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Home Buying in Saylorsburg : Real Estate Advice

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

Activity 10
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
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
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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
... more
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"
... more
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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
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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.
... more
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Wed May 19, 2010
Sam Shueh answered:
go to your bank and talk to a professional loan officer. nIf not satisfied try a loan broker.
0 votes 1 answer 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
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Tue Feb 19, 2008
Terrence Charest answered:
There's so much information available out there for building energy efficient homes. Please check the resource below for one of them.

Yes, high ceilings do get more expensive to heat although there are ways to help out without losing the vaulted ceiling.

Hope that helps.

Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell: 267.614.1494
Office: 215.659.5250
... more
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