My grandmother is trying to buy a home, she is living on a fixed income and is having trouble finding a mortgage company to give her a loan for a $60,000.00 home. She has a $10,000.00 down payment and good credit and we live in the Pittsburgh, Pa area. Does anyone have any suggestions.....
2007-05-19 12:01:29 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, I can give you a free analysis, and let you know exactly what her options are. I am a licensed mortgage broker in PA. I have an office in Altoona actually. My name is Chris, comapny name American Dream Mortgages, www.amdream.net, call me directly at 877-728-3012
2007-05-21 05:40:55 · answer #1 · answered by Anonymous · 0⤊ 2⤋
Yes; there are mortgage companies which will do this, provided her fixed income is sufficient to support the monthly obligation AND her credit scores are high enough (showing good credit over, at least, the last several years.)
Locally, I use First Horizon and M & T Bank. I can provide my loan officers' names, but they'll probably have to refer you to someone locally, as I do not believe either is licensed in PA (both, though, are large regional or national Banks.)
Send an e-mail if you need some contact names and you think your Grandmother would meet the criteria
2007-05-19 12:07:20 · answer #2 · answered by Rob B, of MD 4 · 0⤊ 1⤋
Has she checked with the banks and savings and loans around Pittsburgh? If her credit is good and she can show an ability to repay the loan, she might be able to get one that way
Is she working through a realtor? Howard Hanna does a lot of financing in the Pittsburgh area.
Good luck.
2007-05-19 12:45:34 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Either she has to show an income that is 3 times her monthly mortgage payments or she has to put 20% down.
For your own information, can she afford to pay the mortgage, in case she got it ?
The third option is to have a qualified cosigner.
2007-05-19 16:06:32 · answer #4 · answered by kenneth h 6 · 0⤊ 0⤋
Yeah many, reverse mortgages, equity loans. Lots of places on the web to check out. I would use a google search.
2007-05-19 12:05:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Call Kevin at 570-836-8336 tell him Steve sent you; he is a loan officer in PA. He did a good job on a loan for a friend.
2007-05-20 14:37:23 · answer #6 · answered by stephen l 2 · 0⤊ 0⤋
Depends on what her income is.
2007-05-19 12:04:00 · answer #7 · answered by Always Right 7 · 0⤊ 0⤋