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fha loan: 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)
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fha loan: 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)
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fha loan: 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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fha loan: First Time Homebuyer Bargain - 04/04/09 09:50 AM
I have a condo listing at 16th & Brown here in Philadelphia (click here for details) that is a prime example of the deals available to first time buyers with decent credit in this market. It's a fully renovated unit with an asking price of $199,900 and the seller is willing to give up to a 6% seller's assist. In addition, the property qualifies for a zero-PMI FHA loan for first time buyers and they will be able to claim the $8,000 tax credit on top of that.
Given this scenario a buyer would need less than $2,500 out of pocket … (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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