1st Time Homebuyers
Welcome to Philadelphiahouse.com, the 1-Stop Shop for 1st Time Home Buyers.
CLICK HERE AND PRE-QUALIFY NOW!
We strive to provide our clients with all the tools necessary to purchase a home.
Our website is designed to extend that service.
Here you will learn:
• What We Do
• What Makes Us Different
• First Steps Toward Home Ownership
• What The Mortgage Companies Look For
• All About Credit
Other Useful Information:
• The Ins and Outs of Moving
• School Reports and Community Reports
• Local Resources surrounding your relocation.
Fill out a Property Request and we will provide listings of all properties matching your requirements.
Alternatively, you can search through our list of Featured Properties , Newly Renovated Homes ,
and MLS Home Search .
Want to sell a property? We can help you determine Your Home’s Value .
We also provide a Marketing Plan To Sell Your Home .
1-888-PHILA-CASH is the number to call if you need to sell a house quickly.
Explore our site! Take advantage of the information we offer! Whether you're resolved to purchase a house now,
or you'd like to buy but are unsure where to begin, or you're simply curious about what it would take to own your
own home, Philadelphiahouse.com is here to assist you.
If you still have unanswered questions, call 1-877-833-6367 and our team will be happy to assist you!
What We Do
Buying a house can be an overwhelming process. Between finding a property, signing the agreement, qualifying and applying for the mortgage, pulling and understanding your credit, determining how much you qualify for, making a home inspection, negotiating and coordinating transactions with the seller, dealing with the mortgage company and the title company, it is easy for frustration to arise, making for an unpleasant experience. At Philadelphiahous.com we’ve made it our job to keep each step of the home buying process an enjoyable, stress-free exercise.
What Makes Us Different
We do more than simply facilitate property purchases. We educate our clients at every stage of the home buying process from beginning to end, because an informed client is a strong client. Every client is different, requiring their own set of tools to achieve their goal of home ownership. We provide the tools, explain what they do and why, and teach our clients how to use them. Knowledge is power, and we empower our clients with the necessary knowledge to turn a daunting challenge into a proud achievement.
First Steps…
• First we ask a few questions to get a general idea of the strength of your finances.
• We provide a list of items including recent pay stubs, bank statement, and W2 forms for you to either fax or bring to our office. These help further determine how much you qualify for based on your income, and we explain to you how those results are reached.
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• Next we pull your credit. It is a tri-merged credit report showing all three credit scores, and we explain what each score means and how it is determined.
At this stage we can tell whether or not you qualify for a mortgage, and if you do we will begin your house search and arrange a showing.
If you don’t immediately qualify for a mortgage, hang tight. There are lots of reasons this can happen, and there are effective ways to deal with them. One of the most common reasons is you need Credit Repair. The other reason is your Debt To Income Ratio is too high. In such instances we sit down together and make a credit repair plan, and we stay with you until you are approved.
What Mortgage Companies Look For
Mortgage companies are looking for three things:
• Credit
• Income
• Assets
We call this C.I.A. The bank has different criteria for each of these areas and we will give you a good understanding of each, but first let us summarize it for you.
Let’s say we have a client named Smith, and after going over Smith’s file we make a call to the lenders. “Mrs. Smith has been working at her job for X amount of years,” we explain, “and she makes good income. All her bills were paid on time over the past year, with no late payments. Yes, Mrs. Smith has made some financial mistakes in the past, but who hasn’t. She deserves to be a homeowner. She will make her mortgage payments, and she will make them on time. If for any reason Mrs. Smith is unable to make a payment she will be sure to call the mortgage company.” This is the spirit of how we get you approved.
About Credit
Credit is generally the most challenging hurdle for the first time homebuyer. Understanding how credit works is a tremendous benefit to anyone and everyone.
Trade Credit is what registers on your credit report and is broken down into two parts:
• Current Credit is any credit you pay monthly bills on: credit cards, student loans, auto loans and personal loans.
• Collections are unpaid items that have been charged off, and now the Creditors are pursuing full payment: medical bills, parking tickets, auto repossessions, credit cards, judgments, cell phone bills and utility bills.
If you have too little Trade Credit to your name with which to qualify for a mortgage there is another avenue of credit to draw from. Alternative Credit consists of the kinds of bill payments that don’t register on your regular credit: PECO, PGW, Cell Phone, Cable, Water, Daycare, and Insurance (rent, life, health, auto, etc).
Establishing your Alternative Credit requires a letter from the utility company stating you have been their customer for the past year, and have not been more than 30 days late on any payments.
Example:
Rent can be one of the strongest markers of Alternative Credit, and earns special mention here. Most lenders categorize landlords in two areas: 1) Management Companies, and 2) Private. If your landlord is in the business of renting houses, or does it through a Management Company then they can fill out a simple verification of rent form stating you have always paid your rent on time. If your landlord is a Private renter then we need your last 12 months of cancelled checks showing you paying your rent. Paying rent by cash or money order won’t provide a paper trail for your payment history and should be avoided.
PhiladelphiaHouse.Com proudly works side by side with ASAP Mortgage Corp. to provide
our clients with a simple 'One-Stop' Real Estate transaction.
We take pride in assisting First Time Home Buyers by locating the best possible mortgage programs
and rates available, and by providing Seller Assistance to help buyers' pay their closing cost.
$7,800 in GRANTS Available!
If you are coming into our office to Prequalify
please bring in the following documentation.
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Your 2 most recent Pay stubs.
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Last two years of filed W2 forms.
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Your current Bank Statement.
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$20.00 Application Fee.
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Photo Identification (Valid, State or Federal)
