gm


RE/MAX 1st ADVANTAGE
PA Real Estate License
  # RS-199454-L


email me at:
gjminnich@comcast.net
Office 717-591-5555
Cell 717-579-2311


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Gloria J. Minnich, Harrisburg,  PA   All rights reserved


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How Much Do I need to buy a home?

Conventional mortgage -

You usually need at least 5% (for a conventional loan) as down payment
plus closing cost which vary depending on price of home and location.

                    Conforming mortgage is a maximum of $ 252,700
If the mortgage amount is over $ 252,700 it is considered a Jumbo mortgage

and will require of higher interest rate of at least .25%.

FHA loan

Requires a minimum of 2.3 % down which must be the buyer's own monies
and the maximum loan amount is  $ 121,296.

Closing cost can be paid through a "Gift Letter" which is when a parent or other
close relative gives you the monies and signs a letter stating that you will not have
to pay it back to them.  Funds must be verified.

VA loan

No down payment is required but closing cost still apply.  All closing cost can
be paid by the Seller and/or gift monies.

**  It is best for you to meet with a Realtor and discuss your needs.

It is important to know how much of a monthly payment you are comfortable with

and what payment will fit your budget and lifestyle.

Your Realtor will help you by qualifying you based on income and long term debt.

Good credit rating is extremely important in securing a mortgage at the best rates.

Less than perfect credit can sometimes still qualify but you will end up paying a higher
interest rate for the first 2 years after which time the rate is re-evaluated based on
payment history.

**all mortgage loans usually require that you have been in the same field of employment
for 2 years especially if self-employed.    

**acceptable income is income which is verified by the last 3 years of W-2 forms.  
If you haven't shown income on your tax returns, it can't be counted towards qualifying
for a mortgage.