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Important Mortgage Updates – Friday 5/22/09

May 22, 2009 at 11:56 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage

photo courtesy of: icann has cheezeburger

Sorry to be a little late with this update, but I’ve been trying for several days to figure out the real scoop on exactly what happened. For the first time that I can ever remember, FHA actually published a mortgagee letter on their website and then just removed it.

Usually the process of revoking a Mortgagee Letter would involve issuing another Mortgagee Letter with updated rules. Looks like someone at HUD may have gotten ahead of themselves!

For the time being, there is no monetization of the $8000 tax credit. Even if they should re-instate it, it will be months before lenders would be able to get geared up to do it.

Sorry for the unnecessary excitement.

Rates as of today were:

30 Yr Fixed – 5% (0 points)/ 4.75% (1 point)
15 Yr Fixed – 4.625% (0 points)/ 4.25% (1 point)
FHA – 4.875% (0 points)
Investment – 5.75% ( 0 points)/ 5.25% (1 point)- 25% down payment required)

*35 day lock Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA)
*Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply

APPLY FOR A MORTGAGE ONLINE

Brought to you by our favorite mortgage broker:

Carina Marchese
Center City Mortgage
267.238.5785

email Carina for today’s rate

Technorati: philly mortgage, mortgage market, carina marchese, center city mortgage company

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Where do FHA Mortgages Come From?

May 21, 2009 at 11:01 pm · Filed under First Time Home Buyers, For Home Buyers

FHA loans do not come directly from the FHA. The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants. You may get better interest rates thanks to FHA home loan insurance.

FHA loans are particularly helpful for those who want a home, but have little or no money saved for a down payment; including those just graduating college, newly married couples, and also those who have had credit problems in the past.

Typically, FHA mortgages require a 3.5 %down payment. Unlike traditional loans, this money can also be a gift to the homebuyer and does not need to be secured as the homebuyer’s own money.

Technorati: Philly home buyers, 1st time home buyers, Philly mortgages, FHA mortgages

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

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Applying for a FHA Loan

May 19, 2009 at 9:54 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage

The FHA asks for a lot of information on your FHA loan application. You will need to provide the FHA with a wide range of details including:

1. All addresses where you have lived in the previous two years.

2. Your employer’s name and addresses for the last two years, plus the amount of your Gross Monthly Salary.

3. W2’s for the past two years.

4. Income tax forms submitted for the last two years.

Gather all of this before you begin your FHA application so you will have everything handy to complete your FHA loan forms at one time.

FIND YOUR 1st HOME IN PHILLY AND GET YOUR TAX CREDIT

Technorati: Philly home buyers, 1st time home buyers, Philly mortgages, FHA mortgages

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

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What’s a Perfect Loan for a Philly 1st-Time Home Buyer?

May 18, 2009 at 11:38 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage

FHA may be the best financing option of 2009.

Why is the FHA program so good?

1st, you can get a fixed-rate loan at a decent rate. This is very important because unprecedented government spending and balance-of-payments deficits could cause inflation and the devaluation of the dollar — bad news for those with adjustable-rate loans. If inflation becomes an issue loan rates and monthly payments will soar for ARM borrowers.

2nd, there is no prepayment penalty or other funny business.

3rd, HUD, to its credit, tries to help FHA borrowers who run into hard times.

4th, the application process is very clear: You have to provide paperwork and verifications, the way loans should always be underwritten.

5th, you can buy with 3.5 percent down.

Tomorrow: Applying for a FHA Loan

Potentially Related Posts: 7 Facts About FHA Mortgages

FIND YOUR 1st HOME IN PHILLY AND GET YOUR TAX CREDIT

Technorati: Philly home buyers, 1st time home buyers, Philly mortgages, FHA mortgages

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

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How’s the Real Estate Business in Philadelphia?

May 15, 2009 at 11:49 pm · Filed under First Time Home Buyers, For Home Buyers

How’s Business?

It’s the question I always hear while I’m walking my dog, sitting in a café or holding an open house. “How’s the real estate business going? Are houses selling? Are people really buying?” Yes they are. Houses are selling and people really are buying.

Most of my buyers are first time home buyers. They know mortgage rates are low and they are very excited about getting that $8000 tax credit. And they are willing to move into neighborhoods that are outside of, but close to, Center City. Fishtown is a wonderful place to buy. Located north of Northern Liberties, homes are very affordable, there are many new restaurants and bars and it’s an exciting place to be.

Pennsport is another area that’s good for 1st timers. Located just south of Washington (below Queen Village) the homes are a little smaller, some have been renovated while others need work but you can still find a home for around $200,000 – some are a little more, some are a little less.

Then there’s Passyunk Square. A lot is going on there with new restaurants, shops, and there’s even a gym now. Homes in this area are also still very affordable, it’s close to public transportation and of course you have your choice of Geno’s or Pat’s.

Business is good. And I have to tell you – it’s fun to find the right home for the right person in the right neighborhood for the right price.

FIND YOUR 1st HOME IN PHILLY AND GET YOUR TAX CREDIT

Technorati: 1st time home buyers, Fishtown, Pennsport, Passyunk Square, Center City

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