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Financing in 19106 : Real Estate Advice

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  • Local Info0
  • Home Buying9
  • Home Selling1
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Activity 161
Fri Oct 19, 2012
Reid Rosenthal answered:
You can start by calling a Mortgage Banker who originates their own loans. Usually for the best rates but you can bounce those rates off competitors and other Mortgage brokers who shop around for the best rates.
Try calling a company like Wells Fargo Home Mortgage and then take those rates over to our (Prudential Fox and Roach) Mortgage company and see if they can beat the rates and vice versa. Trident Mortgage. It all comes down to your credit score and down payment percentage however. Call me with any more questions. 267-626-7613. I can get you in touch with the best mortgage brokers/bankers in the city.
Reid Rosenthal
Prudential Fox and Roach Realtors
... more
0 votes 7 answers Share Flag
Thu Oct 11, 2012
Alan Openshaw answered:
Hello Michaeldlee,

Accorrding to FHA guidleines you must re-estbalish your credit after a bankruptcy.
However that mean with on time payments. In dealing with clients that have had bankruptcies, I have not had any success in getting loans approved with delinquencies after a bankruptcy, except maybe in one case. However this client had an extremely strong file, high income, low debt to income, $100,000 in savings and a BK that was 7 years old. I don't think I could help your case here.


Best Regards,
Alan Openshaw
Cornerstone Lending
VOTED BEST IN BUCKS 2010 & 2012
Cell 267 992 7276
Office 215 953 0800
Fax 215 953 1706

Licensed by the PA Department of Banking
NMLS License # 143960
Equal Opportunity Lender
www.twitter.com/RightMortgage4U
... more
0 votes 2 answers Share Flag
Fri Jul 27, 2012
Robert Weiss answered:
Assuming your mortgage is a standard FNMA mortgage and note it has always been my understanding that once you fulfil your one year occupancy requirement you are free to rent the house, especially if you are moving for employment reasons.

I will however recommend that you meet with an experienced real estate attorney to advise you on this issue.

Bob Weiss
Broker Owner
Coldwell banker Hearthside Realtors
215-776-1212
... more
0 votes 13 answers Share Flag
Wed Jul 25, 2012
Alan Openshaw answered:
Hello Husser,

Your HR should be able to provide one. Your 1040 should work too.


Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
... more
0 votes 2 answers Share Flag
Wed Jul 18, 2012
Carol Cei answered:
Hello WZA,

You have asked some great questions so I will try to answer:

1. You can't make arrangements with municipalities....you just pay in one lump when the tax bill is due. You will get a discount if you pay it early (when it first arrives). All of this will be explained on the tax bill. You should probably set up a special savings account and put 1/12 of the taxes and insurance in there each month. Then when the bills come in you will have the money. This is one reason why some people like to have things escrowed but I am sure that you will be fine.

2. If your partner is on the mortgage, the deed should be updated. Contact the title company who did your closing and ask them to help you. You will have to show them the old deed and then they will prepare a new one. Might cost $75-100....if you have difficulty with this, just let me know.

Good luck with everything.

Carol Cei, Realtor, ePRO
ReMax Hall of Fame
ReMax Platinum Club
Five Star Professional
ReMax Action Realty
carolcei@remax.net
215.643.9661
... more
0 votes 4 answers Share Flag
Sat Jun 23, 2012
Lisa Y. Risco MBA answered:
Of the total closing cost with an FHA loan you must put 3.5% of your own funds. So if the amount of the sellers assist is is greater it will be reduced to the difference of your own contribution.

Your lender should be able to explain these figure to you in exact figures!
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0 votes 6 answers Share Flag
Wed Jun 13, 2012
Terry Bell answered:
You might first start by getting your credit report from one of the free credit report websites so that you know what your situation is. If you have good credit, you will be able to make a few calls and tell them your credit score. Any lenders are going to be quick to work with someone that doesn't have a credit problem. If you find out your credit score is low, then you should seek out a loan broker that handles harder to finance situations and they can also advise you on how to repair your credit. Good Luck! Terry Bell, CPS RE Santa Rosa, CA ... more
0 votes 8 answers Share Flag
Sat Jun 9, 2012
Jim Simms answered:
yep, it's possible, I do them often, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes 6 answers Share Flag
Sun May 20, 2012
Michael Garden answered:
Somewhere around 5%. Only the transfer tax of 2% is percentage based. The other closing costs involve flat fees and title insurance, the second largest cost after transfer tax, is formulated based on purchase price. There are many factors to consider and it varies from property to property. Feel free to contact me for more specific information.

