Lehigh Valley Real Estate Blog, Home Buying & Selling Information

Allentown Historic District - Classic Home

Beautiful 3 BR, 2BA home located in the Allentown Historic District.

The modern kitchen and dining room have pergo flooring. The living room and family room have wall-to-wall carpeting and ceiling fans plus the first floor full bath has been updated. The 2nd floor has 3 bedrooms (all w/ceiling fans) plus access to the balcony and another updated full bath with pergo flooring and track lighting. A front sitting area (rm for a computer) gives access to the walk-up attic that is floored for storage and can easily be finished to add additional square footage.

The basement contains new plumbing and windows in addition to the laundry area. A covered porch, patio, fenced yard, and 2 car-parking pad complete the ideal home.

For more information visit: www.LehighValleyHomesOnline.com

In Jeopardy of Losing Your House Due to ARM Change?

Eligibility Highlights of the FHASecure Initiative

The FHASecure initiative, which is a temporary program designed to provide refinancing
opportunities to homeowners, requires that the loan application be signed no later
than December 31, 2008.

This initiative is designed to permit homeowners, who previous to their ARM reset,
demonstrated an ability to meet their mortgage obligations, It allows the home owner
the opportunity to refinance into a prime rate FHA insured mortgage.  In many cases,
homeowners may be permitted to include mortgage payment arrearages into the new loan
amount.

If the new maximum FHA loan is not enough to pay off the existing first lien, closing
costs and arrearages, the lender may execute a second lien at closing to pay the
difference.  The combined amount of the FHASecure first mortgage and subordinate lien
may exceed the applicable FHA loan to value ratio and geographical maximum mortgage
amount.

*The mortgage being refinanced must be a non FHA ARM that has reset.

*The mortgagors’ payment history on the non FHA ARM must show that, prior to the rest
of the mortgage, the mortgagor was current in making the monthly mortgage payments.

*Mortgagees must determine, as part of the underwriting process, that the reset of the
non FHA ARM monthly payments caused the mortgagors inability to make the monthly payments
and that the mortgagor has sufficient income and resources to make the monthly payments
under the new FHA insured refinancing mortgage.

*The payment to income ratio and debt to income ratio remains 31 percent and 43 percent, respectively.

*Maximum HFA loan to value ratios
97.75%: For properties with appraised value in excess of $50,000

Call Amy at the Lehigh Valley Office of Prosperity Mortgage for more information. 610-317-1460

FHA Mortgage - 1% Below Market Rate for First Year

Prosperity Mortgage, a joint venture between Long & Foster Real Estate, Inc. and Wells Fargo is offering, for a limited time, a great incentive for home buyers.

This fantastic program gives you an interest rate of one percent (1%) below current market rate for the first year on any FHA Government loan. With a minimal investment of 3% of the sale price (this can even be a gift from a family member); you can get into your new home for almost nothing.

For more information about this and many other programs call Amy at Prosperity Mortgage, (610) 317-1460. Mention my name, Joe Finnerty, and I am sure she will go above and beyond in helping you.

Lehigh Valley Mortage Companies - How Important Is Your Choice?

Today, I received a 3 page list of mortgage companies that have gone out of business, are on the virge of going out of business, or they are having problems and doing layoffs. I was somewhat surprised at the length of the list.

As a Lehigh Valley Home Buyer or Home Seller, the mortgage company being used to purchase a home is critical. Every company offers different plans based on income and credit score. If a home buyer is in the gray region, that plan may be canceled at any time if a company decides it is too risky of a loan.

Will the loan actually get funded? Will the company still be in business? These are all legitimate questions from a home buyer or seller point of view.

As a home buyer with an old pre-approval, it may be time to touch base with the mortgage company and make sure everything is okay and get a new pre-approval. When you find your dream house, you don't want the offer rejected because the seller has a problem with your mortgage company selection. I have definitely seen one contract chosen over another due to buyer financing options.

Cats Need Help - Save a Cat Today

Hillside SPCA in Pottsville currently has 400 cats and is frantic.

They are to the point where they may have to start euthanizing and this is a non-kill shelter that is one of the most loving and caring facilities around.

It would be just terrible for them to euthanize some of the older cats that have been with them for years!!!

If anyone has any ideas or knows of anyone that might be willing to adopt a cat or two or three, please contact Elizabeth at eap175@psu.edu.

Back to Work Fun - Dog Tricks

I came across the following dog trick website and thought it might brighten the day.

http://www.idodogtricks.com

Try the following commands:

stay, sit, roll over, down, stand, sing, dance, shake, fetch, play dead