FHA allows you to purchase a home if you have a minimum of 640 credit score and at least 3.5% of the purchase price must be your own money. The remaining closing costs, 6-7% can be a gift from family or credit from the seller.

Your Wayne Realty agent would put you in touch with a mortgage consultant who can tell you in about 10 minutes if you will be qualified to purchase - no cost to you for the service.

Currently, FHA Guidelines require 3.5% of the home's purchase price as a down payment. A Veterans Loan is 0% down. A conventional Loan has the options of 5,10, 15 or 20% down payment depending on the loan.

Please visit our real estate calculators page where you will find an Affordability calculator which can approximate how much you can afford based upon the values entered. The information you provide is private and is not stored in a database.

The first question we ask in an investor is why?

The answer to that question will make all the difference in the type of property that works for your portfolio. Are you investing in real estate for the quick flip? 5-7 year turn around? or a 20 year college fund for your child? Our qualified staff works with all types of investing and can guide you to the best fit for you.

A short sale has the owner/seller still involved, while a foreclosure means the property is fully owned by the bank.

Sometimes yes. The home's purchase price may be less than current market value, but very often the property requires more work to bring it back up to market value. Further, the bank will not do any of the work for you and you would have to buy it "as is." This type of purchase can be a cost-saving method provided you are handy and/or not scared of purchasing a property not in top condition.

Contact Wayne Realty so one of our agents can meet with you and do a comparative market analysis of you home. After we determine a current market value, then we discuss the list price. If the home is worth $250,000, do you list for $259,900? $265,000? Our agents know the latest market conditions because they follow the real estate market daily to be aware of recent activity and trends.

Once a market value is determined, our agents may make suggestions as to how to increase your home's value or shorten time on the market by doing small improvements. Maybe you need to clean out a closet, remove some knickknacks or add a little curb appeal. You don't always see issues as you love your home, but our agents can tell you what a buyer will love - and that is what makes your home sell.

Your property will have pictures taken and we begin the marketing process. Wayne Realty will feature your home on our website, enter it on the Multiple Listing Service (MLS) system for member realtors in the tri-state area and on various national real estate websites so it gets the exposure it deserves. Then showings begin!

Showings can be invasive but if scheduled by a professional, we can minimize the disruption. For instance, an agent calls to schedule a showing for your home. You can set limitations - next day notice, not after 8:00 pm etc. You will be notified by one of the Wayne Realty staff when you have the opportunity to accept or decline. If the showing is right in the middle of Mom's 80th birthday party, it's best to try to reschedule the showing. If the prospective buyer has serious interest, they will probably find the time. It is ok to decline as long as you don't make a practice of it!

The short answer is NO. It is better when you are not home! Buyers do not feel comfortable walking around the house when you are home and they cannot talk freely when the seller is within earshot. Buyers don't want to hurt your feelings by telling you your wallpaper is outdated!

It is ok if the dog is crated and poses no threat. There are many realtors who won't go in a home with a loose dog even through it is friendly. Maybe that's a good time for you and the family to take Rover to the dog park!

Typically, we ask for a rental application (pdf) and authorization (pdf) to be completed, copies of recent pay stubs and a credit history will be necessary. Every owner is different as to what they will accept but the rule of thumb is 1/4 of your monthly income should cover the rental expense. This is just a guideline.

Every owner is different, but at the very least you will need first month's rent, one month security deposit and a pet deposit if applicable. Sometimes, the property owner will request the last month to be paid up front as well.

Each case is looked at and evaluated individually. The owner may ask for a written explanation as to why the credit score is low. Further, if you have open judgments, it may help to pay them off. This is certainly necessary if you choose to buy a home in the future.

Security deposits are returned within 30 days of the landlord receiving the keys and the home being vacated and cleaned. The tenant must provide forwarding address in writing upon move out.

Any unpaid utility bills, pro-rated to the move out date. Carpet cleaning or house cleaning if not left in a professionally cleaned condition. Any non-refundable portion of the deposit specified in the beginning of the lease (partial pet deposit is often non-refundable). If there are any personal items left in the house, the landlord may charge for removal of these items. Any unpaid rent or late charges.

According to the laws in the state of Pennsylvania, interest is due after the 25th month of the lease. If your term is two years (24 months) no interest will be accrued. Any interest will be included with your security deposit refund provided there's a positive balance after deductions.

The law states that 1/2 of the accrued interest is payable to the tenant after the 25th month. If the escrow is in a savings account earning 1.5% interest, then you are entitled to .75% interest.

All firms are different and ours is open-ended. The contract starts at signing, or a specified date, and runs into perpetuity! Ours can be cancelled with 30 days notice by either party after the first six months. If cancelled in the first six months, there is a penalty fee as it takes many hours of manpower initially when managing a new property.

We will pay your mortgage, association fee, maintenance bills, etc. on a monthly basis if you choose.

No, the owner of the property does not appear on any leases or correspondence, unless you want the tenants to know your identity. We have managed for parents who are leasing to their unknowing children!

No, we cannot manage homes that are not rented, or on the market looking to be sold.

The first question we ask in an investor is why?

The answer to that question will make all the difference in the type of property that works for your portfolio. Are you investing in real estate for the quick flip? 5-7 year turn around? or a 20 year college fund for your child? Our qualified staff works with all types of investing and can guide you to the best fit for you.