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fha: Back from Vacation to Find LOW Mortgage Rates - 08/27/10 02:22 PM
I'm back from a long vacation and catching up on what I missed. There's a lot to cover, so check back for more blog posts over the next few days, but I'll start today with the REALLY good news for home-buyers or homeowners looking to refinance: interest rates are at all time lows! I'm seeing 30 year fixed FHA loans quoted as low as 4.0% which means your monthly mortgage payment (principal and interest) for a $200,000 house would be only $921.41 with only $7,000 down! And that payment is locked in for 30 years!
If you're currently renting and having … (4 comments)

fha: A Good Reason to Buy Now - FHA Increasing Fees in September - 08/06/10 04:16 PM
Starting September 7th, the Federal Housing Administration will raise the annual fees it charges FHA borrowers for mortgage insurance. Lately a huge percentage of buyers have been using FHA loans since they are one of the few options left for a low-down-payment purchase. The annual mortgage insurance fee will initially rise from 0.55% to 0.85% of the loan amount, but is authorized to go as high as 1.5%, at which point it could make housing less affordable to many buyers. To help ease the pain of higher annual fees, FHA is going to reduce the up-front mortgage insurance premium from 2.25% … (0 comments)

fha: Mortgage Rates at Their Lowest Point of 2010, Great Time to Buy! - 05/21/10 02:59 PM
According to this article mortgage rates are at their lowest point so far in 2010 with a national average rate of 4.84% for 30 year fixed loans and an amazing 4.24% average on 15 year loans. One local lender here in Philly is even offering 30 year fixed-rate FHA loans at 4.25% for buyers with qualifying income (under about $60,000 per year). With rates like these it's a great time to buy a house and lock in a low monthly payment for years to come.
… (0 comments)

fha: Philadelphia Investment Market Statistics - 02/12/10 11:17 AM
I've always been a big fan of using statistics and numbers to guide my decision making when it comes to real estate investing. Unfortunately the numbers I'd like to have aren't always available so I've decided to start tracking some of them myself. After digging through a bit of data I've come up with the following three tables which I think should be helpful to many local investors, and I plan to update the numbers on a weekly basis which should provide a more and more helpful data-set as time goes on. If you can think of good datapoints that you'd … (1 comments)

fha: Amazing Mortgage Rates - 01/26/10 06:34 PM
One of the awesome local mortgage lenders that I work with emailed me today with an update on a great mortgage program he has for first time buyers. For first time buyers with annual income under $60,000 he offers a 30-year, fixed-interest-rate FHA loan with a 4.25% interest rate and zero points! Just like any other FHA loan this requires only a 3.5% downpayment and allows up to 3% seller assist to help cover closing costs. This can really help to make some of today's bargains even more affordable, and if you qualify for this loan you should also qualify for … (2 comments)

fha: A Rare Piece of Good News for Flippers - 01/24/10 05:53 PM
If you've talked to me about real estate investing over the past couple years I've probably advised you that trying to 'flip' houses for a quick profit in today's market is super risky. Most of this risk comes from the fact that even if you buy the property at a great price, execute a beautiful renovation while controlling rehab costs, and put it on the market at a fair price that doesn't guarantee that there will be any qualified, end-user buyers around who can actually close on the property. A newly announced rule change from HUD (see article) should help to … (2 comments)

fha: FHA Tightens Rules for Borrowers - 01/20/10 07:45 PM
According to this article the Federal Housing Administration is tightening the requirements for borrowers of FHA guaranteed mortgages. The changes will especially impact borrowers with lower credit scores as the minimum down-payment for those with less than a 580 credit score rises from 3.5% to 10%. Even borrowers with good credit will be hit by the increase in the mortgage insurance premium charged by FHA. This increase will add to both upfront closing costs and monthly costs over the life of the loan.
Even with these changes, intended to help the FHA avoid further financial distress, FHA loans are still a … (0 comments)

fha: FHA-Financed 2-4 Unit Properties - A great way to start investing today! - 07/22/09 09:40 AM
As prices come down across the board many seasoned real estate investors are migrating to larger properties where they can achieve greater economies of scale. This is leaving fewer professional investors in the market for duplex, triplex, and fourplex properties. As the investor community moves away from 2-4 unit properties it leaves the bidding wide open for owner-occupants and first-time buyers who want to buy a home that doubles as a savvy investment.
The best thing about buying a 2-4 unit property as your primary residence is that you can get FHA financing for up to 96.5% of the purchase price … (0 comments)

 
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James Yoakum, SFR

Philadelphia, PA

More about me…

Brown McKinney Real Estate Company

Address: 1733 Spring Garden Street, Philadelphia, PA, 19130

Office Phone: (215) 825-2250 x 1002

Cell Phone: (267) 496-7739

Email Me

Observations from my work in the wide world of real estate with a frequent focus on the Philadelphia market.


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