97% Mortgage – They’re ba-ck!

97% mortgage is back

97% mortgage is back

Fannie Mae and Freddie Mac both recently announced the return of the 97% Mortgage. That’s right, just a 3% down payment will get you into a new home, plus closing costs of course. Officially announced on December 8th, the two secondary mortgage giants stated they will start offering 97% LTV financing to homebuyers who could otherwise qualify for a mortgage, but may not have the resources for a larger down payment.
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Who was Smoking What When They Came Up with Montgomery County’s Real Estate Tax System?

PropertyTax_jpg_800x1000_q100Welcome to Montgomery County.  A beautiful County filled with great people, tons of things to do, a perfect location close to the hustle & bustle of Philadelphia, weekend hikes & winter skiing in the Poconos, & a short drive to the beauty, peacefulness & tranquility of the Jersey Shore.  It really is a great place to call home.  However, Montgomery County has one of those black sheep, also shared with its neighbors in the Commonwealth.  Real Estate taxes.  What were they thinking when they came up with this system?

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I am approved for a mortgage, why can’t I buy any house in my price range??

confused womanSo you did the right thing.  You were able to get pre-approved for financing and everyone tells you it is as good as buying with cash.  Then you start looking at houses and your agent tells you that the property you want to see is ineligible for the type of financing you are approved for.  What gives???
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YOU DID WHAT WITH A REVERSE MORTGAGE!

surprised babyA Reverse Mortgage is one of the best financial tools out there today.  It is amazing what you can do with them and the quality of life that can be had once they are put in place.  There are many misconceptions that we will clear up and to start, here are some actual stories to review.

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Montgomery County’s BEST mortgage program changes October 1st, 2012

Change, the one constant in life.  Especially in the world of mortgages!  I remember when we had “mirror-test” underwriting.  Hold a mirror up to the borrower’s nose & if it fogs up, they get a loan!  Well, those days are gone, as they should be.  But unfortunately, certain regulators feel the way to correct things of the past are to make it more expensive.  Makes sense, right?  (sarcasm) [Read more…]

Do I need an attorney to buy a home in PA?

Another common question that that is asked by home buyers is whether or not you need an attorney when buying a home in Pennsylvania.  There are many states that require an attorney and sometimes, it is just common practice.  In Pennsylvania, we are special:  we are one of only 5 commonwealth’s in the country, our local and school taxes have the most bizarre billing and payment schedules, and we have some crazy stupid laws. But do you need an attorney? [Read more…]

2011 Housing Market Stats for Montgomery County PA

Happy New Year!  Here we are at the end of another year in Montgomery County.  So how did the real estate market fair this year?  Check out this end of year wrap-up video for the details. [Read more…]

Montgomery County Market Update

Do you watch the news?  All that you see about housing these days is how horrible the real estate market is.  Why does everyone always focus on the negative?  Oh yeah, ratings.  They prey on the bads news; maybe in some weird way it makes us feel better about ourselves.  However, what is happening in one neighborhood, in one city, in one state, does not represent what is happening across the country as a whole! [Read more…]

It’s All About the Little Things in Life!

I just got done showing a home to a first-time home buyer, a single father and his three little girls.  There are many things that we take for granted, and this one little girl helped me to remember those thing in order to appreciate them again.  In an economy where many are complaining about their home values declining, this 6 year old little girl can really put things into perspective. [Read more…]

Uggh!!! More Mortgage Changes!

Here we go again!  More mortgage changes coming to the industry, for the worse.  Unfortunately, the former mirror test underwriting (mirror under nose, fogged up, approved!) that was offered a few years ago is now punishing those who actually want to buy a house now. The latest changes are coming soon, to the absolute best mortgage product currently available! [Read more…]

Use Your IRA to Buy Real Estate!

With the stock market taking a crap, yet again, why not use what is left in there to earn a great return in real estate?  There are two ways to take advantage of your retirement now, rather than wait for it to recover what it lost, hopefully by the time you retire!  This all depends on how much is left in there! [Read more…]

&#9836 Don’t Believe the Hype! &#9836

I am sure you have heard the radio, television, and internet ads stating you can buy a foreclosed home for as little as $199.  Not $199 down, just a total of $199 and you own the home.  I actually received an email yesterday from a lead source asking to find such homes for them.  In the words of Flavor Flav of Public Ememy, Don’t Believe the Hype…

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Want to keep track of the homes you saw? There’s an app for that!

So you went out looking at houses today, hopefully with me! You saw a bunch of homes and all of the features are getting jumbled together in your head. Although it would be nice to take your favorite amenities an create your perfect home, I could not find an app for that, sorry. However, I did find an app to help you keep track of everything right on your iPhone!

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Better Be Flexible When Buying a Short Sale

The Short Sale…this has become a household  term in today’s real estate market.  What is it?  This occurs when the owner of a property owes more on the house than it is currently worth on the open market.  When this owner needs to move, they request the lien holder to take less than what they owe, in order to facilitate a sale of the property.  Currently, 32% of our market consists of short sale listings, however, there are a bunch of agents who are not setting the right expectations to their clients in regards to short sales, for both buyers and sellers. [Read more…]

PA Seasons – Fall, Winter, Road Construction!

How many detours can one person take?  It seems that everywhere you go, there is some type of road construction going on.  309, Sumneytown Pike, the Turnpike, 202, etc.  I am sure that this is all being done to increase traffic flow and ultimately, increase time home with our families.  However, WTH is going on?  Well, here are some highlights of area projects that are temporarily clogging up the roadways and forcing us to use “the backroads”.

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