher Jordahl answered:
I would check out Residential Warranty Company. Great company and People. 717-561-4480
0 votes 1 answer Share Flag
Sun Sep 16, 2012
dodomdavis answered:
income @ 20,000, credit score 569, need loan on home which I have lived in for 5yrs for 230K
0 votes 4 answers Share Flag
Mon Jun 11, 2012
Amy Shonk answered:
When a mortgage company lends out money these days, they want to make sure that if you default that they will be able to get their money back. An underground home is a very unique thing and probably wouldn't appeal to most buyers, so it would be hard for the lender to get their money back. Like another agent said, it is hard to determine the value of something when there isn't a lot to compare it to, we traditionally base the value of a home on what it has to offer "above the grade" and but much less value on what is below. There should be some kind of unique program out there, if you need the name of some local lenders who may be able to help, feel free to ask.
Have a great day!
Amy Shonk
ERA One Source Realty
Stroudsburg, PA
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0 votes 3 answers Share Flag
Tue Mar 13, 2012
Elliott R. Oliva answered:
Are you going to live in it??

If so, you can buy a 2 to 4 unit property with just 3.5% down.

With FHA you can finance a 2, 3 or 4-plex residential property with just 3.5% down so long as you occupy one of the units. You get all the financial benefits of having roommates without having to pick up after them. And these days, who wouldn’t like a little help with the mortgage? Tight financing guidelines combined with an unprece-dented number of families turned out of their homes by foreclosure has heated up the rental market.

The rental income of the property would be determined either by current rents (if it’s rented already), signed rental agreements from new tenants or a schedule of rents from an appraiser who examines income property in the area and makes a determi-nation of what the subject property units should rent for. Underwriters allow you to count 75% of that income in your qualifying ratios. So, if you were to buy a 4-plex that rents for $2,000 per month per unit, you would get credit for 75% of the income for three units or $4,500 to offset your monthly mortgage on the property. Not bad!

Remember too, that FHA loan limits get considerably higher for multi-unit properties and typical loan limits in most areas are:

2 unit: $347,000
3 unit: $419,400
4 unit: $521,250

However, in some higher cost areas like Arlington County-Arlington, VA the limits are much higher (for now anyway):

2 unit: $934,200
3 unit: $1,129,250
4 unit: $1,403,400

In short this is a great way of making your next purchase a solid investment as well as a place to call home.

Elliott R. Oliva

Mortgage Banker| nmls#353884

Stearns Lending, Inc. | 202.681.1636
"Se habla Espanol"
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0 votes 1 answer Share Flag
Sat Sep 17, 2011
$115k/year of income should be fine to qualify for the $214k sales price with $9.7k/year of property taxes, even if your car payment is $2k/mo (which I doubt it is) - the payment on the mortgage should be in the ballpark of $1,950/month (assuming $1,200/year of homeowners insurance).

650 or 730 scores will easily meet any lender's minimum score requirements for a VA mortgage, but 650 score indicates some negatives on credit whereas a 730 score usually does not, so what negatives are bringing the scores down to a 650 level would need to be discussed.

NYC to Saylorsburg, PA (or anywhere in the Poconos region - Stroudsburg, etc.) typically won't be considered commuting distance, so you'll need to address the reason that you would be able to live in the home as your primary residence ... are you relocating for employment? Retiring? VA mortgages are only for primary residences, and require you to occupy the property as your primary residence within a "reasonable period of time" (which is defined as 60 days). VA does permit occupancy within 12 months of retirement, so if that is the case, then the income that will be effective upon retirement will need to be evaluated, and if found insufficient, then additional income would be needed.

Because your financing appears it's more involved than the typical situation, I feel you'll really want to nail down that aspect first. Since it's a short sale, it may take a little while for your offer to be accepted since it has to go through the seller's bank for the short sale approval, but I am not sure if you'd be able to stretch it out until early next Spring.

What is the situation with employment going to be in PA?
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1 vote 1 answer Share Flag
Fri Jul 15, 2011
Gillian Peterson answered:
It's right off Rt. 33 before Stroudsburg. A very conviniant location. If you'd like anymore information about Saylorsburg, and homes for sale in the are, please contact me! My contact information can be found in my profile and web site. I will add a link to my site below. Best Wishes! Thank you! ... more
0 votes 1 answer Share Flag
Wed Nov 17, 2010
Erica Ramus, MRE answered:
You cannot "correct" an appraisal. An appraisal is the appraiser's OPINION of value. If you have better comps you can call your lender and ask him/her to consider your comparables. You probably need 3 good SOLDS (normally within 6-12 months) and maybe up to 3 current active properties to submit for your strongest case.

Appraisers work on FACTS so you need to present solid evidence, not just a feeling that it should be worth more.
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0 votes 4 answers Share Flag
Thu Jul 8, 2010
Thomas Waslowski answered:
Consult with a qualified lender in your area and find out that way. A lender will be able to rightfully determine wether or not you will qualify for a loan. And if so, how much you will qualify for. ... more
0 votes 3 answers Share Flag
Mon Jun 28, 2010
Dan Chase answered:
Generally speaking yearly income x 3 = safe gettable mortgage. Look below and you can see how you can not afford a $180k loan.

From trulia's mortgage calculator.

Loan Information
Price of property: $180,000
Down payment (0%): $0
Loan amount: $180,000
Interest rate: 5.000%
Loan term: 30 Years
Payoff date: Jun, 2040
You have 360 payments that total to: $446,141
Monthly Payment Information
Principal and interest payment: $966.28
Property Taxes: $150.00
Hazard insurance: $45.00
Private Mortgage Insurance: $78.00

Total monthly payments: $1,239.28

Total monthly income about $1,667
Take away income tax
Take away driving to work
Take away food and clothing
Take away a haircut once in awhile

You are in negative income territory. Sorry, this is beyond what you could handle financially.
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0 votes 2 answers Share Flag
Wed May 19, 2010
Hi Jennig,

It depends on the loan program.

For an FHA loan you'll need a 620 mid score and 3.5% down.
0 votes 2 answers Share Flag
Sat Nov 21, 2009
Cheryl McDonald answered:
I lived in a home with a cesspool for over 14 years and it was also built in the 1930's, maintenance is important in keeping it in good working order. You have the opinion of the Home Inspector and the opinion of a septic company that has been pumping the septic for years and states there have been no issues. Why not ask the seller to have a 3rd party septic company who can also certify it come out and give a 3rd opinion. The Inspectors job is to alert you to issues of concern, but they usually recommend that you have someone who specializes in that field do a further evaluation. Best of Luck. ... more
0 votes 3 answers Share Flag
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