Diane Scott's Advice

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Diane Scott wrote:

hello i would like to start looking into buying a house, i dont know anything about how to go about

Answer
If there are any first time home buyer education clases in your area, I suggest you take it.  It will give you insight in the home buying process and with the knowlege you gain you can make the right decisions.You definitly want to see a reputable local lender in your area first to see if you qualify for a loan and how much they will lend you.  I would suggest talking to at least 2-3 lenders to know what products they have and find the loan that fits you best.  Then moving foward you will know what you qualify for and then you can start looking with a reputable realtor within your price range.  I suggest interviewing your lender and a buyers agent realtor.  They will be working for you and you want to be sure they work in your best interest.  Ask friends and family who they use, they will give good insight on their experiences.I would also complete a budget so you have an idea of your expenses and know what you feal comfortable with as a payment.  Remember, the lenders use gross income and you pay bills etc on net/bring home income.  Good luck.
August 05 2012
(0)

question about gift money as down-payment

Answer
A rule of thumb in our area: most lenders look at 2 months of bank statements to verify assets, any funds $50 or higher will be questioned if you are using it toward your home purchase.  As long as it is in your account prior to the statements you give to your lender you should be ok.  Your lender will ask for an updated statement prior to settlement, so I suggest not doing anything out of the ordinary.  If you acquire the funds during the loan process, you will need a gift letter from the gifter to verify it is a gift and not a loan to be paid back.Please ask your lender up front what they will require.  This way your are already prepaired and it won't throw a rench in your lending process and hold anything up.Good luck.
August 05 2012
(0)

Susquehanna Bank Homestart Loan: Too good to be true?

Response
This program is legit.  You pay a little bit higher interest rate and no PMI, which is big savings in some cases.I am a housing counselor at Community Progress Council and have had homebuyers use this program to purchase a home.  They were very happy with the program.Diane Scott
August 05 2012
(1)