2010 November « The Philly Pretzel

Archive for November, 2010

FHA Mortgages: New Rules Go Into Effect This Month

November 29, 2010 at 10:39 am · Filed under First Time Home Buyers, For Home Buyers, Mortgage

The FHA is becoming more and more important as a source of financing for Americans looking to purchase or refinance a home. The FHA insures mortgages against default and funds this insurance by charging borrowers a variety of mortgage insurance fees.

New rules that went into effect this month adjust the two types of mortgage insurance paid by consumers for loans insured by the FHA.

**The annual insurance premium (MMI) is paid monthly by the borrower. It is now 0.85% to 0.9% of the loan balance, depending on the down payment or equity owned. The previous amount was 0.5% to 0.55%.

**The one-time upfront insurance premium (MIP) that borrowers must pay has been changed to 1% of the loan balance from 2.25%.

The upfront premium is paid in a lump sum at closing or added to the loan balance, unlike the monthly premium, which is paid over the life of the loan in addition to the interest and principal.

Good News, Bad News: Under the new rules borrowers will save money at closing. But those monthly mortgage payments will be a little higher.

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posted by janice SEARCH the Philadelphia MLS. No Registration Required!

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East Kensington – Fishtown: LEED and Energy Star Certified Home

November 28, 2010 at 12:22 pm · Filed under Philly Pix

This will be a prototype home, 1st of its kind in Philly, using SIPs (structural insulated panels) on an infill lot. The developers, P & S Consulting say the energy consumed by this spec home will be so minimal that it will exceed even the best efficiency standards. Plans are also underway to build at least 5 more in East Kensington.

Many upgrades that cost extra on other builders LEED Certified homes such as solar panels will be included in the base price. As construction progresses I will be posting more pictures and information.

Philly Pix

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Center City Philadelphia: It’s Smart to Live Downtown

November 24, 2010 at 12:24 pm · Filed under Condos, First Time Home Buyers, For Home Buyers, Philadelphia Market Conditions

A recent report by the Center City District looks at the economic resilience of Center City amid the recession and shows that it is smart to live downtown. The report shows home values in Center City are down a fraction of what other cities are experiencing – and Center City real estate prices have held up better than citywide.

**Center City housing markets have performed better in this recession than many other places because Philadelphia’s economy and the high skilled industries that define downtown have fared better.

**Philadelphia is built on an intimate-scale street grid, it has a broad range of amenities and the ability to walk, take transit or bike to work have all been factors in attracting and retaining residents who value convenience, cost-effectiveness and a sustainable lifestyle.

**For the first time in 50 years, Philadelphia’s population has begun to increase, led by growth in Center City and University City.

The success of Center City in turn creates opportunity in every city neighborhood.

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posted by janice SEARCH the Philadelphia MLS. No Registration Required!

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Philadelphia Home Buyers: One More Tool to Help you Decide on Neighborhood

November 22, 2010 at 10:20 am · Filed under For Home Buyers, For Renters, Neighborhoods

When deciding which Philadelphia neighborhood to purchase your new home, buyers can use several tools to help them decide. Walk Score has launched Transit Score which has custom commute reports and a home-and transportation-costs calculator to help buyers gauge the proximity of public transportation to a selected address, their commuting options and associated costs.

Transit Score rates an address on a scale of zero to 100 to indicate how well it is served by public transportation. Custom reports summarize commuting options for a specific location, such as car, bike or by foot, the estimated time it would take to arrive at that address and a list of nearby public transit stops and routes. By entering a few pieces of information, the transportation-costs calculator generates an estimated monthly amount that buyers can expect to pay.

FIND YOUR PHILLY HOME

posted by janice SEARCH the Philadelphia MLS. No Registration Required!