first time buyer: A Good Reason to Buy Now - FHA Increasing Fees in September
- 08/06/10 09:16 AM
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)
first time buyer: Where Have All the Buyers Gone?
- 07/14/10 06:49 AM
According to this article purchase-money (as opposed to refinance) mortgage applications last week were at their lowest level since December of 1996. If you just woke up from a five year nap and read that you might think interest rates had soared up to the double-digits, but surprise, interest rates are at all time lows as well with 30 year mortgages coming in around 4.5% for qualified borrowers. So if mortgage rates are so attractive why aren't more folks applying for mortgage? Based on my personal experience there are two key reasons: 1. All the motivated buyers bought early this year. … (1 comments)
first time buyer: Video Tour of 151 W. Seymour St., Philadelphia, PA
- 05/04/10 04:12 AM
Click here to see a video tour of my listing at 151 W. Seymour St. It's a great house for a first-time buyer who needs a lot of space or for a large family looking for a low-maintenance, beautifully renovated home in Germantown. … (3 comments)
first time buyer: Where to Start When Buying a Home?
- 04/21/10 04:08 AM
I spoke last night at an event for University of Pennsylvania Alumni who are thinking of buying a home in Philadelphia. The event was loads of fun, partly because it was held in the top-floor penthouse of the Aria Condominium building which has amazing views to justify the close to two-million dollar asking price. Many of the attendees at the event were potential first-time home-buyers and I was bombarded with questions ranging from which neighborhoods in Philly are going to be the "next big thing" to whether or not looking at foreclosure listings is a good idea. The thing that stood … (1 comments)
first time buyer: Homebuyer Tax Credit Expires Soon
- 04/09/10 07:06 AM
Don't forget tha the clock is ticking on the Homebuyer Tax Credit. To qualify for the credit you must have a property under contract by April 30th and close on it by July 1st. The credit for first time buyers is up to $8,000 and even if you’re not a first time buyer you may still qualify for a credit of up to $6,500. Combined with low interest rates and motivated sellers the tax credit makes it a great time to buy a home. The tax credit also affects sellers because once the credit expires there will probably be fewer motivated … (1 comments)
first time buyer: First Time Buyer Tour of Homes - Roxborough/Manayunk
- 02/03/10 07:58 AM
Buying your first home can be a daunting experience for anyone, and it's often hard to get trustworthy advice on how best to approach the process. For that reason Brown McKinney Real Estate is pioneering a new, low-pressure way for first-time buyers to get started on the road to home-ownership - the First-Time Buyer Tour of Homes. The timing for this could not be better since first-time buyers who have a property under contract by April 30th can still qualify for the $8,000 tax credit! Our first tour will focus on homes in the $200,000-$300,000 price range in two of Philadelphia's … (0 comments)
first time buyer: Amazing Mortgage Rates
- 01/26/10 10:34 AM
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)
first time buyer: FHA Tightens Rules for Borrowers
- 01/20/10 11:45 AM
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)
first time buyer: Summer Selling Season to Shift this Year?
- 01/08/10 03:13 AM
Traditionally home sales in a given year peak in the summer. This common trend is driven by better weather for home-shopping, more relaxed work schedules for many buyers and sellers, and a desire to move during the summer while kids are out of school, avoiding mid-year school transitions. 2010 however may buck this trend and push the peak of home sales earlier, into the late winter or early spring. The reason for this expected shift is the $8,000 home-buyer tax credit which currently applies only to home sales under contract by April 30th and closed by June 30th. Last November, when … (0 comments)
first time buyer: A Second Chance for First Time Buyers
- 11/16/09 02:14 AM
Over the past couple of weeks events have conspired to give first-time home buyers a second chance at snagging the deal of a lifetime! First the $8,000 tax credit was extended through April 30th of 2010 and expanded to include a tax credit for some repeat buyers, letting them in on the fun a bit as well. Additionally, mortgage rates have again dropped solidly below 5% - one banker I work with is quoting 30-year fixed-rate mortgages at 4.875% this morning, and they offer even lower rates for qualified first time buyers. Finally, there is still an abundance of housing inventory … (0 comments)
first time buyer: Tax Credit Expansion Passes in Senate...Take it to the House!
- 11/05/09 04:25 AM
The extension and expansion of the first-time buyer tax credit (now for some other buyers as well) passed through the Senate yesterday and should get through the house and onto the President's desk soon. The details of the expansion are: $8,000 tax credit for first time buyers extended to those under contract by April 30, 2010 with 60 days to close after that. Income limits increased to $145,000 for single taxpayers and $245,000 for married couples, with phaseouts beginning at $125,000 and $225,000 respectively. Eligibility for up to $6,500 in tax credit is extended to repeat buyers who have lived in … (0 comments)
first time buyer: Tax Credit Extension Still "Tentative" but Hopefully...
- 10/29/09 06:32 AM
The latest word on the $8,000 first-time-buyer tax credit is that it will be extended for a few more months, and that it will be at least partially expanded to some buyers beyond just first-timers, although the criteria they're using are a bit weird. The excerpt below is from Realtor.org: "Lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years. Home buyers must be under contract … (0 comments)
first time buyer: Tax Credit Extension Likely
- 10/28/09 02:59 AM
According to Senator Bill Nelson (D-FL) passage of an extension to the first-time buyer tax credit seems likely. The most likely format for the extension will be an extension of the current $8,000 tax-credit program through March 31, 2010. After that the maximum tax credit would be reduced by $2,000 per quarter through the end of 2010. This seems like a reasonable way to ease the housing market off it's tax-credit addiction. It hasn't passed yet, but buyers who are rushing to close by November 30th - the current expiration date - may be able to breathe a little easier knowing … (3 comments)
first time buyer: Mortgage Rates Below 5% Again!
- 10/03/09 12:57 AM
Rates on 30-year fixed mortgages have dropped back below 5%! One local lender that I work with is quoting 4.74% for purchase loans this morning and they usually offer even better rates to first-time buyers. If you're thinking of buying this could be a perfect time - prices are still low but showing signs of bottoming out, there are loads of houses on the market, and interest rates are amazingly favorable. Happy house hunting! … (2 comments)
first time buyer: Open Window for Sellers
- 09/01/09 08:24 AM
If you need to sell your home, but have been waiting for the market to recover now may be a good time to take a shot at selling - especially if your home is one that would appeal to first-time buyers rushing to close deals before the November 30th expiration of the first-time buyer tax credit. You're still going to have to price your home very competitively to sell it in today's market, but if you anticipate selling in the next 12-18 months, the time between now and November may represent a brief window where you can earn a premium thanks … (0 comments)
first time buyer: Good News for Buyers - Bad News for Stabilization?
- 08/25/09 03:11 AM
According to Senate Majority Leader Harry Reid of Nevada an extension of the $8,000 first-time-buyer tax credit is something that, politically anyway, can (and will?) be done. Additionally, by 'extension' he refers to extending the program beyond its current expiration date of November 30th, and extending the tax credit to all hombuyers, not just first timers. While an extension of the tax-credit would be great news for buyers who are just now entering the market and could use more time to shop around, an extension also prolongs the unnatural state present in the current housing market. Currently, sales are being artificially … (2 comments)
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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