All Forum Posts by: Mary Fox

Hi Samir,

There are loans available to accommodate your purchase scenario. You are close on the closing costs #, because it is an investment property you will pay points, and Pennsylvania and its respective counties have notoriously high transfer tax rates. The terms and rate you pay are dictated by your credit score and experience with real estate investment . You don't mention if the property you have a contract on requires rehab or cosmetic help.

Rental property loans are available with 30 a year term, and because it is a rental/ investment it will be more expensive. Just don't pay upfront fees! (except of course appraisal)

Make sure you look the property up on the county tax site, or call the recorder of deeds for that county. Some counties will give you info over the phone, is it delinquent? back taxes owed? is there a mortgage? is it current? Once you have that info you can decide if it is worth pursuing. Good Luck!