Buying a House

Conventional Mortgage Purchase with No Down Payment From the Buyer

September 5, 2014 Buying a House

Recently a program has become available that allows home buyers to purchase a home with a Conventional Mortgage with the entire down payment coming in the form of a Gift. This program enables borrowers to buy a home with no or little money out of pocket. What is considered a Gift when it comes to […]

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Buying a Foreclosure with a USDA Mortgage

March 3, 2014 Buying a House

I had a buyer ask me the other day… Can I buy a foreclosure using a USDA Mortgage in Pennsylvania? Yes, you can. The USDA does allow home buyers to use the USDA Mortgage Program to purchase foreclosed properties but there are some issues that should be noted. The USDA will require that the property […]

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FHA Mortgages and Gift Funds

February 28, 2014 Buying a House

FHA Mortgages allow borrowers to use Gift Funds to meet the 3.5% down payment requirement. When using Gift Funds to purchase a home it is important that Gift Funds be documented properly to avoid any issues with the FHA underwriting process. The primary intention of these rules is too make sure that the FHA borrower […]

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Are You Pre-Approved or Just Pre-Qualified?

December 18, 2013 Buying a House

When shopping for a home it always a good idea to check in with your mortgage lender and make sure that obtaining a mortgage for a property will be possible.  Making sure there are no mistakes on your credit report and that income, debts and assets are in line is a crucial step to purchasing a […]

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VA Mortgages: What are Seller Concessions and how are they different than Seller Paid Closing Costs?

October 3, 2012 Buying a House

Buying a home with a VA Mortgage in Pennsylania and the rest of the nation allows military veterans certain advantages that are not always available with other types of mortgage financing.  Some of these advantages include no down payment requirement, no mortgage insurance and the fact that the seller can pay all of the buyer’s […]

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Pennsylvania USDA Mortgages : How the Annual Fee Increase Affects You

September 9, 2012 Buying a House

Another change has occurred to Pennsylvania USDA Mortgages… Last fall the USDA began including an annual fee with their mortgages.  This fee is included with the monthly payment and is intended to help keep the USDA Mortgage Program financially solvent. USDA has now announced that there will be an increase in this annual fee for […]

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Pennsylvania Mortgage Rates

March 10, 2012 Buying a House

Mortgage rates are still at very low levels in Pennsylvania.  Low Mortgage Rates increase your Home Purchase power and bring more homes into your price range.  Now is the time to see if you can take advantage of these low rates to purchase a home.    Call today for a free consultation to see what you qualify […]

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Get Pre – Approved Before Shopping for your Next Home

March 10, 2012 Buying a House

When shopping for a home it always a good idea to check in with your mortgage lender and make sure that obtaining a mortgage for a property will be possible. Making sure there are no mistakes on your credit report and that income, debts and assets are in line is a crucial step to purchasing […]

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Maximum FHA Loan Amounts in Pennsylvania Reinstated to Higher Limits Again

January 16, 2012 Buying a House

The maximum FHA loan amounts for Pennsylvania mortgages have changed again.  Previously these maximum loan amounts had reset back to the lower pre-2008 maximum loan amounts after the time limit on the temporary increase had expired.  Pressure from the housing industry and the home buying public helped push a reinstatement through Congress and the Oval […]

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USDA Property Eligibilty

November 1, 2011 Buying a House

USDA Mortgages, also known as Rural Development loans, are by definition meant for “rural” properties that will be a primary residence.  All borrowers on a USDA mortgage application must also occupy the property.   USDA Property Eligibilty First and foremost the property must be located in USDA eligible area.  The USDA Eligibilty map can be […]

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VA Funding Fees Set to Decrease September 30, 2011

September 13, 2011 Buying a House

Good news for those seeking a VA Mortgage in Pennsylvania and the rest of the nation.  Per the recently passed Public Law 112-026, VA Funding Fees are set to decrease.  The below chart was emailed to me by several of my lenders and it highlights the changes.  Since the VA Funding Fee was typically financed […]

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Buying a House with No Money Due at Closing is Possible with a USDA Mortgage

May 9, 2011 Buying a House

Buying a House with No Money Due at Closing is Possible with a 100% USDA mortgage. A few weeks ago I had a customer purchase a property using a 100% USDA Mortgage.   At the closing, they actually got cash back for the $2000 Hand Money they deposited to secure the sales contract and the $375 […]

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Buying a 3-4 Unit Property

May 1, 2011 Buying a House

Buying a 3-4 unit property in Pennsylvania is often a great investment.  The buyer obtains a primary residence and has extra units to rent out and collect extra income.  Often this extra rental income ends up covering the mortgage payment and expenses of the property.  This enables the owner to live in the property with […]

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Pennsylvania USDA Mortgages Offer 100% Financing

February 21, 2011 Buying a House

Using a 100% USDA mortgage is a great way to finance the purchase of your next home.  These are great loans for those who qualify and the USDA loan remains as one of the true no down payment programs out there.   Benefits of a USDA Rural Dev loan include:                 True 100% no money down financing. […]

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Does the $8000 Homebuyer Tax Credit Need To Be Repaid If I Sell My House?

January 26, 2011 Buying a House

The $8000 tax credit that expired last June placed a lot of new homebuyers in their very first house. Most of these first time buyers probably planned on owning these homes for years and years to come. We all know that sometimes life gets in the way of even the best laid plans. Unexpected life […]

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Does the $8000 Homebuyer Tax Credit Need To Be Repaid If I Sell My House?

January 7, 2011 Buying a House

The $8000 tax credit that expired last June placed a lot of new homebuyers in their very first house.  Most of these first time buyers probably planned on owning these homes for years and years to come. We all know that sometimes life gets in the way of even the best laid plans.  Unexpected life events such as […]

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Consumers can now check the License of their Loan Officer

December 30, 2010 Buying a House

The Nationwide Mortgage Licensing System, better known by its acronym NMLS, has a site for consumers to look up licenses for companies or individuals that they are considering working with to obtain a mortgage.  If you as a consumer are interested in verifying a license yourself, simply visit… http://www.nmlsconsumeraccess.org/ Knowing who you are dealing with […]

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The home you are looking to purchase may be USDA eligible and you may not realize it

November 17, 2010 Buying a House

Some potential home buyers may not even consider applying for a USDA mortgage as they believe there is no way that their prospective home could possibly be considered rural.  If the home you are looking for is not located within a city, it is at least worth a look.  One look at the USDA eligibilty […]

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Handle that Mortgage Approval with Care

October 13, 2010 Buying a House

With tighter underwriting guidelines, mortgage approvals are not as easy to come by as in years past.  Once a mortgage approval is obtained it should be handled with “kid gloves”. Keeping that in mind, here are 8 things you should absolutely not do between the date of application and the date of funding.  I’ve been doing […]

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Writing a Good Gift Letter

September 2, 2010 Buying a House

If they have a generous relative, gift funds can allow a prospective home buyer to purchase a property without tapping into their own bank account.  Whenever my clients are receiving gift funds I find it is best to let them know exactly what an underwriter wants to see on the gift letter. A Gift Letter Should […]

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