Breaking Down The Tax Abatement

Philadelphia homes for sale an in depth look at how the tax abatement works for new construction or a complete renovation We originally wrote about this back in February of 2013, however, it is a question we hear over & over again from our clients. I thought that I could clarify further by using a few websites maintained by the city that are, in a very un-Philly fashion, quite clear & easy to use. You just need to know where to go. what exactly is a tax...Continue Reading!

Clearing Up The “Sellers Assist”

Philadelphia homes for sale major misnomer: a confusing term that should probably be renamed A sellers assist is a great financial tool for buyers to save money up front by being able to put less money down at closing for the purchase of their new home. A buyer may have a number of reasons for using the sellers assist; they may be short the cash needed to close or they want to use the funds for improvements to the home or they want to keep the money...Continue Reading!

FHA Loan Limit to Drop Over $37,000 January 1st, 2014

Philadelphia homes for sale FHA Loan Limits Lowered From $417,000 to $379,500 Planning on buying a home?  Find out if the change in FHA loan limits will effect you. What is an FHA loan? An FHA loan is a loan is that is INSURED (not directly funded) by the Federal Housing Agency & issued to a borrower through federally qualified lenders. Historically this type of loan has less stringent requirements on the borrower including lower acceptable credit scores. Minimum down payment is 3.5%. Seller assist up to 6% of the...Continue Reading!

Thinking of Buying a Home in Philadelphia But Mortgage Rate News Got You Down?

Philadelphia homes for sale We Are Still at Historic Lows...Don't Believe Me...Check the Graph Interest rates are clocking in at about 5% (depends on a lot of factors).  Which seems high compared to the ridiculously low 3%-3.5% we were seeing.  If you look historically, it is still very low. It's still a good time to buy & the fall market is a great time for buyers!  Contact us if you were thinking of purchasing a home.  We can help put you in touch with the right...Continue Reading!

Planning on Buying a Home in Philly in 2013?

Philadelphia homes for sale Must Read Mortgage Advice... We help lots of people buy & sell homes.  We have seen the frustration first hand.  It is much more difficult today to obtain a loan than it was 5 or 6 years ago. We encourage ALL of our clients to read this Forbes article called "The Perfect Loan File".   It is the best thing to read so you understand WHY you are being asked over & over again for what seems to be the same thing...Continue Reading!

Why Buying a Condo Can Be Tricky

Philadelphia homes for sale Let's Set Some Expectations Up Front Buying a condominium in Philadelphia in 2013 can be more difficult if you are financing the purchase.  Many lenders will have more stringent requirements on both the borrower & the building.  It's important as a buyer to be aware of these issues up front so you & your agent can work together to make your transaction as smooth as it can be.  This is where it helps to hire an experienced agent. Requirements on the Borrower Borrower has...Continue Reading!

12 Do’s & Don’ts When Getting A Mortgage

Philadelphia homes for sale Getting a Mortgage is Tough These Days... This information was provided to us by Matthew Boyce of Annie Mac Mortgage.  This is a comprehensive list of the problems he has run into over the past decade working as a loan officer.  He created this list to provide to clients & realtors in an effort to simplify the process.  If you really want to simplify the process hire a good lender & a good Realtor to advise you correctly & assist you...Continue Reading!

What Kind of Down Payment Do You Need to Buy a Philadelphia Investment Property?

Many Of Our Clients Are Unclear On the Down Payment Needed to Buy A Multi Family Property We thought we would clarify.  There are different options available for different kinds of buyers.  There is no one size fits all option, unfortunately. Options 3.5% down - for the buyer who will be an owner occupant they can go FHA.  They can boost the purchase price by 6% to help cover closing costs.  You can only have 1 FHA loan at a time. 20% down -...Continue Reading!

Time to Buy is Now! Interest Rates are Creeping Up!

Philadelphia homes for sale Interest Rates Jumped to a 7 Month High Last Week After some positive employment news that was released it looks as thought mortgage rates crept up.  According to Freddie Mac the average rate for the 30-year fixed rate loan rose to 3.63% from 3.52% last week. Low interest rates help increase affordability.  Prices are still somewhat stagnant, although they seem to be creeping up a bit due to less supply.  If you were thinking of purchasing a home; now is the time...Continue Reading!

Under Water Mortgages Explained

Philadelphia homes for sale We Often Hear This Term When It Comes to Mortgages We thought we should clarify. What Is It? A mortgage is considered "under water" when the property is worth less then what is owed to the bank. For example:  Purchase price 150K with a down payment of 20% or 30K.  Mortgage amount is 120K.  Say home prices fall in this region & the home is now worth 100K.  This property is 20K underwater. Many people choose to continue paying their mortgage as fluctuations in market...Continue Reading!

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