The Philly Pretzel

Killer Kitchen in a Passyunk Square Home

Janice — Thu, 14 Jul 2011 01:55:18 +0000

http://phillypix.posterous.com

Philly Mortgage Rates Fall for Eighth Straight Week

Janice — Mon, 13 Jun 2011 19:34:33 +0000

Fixed mortgage rates fell for the eighth straight week in the widely watched Freddie Mac survey of what lenders are offering to well-qualified borrowers.

Philadelphia Mortgage Rates week of June 13th:

30 Year Fixed: 4.75% with 0 pts. (45 day lock)

30 Year Fixed Jumbo: 5.00% blended rate (call for details)

15 Year Fixed: 3.875 % with 0 pts. (45 day lock)

FHA 30 Year Fixed: 4.75 % with 0 pts. (45 day lock)

There is a significant amount of economic data scheduled for release this week including two large inflation reports (Producer Price Index and Consumer Price Index) as well as reports on housing starts, jobless claims, manufacturing and retail sales. If U.S. economic data continues to deteriorate and the global economies continue to cool, mortgage rates may continue to their downward trend for the foreseeable future.

Now’s the time to take advantage of the combination of low rates and affordable housing in Philadelphia.

Conventional pricing is with middle credit score >740. FHA minimum credit score is 640. *Income and Asset verification required and must meet DTI guidelines. *This is not a commitment to lend and other conditions may apply.

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Mortgage Help Center Opens in Philadelphia

Janice — Fri, 06 May 2011 17:37:44 +0000

Fannie Mae, the nationwide mortgage company, opened Philadelphia Mortgage Help Center 2 days ago to provide free education and counseling to Philadelphia residents with foreclosure issues. The Center was developed in partnership with Consumer Credit Counseling Service of Delaware Valley, local community and elected officials, and area mortgage servicers.

The center is located at 399 Franklin Mills Circle in the Northeast and is the latest of nine to open across the country. The services are available only for homeowners with a mortgage owned by Fannie Mae and require an appointment, which can be made by calling 866-442-8570.

Services available at the Center include one-on-one consultations with experienced housing counselors to review mortgage loans and financing options, explain the range of options available, and help borrowers apply for loan workouts and other alternatives to foreclosure. Services are available in both English and Spanish.

“Philadelphia’s nationally recognized Mortgage Foreclosure Prevention Program has already saved more than 3,000 homeowners from foreclosure,” says Mayor Michael A. Nutter. “We welcome Fannie Mae to our region and are pleased to have another partner in the fight to keep Philadelphia families in their homes.”

Determine if Fannie Mae owns your loan
or you can call 800-7FANNIE

Friday’s Links

Janice — Fri, 22 Apr 2011 14:41:52 +0000

Just a collection of random stories and articles from the week that we found interesting and thought we’d share.

2 women wage tireless war to halt Point Breeze townhouses (Daily News)

Boardwalk And South Street Ramp (Naked Philly)

Fishtown Shad Fest (shadfestdotorg)

Proposal for 3,000-patron live music venue in Fishtown heads to City Council (Plan Philly)

Ride the Duck returs to Delaware River (Plan Philly)

Existing-home sales perked up in March (MSNBC)

Mortgage denied: Sometimes, for no good reason (CNN Money)

Foreclosures: Is the Worst Behind Us? (National Association of Realtors)

New Philly Ad Woos Lesbians (G Philly)

HOW MUCH IS MY HOME WORTH

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Passyunk Square Neighborhood Find

Janice — Sat, 09 Apr 2011 15:42:50 +0000

El Jarocho located @ 13th and Ellsworth St in the Passyunk Square neighborhood is a great spot for lunch. Make sure you go on off hours as the seating is limited. Try the tacos de lengua con quesco fresco and wash them down with a glass of refreshing horchata – a drink made of rice, almonds, cinnamon, lime zest and sugar.

Open daily 9am to 11pm.

phillypix

Will Spring Thaw the Frozen Philadelphia Real Estate Market?

Janice — Wed, 06 Apr 2011 20:55:33 +0000

Get the real story about the Philly real estate market.

The spring home selling season is usually under way by Super Bowl Sunday, but it got a late start this year between the weather and the economy. This wait and the fear of rising interest rates seem to have released the pent-up demand among buyers who have been out in droves lately. We should start to see the back-log of inventory decline for well- priced house that are updated to today’s standards. Buyers’ expectations are also greater. Buyers in today’s market are a lot less willing to commit to homes that need work.

