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Mayor Nutter signed legislation on Tuesday that puts a freeze on property assessments by the Board of Revision of taxes (BRT). What this means for homeowners is that the city of Philadelphia will not be making new evaluations of your property to determine how much real estate tax you need to pay. Read the news articles here.

The BRT is being overhauled to establish a fair and accurate assessment process. The overhaul is expected to take up to two years to complete. Assessments on new construction and rehabbed properties will continue.

Two great rentals have now been reduced!

• 708 Yeadon Avenue in Lansdowne, PA: semi-detached/twin home, 2 bedrooms, one bath, detached garage – now only $875 per month
• 1421 N. 4th Street in Philadelphia, PA: 3 bedrooms, two baths, fenced backyard, deck, just off Northern Liberties – now only $1,400 per month

Call me today to schedule your appointment at 215-961-3603.

(as reported by KWY1060.com)

Governor Rendell has announced a federally-funded program that will provide affordable mortgages in Pennsylvania.

Governor Rendell says the initiative is designed to kick-start the recovery in the housing market:

“The interest rate that we’re offering in this $1.2 billion program will be a 30 year, fixed rate, home mortgage loan available somewhere between 4.5 percent and 5.25 percent.”

The governor says the loans will be offered through a network of 120 participating lenders across the Commonwealth. He also says money from the program will be set aside to expand the Keystone First program, so that 2,000 more residents eligible for federal homebuyer tax credits get interest-free loans of up to $6,000 for closing costs and down payments.

For more information about qualifying for this mortgage, call me today at 215-961-3603.

The Federal Housing Administration (FHA) will be making some major changes to the mortgage loan program requirements. Since the credit crunch started, most first-time homebuyers have only been able to be approved for an FHA mortgage. Here is a summary of the proposed changes:

• Current minimum credit score = 580, new minimum credit score = increased to 620
• Current down payment required = 3.5%, new down payment required = increased to 5%
• Current seller assist allowed = 6%, new seller assist allowed = reduced to 3%
• Current insurance premium due at closing = 1.75%, new insurance premium due at closing = increased to 3%

If you are currently approved for an FHA mortgage, you need to act now to get an accepted contract before December 31st. Otherwise, your closing costs and down payment requirements will increase. Do you have questions about your mortgage approval, or want to get approved so you can buy before the new year? Then call me right now at 215-961-3603.

One of the most frequent questions I get from first-time homebuyers is: Will I need a lot of money to buy a home? The answer to this question is: it depends.

When you are using a mortgage to purchase a home, you will need to pay for five major costs: earnest deposit, down payment, appraisal, inspections and closing costs.

• The earnest deposit is the amount of money paid when presenting an offer on a home. In our area, the typical earnest deposit is $500 for a house under $100K, and $1,000 for a house of $100K or more.
• The amount of down payment required depends on the time of loan you are approved for. This is usually expressed as a percentage of the purchase price. For example, if you are approved for a $50,000 mortgage, and the down payment required is 5%, then your down payment amount is $2,500. At this time, most banks and mortgage companies are offering loans that require a down payment.
• The appraisal is a report that is prepared by a third party for the bank. This report lets the bank know the value of the house being purchased. This service must be paid for by the buyer, and can cost about $400-$500.
• When purchasing a home, it is strongly recommended that you get a home inspection and termite inspection. Some loans may even require these inspections. A home inspection can cost $300 – $400, and a termite inspection can cost $75-$100.
• Closing costs are other items that need to be paid at the time of settlement. These include: homeowner’s insurance, transfer taxes, prepaid mortgage interest, and other items.

At a minimum, you will need to have enough money to pay for the earnest deposit, inspection and appraisal. While there may be assistance programs to help you pay for the closing costs and down payment, the earnest deposit, appraisal and inspections must be paid out of pocket. For people eligible for down payment/closing cost assistance, this means you need at least $1,300. If you are not eligible for the grant/assistance programs, add the amount of down payment and closing costs to $1,300.

If you’re interested in buying a home, and want more information on the kinds of loans and assistance you may qualify for, call me now at 215-961-3603.

The federal tax credit allows first-time homebuyers to receive a credit of 10% of the purchase price of the house up to $8,000. Current homeowners who sell their home and purchase another can receive up to $6,500.

If you are first-time homebuyer, or if you’re a current homeowner looking to move-up to a new home, you now can get the homebuyer tax credit in advance to purchase your home! First time buyers will be able to receive up to $6,000 for new homes and $5,000 for existing homes. Current homeowners who sell and buy another home will be able to receive up to $4,000 for new construction and $3,000 for existing homes.

So what are you waiting for? Even if you don’t have the money for a down payment, you can still purchase a new home! Call me now at 215-961-3603.

Are you thinking about selling and moving to a new home? Find out the value of your home first at PhillyHomeValues

Are you a first-time homebuyer? Shop all Philadelphia area homes for sale at RaquelSellsPhillyHomes

You already know that I provide real estate services in Pennsylvania. But did you know that I can also help you, even if you’re outside of my state? No matter where you’re located in the country, I can always connect you with one of my partners who is an expert in your area. So whether you’re Maine, California, Florida, or Oregon, I can help. Don’t hesitate to call me at 215-961-3603, or send me an email.

Are you looking to buy or sell a home in the Philadelphia area? Be sure to visit my website at RaquelSellsPhillyHomes.

And remember, when you need to sell, just call Raquel! You can reach me anytime at 215-961-3603, also via email.

The Federal first-time homebuyer tax credit has been extended and will expire in 2010. First-time homebuyers will continue to receive a tax credit of 10% of the purchase price of a home, up to $8,000. A first time homebuyer is anyone who has never owned a home, or anyone who has not owned a home in the past three years. Are you a first-time homebuyer? Start your homesearch at www.RaquelSellsPhillyHomes.com

The homebuyer credit has also been expanded to include anyone that already owns a home. Homeowners who have lived in their home for the past five years will be eligible for a tax credit of up to $6,500 if they moveuip to a new home. Are you thinking about moving to a new home? Get a free valuation of your property at PhillyHomeValues.

To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

Available for immediate move-in is a well maintained two bedroom home in Lansdowne, PA. This home is available for rent or on  a lease-purchase basis for only $1,200 month. Part of your rent will be credit towards the purchase of the home.

For more details or to see if you qualify, call me today at 215-961-3603.

Another first-time homebuyer just purchased the lovely home at 306 W. Courtland Street in Philadelphia. This client will be able to take advantage of the first-time homebuyer tax credit, as well as several grants offered by the City of Philadelphia. More pictures and details coming soon!

Do you need to buy a home, or get  your home sold right now? Call me right away at 215-961-3603.

Looking for new homes for sale? See all the latest homes for sale at www.RaquelSellsPhillyHomes.com