Roxborough Philadelphia, PA Mortgage
Roxborough is a wonderful neighborhood in Northwest Philadelphia, bordering Manayunk, East Falls, and Fairmount Park. Along with Manayunk, Roxborough is separated from the rest of Philadelphia by the Wissahickon Creek, making it very much it's own unique community.
A great place to live and invest, Roxborough is home to Philadelphia University and St. Joseph's University. Roxborough Philadelphia properties range from old, classic row homes to single family residences with nice yards, a rare amenity in Philadelphia.
Roxborough Philadelphia Home Sales
In 2013, there were 456 home sales in Roxborough. Homes sold, on average, for $231,000 and an average sale selling for 93% of the list price. There were also 28 sales of condos in Roxborough with an average price of $169,400.
The predominant method of financing in Roxborough is conventional financing, however in 2013 there were also many FHA mortgages used to buy homes, as well as plenty of cash sales.
Cash investors should always keep delayed financing in mind to maximize their investment power. Those looking for a Roxborough Mortgage should look into one of the following mortgage options:
Roxborough Philadelphia Conventional Loans
Roxborough home buyers can borrow up to $417,000 with the use of conventional financing. The benefits of this type of financing are only a 5% down payment requirement (all of which can be gift funds), competitive rates, cheaper mortgage insurance than FHA loans (with good credit & less than 20% down), the ability to use LPMI, and the ability to have sellers assist cover closing costs (up to 3% of the purchase price with less than 10% down, up to 6% of the purchase price with 10% down).
The disadvantages of Conventional lending are that rates and PMI premiums can be higher for those with lower FICO scores and spotty credit history. Conventional loans are not assumable, so when a home is sold a conventional loan must be paid off.
Roxborough Philadelphia FHA loans
With an FHA loan, Roxborough home buyers can finance up to $379,500 in loan proceeds with only a 3.5% down payment. The FHA program allows buyers to come to closing with little to no money out of pocket beyond the 3.5% (which can be gift funds) since the program allows for up to 6% sellers assist.
FHA loans are a great program, especially for buyers will less than perfect credit, as the interest rates aren't nearly as dependent on FICO scores as conventional rates are. FHA is also less restrictive to buyers with a previous bankruptcy or foreclosure.
The downside to an FHA loan is the PMI - it is expensive, and with less than 10% down, it's required to stick to an FHA loan for the life of the loan, despite a home owners equity position. For this reason, many FHA buyers later refinance into a conventional loan. A major upside to FHA loans is that they're assumable, which is a great benefit to sellers in a rising interest rate environment.
Other Roxborough Mortgage Options
Home buyers in Roxborough can also use many other loan programs such as VA financing, Portfolio financing, or for more expensive Roxborough properties, buyers can use one of our many Jumbo mortgage programs, some of which have even better rates than conventional loans. FHA 203(k) loans are available to Roxborough home buyers who would like to renovate or update the property they're buying.
Roxborough is an excellent area of Philadelphia to call home. It's got all of the nearby amenities of the city with a more suburban feel in many areas. If you're interested in buying a home in the Roxborough neighborhood of Philadelphia, we'd highly recommend reaching out to Jon Miller of Keller Williams. Jon is an expert in the Philadelphia marketplace, and a resident himself. He knows the market, and provides tremendous service to his clients.
If you have any questions on the Roxborough marketplace or your mortgage options, call 484.680.4852 or get an immediate response by asking an expert here.