SELLERS: Pricing your Philadelphia home correctly from the beginning is vital. However the spring market may present a new opportunity to aggressive re-price and move a floundering property.

(click on graph for larger view)

HOW MUCH IS MY HOME WORTH

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Potentially Related Posts:

Philadelphia House Prices Currently Back to 2003 Levels
Philadelphia Real Estate: Strong Buyers’ Market Persists
How’s the Philadelphia Real Estate Market?

Philadelphia Real Estate Taxes in the News

Janice — Fri, 01 Apr 2011 17:34:23 +0000

courtesy of Fix Philly Taxes

In 1981 the Mayor and City Council of Philadelphia entered into a political “deal” that was supposed to correct the systemic problems by equalizing property values over six years. Over 25 years have passed since the court-ordered deadline in their agreement…and still the system has not been fixed.

I think we all agree that the real estate tax system in Philadelphia is broken. Attempts at fixing the inequities have been by and large dismal failures. With the recent “temporary” tax increase and the Actual Value Initiative on the horizon there has been lots of discussion this week in the news.

Daily News Editorial: Property taxes: Getting past crazy

Philadelphia must justify property-tax projections

Nutter, Council pull off tax-hike switcheroo

Inquirer Editorial: Smells like a tax hike

This Is A Temporary Tax Hike, Right?

Philadelphia eyes a boost in real estate tax revenue

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What is the 90 Day Mortagage Flip Rule?

Janice — Thu, 31 Mar 2011 18:08:00 +0000

With the Philadelphia spring housing market upon us I thought it would be a good time to review the guidelines for getting a mortgage on a flipped property. Essentially a flip is when an investor buys a property and then sells it at a profit within a short time frame. Flips tend to make lenders cautious because these types of transactions historically have had higher rates of default – more fraud involved, inflated property values, etc. These transactions can be difficult to close but if you know the rules it gets easier.
Conventional mortgage flip rules are relatively straightforward – a resale on a property when the seller is owner of record 90 days or less the loan is a decline. A resale of a property when the seller is owner of record 90-180 days is acceptable with 2 full appraisals and will typically be very closely reviewed, especially if the loan requires mortgage insurance.

FHA loans also have a prohibition on buying properties that were bought by the seller in the past 90 days. But there is a waiver in effect through December 31st 2011 that will allow flips to close. There are some conditions – the transaction has to be arms length (meaning not between friends or family) and if the seller is making more than 20 percent of their original purchase price, there are more complicated conditions that need to be met. Read the entire notice: Temporary Exemption from Compliance with FHA’s Regulation of Property Flipping (pdf)

While FHA has waived the rule for one year not all lenders will also waive their flip rules which are often applied to all mortgages. One more reason to use an experienced Realtor who knows the ins-and-outs and who has a good working relationship experienced mortgage brokers. It could mean the difference between buying the home you want or being denied a mortgage.

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Philly Mortgage Rate Update: March 14th 2011

Janice — Mon, 14 Mar 2011 21:26:09 +0000

Mortgage rates were lower last week as surging oil prices and tension in the Middle East continue to drive investors to the perceived safety of the Treasury market. High oil costs affect more than just the price at the pump for consumers. Rising fuel prices means higher transportation and shipping costs for everything from food to manufactured products to service-related businesses. Those increases are usually passed on to businesses and consumers, threatening economic growth and corporate earnings. I wouldn’t expect any significant changes in rates until there is some resolution overseas.

Today’s Mortgage Rates:

30 Year Fixed: 4.875% with 0 pts. (45 day lock)

30 Year Fixed: (KW Stimulus): 4.50% with 0 pts. (45 day lock)
(Seller must participate in KW Stimulus Plan…call for details!!)

30 Year Fixed Jumbo: 5.25% blended rate (call for details)

15 Year Fixed: 4.25 % with 0 pts. (45 day lock)

FHA 30 Year Fixed: 5.00 % with 0 pts. (45 day lock)

The bottom line is that even if housing were to drop a little further in some areas, the affordability coming from today’s rates serves as a backstop against any moderate price reduction. Remember, housing will likely be in a much better position in the second half of the year and at that time rates could be a bit higher. Now’s the time to take advantage of the combination of low rates and affordable housing in Philadelphia.

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House Hunting in Northern Liberties / Old Kensingon?

Janice — Fri, 11 Mar 2011 21:11:08 +0000

Take a break at the local tagueria: Taco Riendo 1301 N 5th St (@Thompson St)

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