Michael Garden
215 500 2981

mg@michaelgarden.com
... more
0 votes 6 answers Share Flag
Mon Sep 17, 2012
Sheri Curci answered:
Well, there is the Lovley Phila 2% Transfer Tax ( 1% in Bucks County ), Title Insurance Should be a Must, recordeing of the deed in Phila, pro rated Taxes, Home Owners Ins ( if you have a Mtg ), Appraisal ( If you have a Mtg ), Doc Prep Fee (If you have a Mtg), One time open acct fee for tax escrow ( if you have a Mtg )... Hmmm come to think of it.... You have allot for fees so you can pay a Mtg payment for many years to come... go figure + we bailed them out. Geezy Wheezy.

All the best, Keep crossing those T"s + Dotting the I's

John Curci RE/MAX 215-757-2889
... more
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Fri May 11, 2012
answered:
You can begin your pre-approval process with a 640 score! 700 and up will grant you a little better in rate (.125-.375). After you are pre-approved and the house search begins your score can continue to increase as you pay down or off certain credit accounts and that future score can be used for pricing. If your savings is ready and your employment history is stable, definitely consider getting pre-approved now as good homes are moving fast. This is the best time of the year to find homes that are "move in" ready and rates are at all time lows! Below is all of my contact info

Yours truly,

Edward Dubinsky
Branch Manager
Office: 267-296-9309
Cell: 215-808-5353
Fax: 215-701-9198
E-MaIl: edubinsky@ahmcloans.com
Web Site: edubinsky.ahmcloans.com
See me more about me: http://www.linkedin.com/pub/ed-dubinsky/1a/b89/841
http://www.trulia.com/voices/profile/Real_Estate_Pro-Pennsylvania-2343876/
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Wed May 9, 2012
Brooke Willmes answered:
You need to address this with the lender and see if you can get that appraisal thrown out and a new one done. Arguing with appraisers is fairly futile. A single family rowhome should never be compared to twins or attached rowhomes but if the appraiser doesn't realize that (which is appraisal 101), you just want a new appraisal. The downside is that you'll have to pay for one and you're out the money for this one.

You can always change lenders too if this lender doesn't want to toss out the appraisal. (If you are doing an FHA loan, the appraisal can't be "tossed out".)
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0 votes 7 answers Share Flag
Fri May 4, 2012
Larry Lichtman answered:
JP,

Contact me directly to discuss your situation.

All the best,
Larry Lichtman
(267) 254-7994
0 votes 1 answer Share Flag
Fri May 4, 2012
Larry Lichtman answered:
Sat May 5, 2012
Timothy Garrity answered:
I have some contacts if you need help. Let me know.

Best,
Tim

tim@usspaces.com
267-879-2716
0 votes 3 answers Share Flag
Sat Apr 28, 2012
Carol Cei answered:
Hi, Mike,

PHFA is actually the funding source for an FHA loan. People go to PHFA because they have the $3,000 second mortgage to help with down money or closing costs. The bank or lender you are working with will underwrite the loan and package it up to go to the state for a final approval. Your lender will close with you and fund the loan, but then immediately sell it to the state and the state will become the services of the loan.

So, in, short, the underwriting guidelines are FHA guidelines, but the state is not necessarily credit score driven and will look at things on a case by case basis. I don't know what funding fee you speak of. Do you mean up front MIP? That has always been a part of FHA loans - but now it is higher. You can finance it itn your loan-most people do.

Hopefully, your loan originator will take some time to discuss these things with you. If you need a lender how is very knowledgeable about PHFA, just let me know and I will give you my best guy, Steve Bamberski of Sovereign Bank.

All the best

Carol Cei, Realtor, ePRO
ReMax Platinum Club
5 Star Professional
ReMax Actioin Realty
215.643.9661
Carolcei@remax.net
... more
0 votes 7 answers Share Flag
Sat Mar 31, 2012
Kathy answered:
There are many more factors which will determine if a person will get a loan..putting 20% down only means they won't have to have PMI.
0 votes 8 answers Share Flag
Sat Nov 19, 2016
Alan Openshaw answered:
I just closed one last week,

But they are not pretty and it better be a strong deal. Call me if you want to run it by me

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
... more
0 votes 8 answers Share Flag
Fri Mar 9, 2012
Alan Openshaw answered:
Hello Lbc,

There are people that would buy your property as is and I would be one of them as I am currently looking to buy rental property in the city.
What you have to do is figurte out the cost to get the property in working order and the price of rents and then see if there is sufficient monthly income for you to deal with the issues that go along with being a landlord.

It really is a matter of doing the numbers and seeing which makes the most sense.

Call me if you want me to go over some numbers with you. I may be a buyer too

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
... more
0 votes 3 answers Share Flag
Mon Feb 27, 2012
John Leonard answered:
hello mr. / ms. Lees

I have a good one. feel free to contract me for his details.
will be 70% of appraised. money is tighter, as you know.
but it WILL go for you.

John Leonard
Long & Foster Real EState
610-742-9389
john.leonard@lnf.com
... more
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