October 10, 2008 – 1:43 pm
Consumer Confidence is at an all time low, even in the Philadelpha Real Estate Market where there has never truly been a serious drop in home values. But the bottom line is this, people who qualify for home loans will get loans and will be able to purchase a home. Good Credit, 3.5% Down Payments, Good Work History and Buying a home you can truly afford are the key elements. In the past, people were buying homes they could not afford with adjustable rate mortgages, balloon payments, and interest only mortgages. This is something that definitely contributed to our situation right now. Its time to get responsible about what we can afford in a home and take the steps to improve our credit, save the down payment and closing costs and buy a home that is realistic for our budget. Right now, housing prices are optimal for buyers so try and fight the urge to ride the fence. Now is the time to buy. You will watch your investment and equity grow over the few years to come when our economy improves… then you can upgrade if you like. Buy low, sell high, isn’t that what we always hear from the financial experts; lets use that as a home buying tip!
Carmel Archdekin, Weichert Realtors-Liberty
www.liveinphilly.net
2bed 1bath 1074 sqft.
needs some rehab, clean block, concerned neighbors
$189,900
1120 Sqft. 3 beds 1 bath
Central Air
1 Car Garage
Don’t Miss this Amazing Home with One Car Detached Garage in Booming Port Richmond. This home goes Street to Street and has a nice backyard, great for entertaining as well as a beautiful front porch perfect for relaxing in the morning. You will be pleased with the open floor plan and adorable kitchen. There are three nice size bedrooms with good closet space. The owners have installed new windows, a new boiler, and the roof has been recoated within the last 4 years. The basement has been waterproofed and freshly painted and is large enough to FINISH adding another great asset to the house. Plumbing is also ran to add a half bath in the basement! There is wall to wall carpeting in the home but underneath are hardwood floors. The owners recently exposed the stairs and it looks fabulous. Make your appointment today.
Keep Reading »
$64,900
1298sqft. 4 beds 1 bath
Great House with lots of character. Home needs some tender loving care, but has wonderful potential. Large bedrooms with good sized closets and high ceilings. Great for 1st time home buyer or investor. This is a North Philly home that is on a nice block.
$135,000
1152 sqft.
Great Home in Overbrook on a lovely & peaceful block. Beautifully maintained interior and exterior. Three good size bedrooms, one and a half baths, C/A and finished basement. Carpeting and hard wood floors. Accessible to public transportation, Rt 30, 31, & 65. Day Care, Elementary, Middle & High School nearby. Some New Appliances. Seller will offer a one year home warranty with acceptable offer. In addition, if the buyer is interested, some or all of furniture can stay with the home.
I am sure everyone has heard the buzz about FHA loans by now. I have been able to help many home buyers and homeowners refinance in the Philadelphia area with the FHA program. What is FHA? It is essentially a government mortgage insurance company. FHA doesn’t actually loan money, they insure a lender against losses they may suffer if the borrower defaults, which encourages lenders to make loans to people who they would otherwise consider to risky. If an FHA loan results in default, the government will take the brunt of the loss and the lenders loss is significantly reduced.
HUD has specific underwriting requirements for who is eligible for an FHA loan. The two big requirements are:
- Full documentation for all borrowers (pay stubs, w-2’s, bank statements, etc.)
- The property must be either a primary home or second home…no investment properties
The benefits of the FHA program are:
- No credit score requirements (FHA does not require a specific score, but individual lenders do. We can go as low as a 580)
- only 2.25% down on a purchase and up to a maximum of a 6% sellers assist (this is huge for buyers with little cash)
- Very competititve interest rates.
FHA is a great option for buyers and those looking to refinance out of less favorable loan terms.
$468,000
2400sqft.
On the Riverside of Fishtown. THREE town homes with One Car Garages and Driveways to fit 2 cars. You will be AMAZED with the spacious layouts. 2400 square feet of living space plus basements with 9 ft. ceilings. Enter into the foyer and walk right through into a huge family room with landscaped rear yard. Proceed to the main floor upstairs where you will experience a wonderful Open Kitchen with LARGE (12×10) deck great for grilling as well as the Great Room with its own fireplace. Dine, Lounge and Relax in this exquisite space. Then retire to the third floor which features a laundry room, master bedroom with three large closets and a master bath along with two additional bedrooms and another full bath. These homes have beautiful hardwood floors, ceramic tile in the bathrooms, stainless steal appliances, and granite counter tops in kitchen and bath and a 10 Year Tax Abatement.
Hi, well this is the first post on the Live In Philly blog. I am so excited but not sure where to begin. Carmel and I have so many ideas about information to bring to this blog for readers and random web traffic alike. We will be bringing:
- Local philly real estate news
- Property listings
- Mortgage industry updates
- Real estate investment tips and techniques
- Local real estate event photos and reviews
- Bonus! Photos and descriptions of shells and ugly properties in philly (we love that stuff)
We are definitely excited to have this outlet for sharing our exciting career in the Philadelphia real estate market.
Dale and Carmel
BlogoSquare