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FHA Relaxes Condominum Rules

August 27, 2019 by admin

More condominium projects are expected to gain eligibility for FHA financing under new guidelines issued by the Federal Housing Administration this month. The revised guidelines, set to take effect Oct. 19, are expected to qualify 20,000 to 60,000 more condo units annually for government-insured FHA loans.

FHA loans, which require a 3.5% down payment and have generally looser credit requirements than conventional loans, are popular with first-time home buyers. Condos, too, are popular with first-time buyers because they often offer an affordable price to enter the housing market and require less home maintenance. Yet only about 6.5% of all condo projects in the country are approved for FHA financing because of restrictive policies in place for more than a decade.

Highlights of the new guidelines that should boost condo sales:

· Spot approvals: If an entire condo building wasn’t on the approved FHA list, it was nearly impossible for an individual buyer to obtain FHA financing in the past. The new guidelines allow an individual unit to be approved for FHA financing in a building of 10 or more units, as long as no more than 10% of the units in the building have an FHA-insured loan. In smaller buildings, with less than 10 units, no more than two units can have an FHA-insured loan.

· Mixed–use developments: The amount of commercial space allowed in a condo has been increased, which means more condo units in mixed-use developments will be eligible for FHA loans.

· Certifications: The length of time a certification lasts has been extended from two years to three years, and recertification has been streamlined.

· Owner/occupant ratios: The required ratio of owners vs. renters has been dropped from 50% to 35% to be eligible for an FHA approval.

· FHA loans: Up to 75% of all units in a condo project can now have an FHA loan.

Through July 31 of this year condo sales in Wallingford comprise 9.5% of total sales. The average selling price of the 14 condos sold was $126,561.

These changes take effect in October and will make FHA financing easier for condominium buyers.

Wallingford PA Real Estate – Wallingford,, PA 19086

Wallingford PA Real Estate – August 19, 2019 To August 25, 2019

August 27, 2019 by admin

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 50 homes listed for sale in Wallingford PA and Nether Providence Township on August 27, 2019 with an average asking price of $415,444.

Existing-home sales showed improvement in July, a welcome sign for what has been a mostly sluggish summer real estate market. Reversing course last month, sales climbed 2.5% over June, the National Association of REALTORS® reported Wednesday. The Northeast was the only major region of the U.S. to see sales decline in July. The bulk of sales growth was attributed to the West.

Key metrics from NAR’s July housing report

Home prices: The median existing-home price for all housing types in July was $280,800, up 4.3% from a year ago ($269,300).
Housing inventories: Total housing inventory at the end of July decreased to 1.89 million, a 1.6% drop from 1.92 million one year ago. Unsold inventory is at a 4.2-month supply at the current sales pace.
Days on the market: 51% of homes sold in July were on the market for less than a month. On average, properties stayed on the market for 29 days in July, up from 27 days a year ago.
All-cash transactions: All-cash sales accounted for 19% of transactions in July, down from 20% a year ago. Individual investors and second-home buyers make up the bulk of cash sales. They purchased 11% of homes in July, down from 12% a year ago.
Distressed sales: Foreclosures and short sales continue to shrink, comprising 2% of sales in July and down from 3% a year ago. Less than 1% of sales from a year ago were short sales

View all Nether Providence Twp Homes For Sale

View all Homes Listed In The Last 7 Days

Wallingford Market Snapshot – 50 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$415,444	$362,450	$104,000	$959,000	87

Single Home Market Snapshot – 37 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$489,784	$449,900	$230,000	$959,000	96

Townhouse Market Snapshot – 5 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$267,600	$285,000	$179,000	$350,000	75

Condo Market Snapshot – 4 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$124,325	$123,700	$104,000	$145,900	85

Twin Market Snapshot – 4 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$203,725	$224,950	$115,000	$250,000	18

*DOM = Days On Market

3 Wallingford PA homes went under contract

2 new listings came onto the market

1 listing was withdrawn from the market

No listings expired

26 homes are Under Contract at this time

1 Wallingford PA home sold last week

Wallingford Homes Sold August 19, 2019 To August 25, 2019
ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
605 E Media Parkway	SNG	4	2.0	$153,000	08/19/19	93
AVERAGE				$153,000		93

605 E Media Parkway sold with a $4,590 Seller Assist

Wallingford PA Real Estate – Wallingford, PA 19086

What Is Title Insurance?

August 26, 2019 by admin

One of the large numbers you see on your ALTA closing statement sheet at the closing table is title insurance. Many people ask just what is title insurance and why do I have to have it?

Title insurance is an insurance policy that protects the insured against financial loss rising through defects in the title to real property. Before a home is purchased it most likely has gone through several ownership changes, and the land on which it is built went through many more. At any point in that ownership chain there may have been a situation that occurred which can cause a title issue. For example, an owner may have forged a signature in the transfer of title, or there may be unpaid tax or mechanic liens against the property. Title insurance covers the insured party for economic loss that is the result of such title issues, which are known as title “defects”. When the title for a property has been verified as insurable, the title company will guarantee against loss due to any title defects, and pay expenses incurred in defense of any lawsuit which challenges the title.

The premium for title insurance is paid once at the time of closing, and is based upon the purchase price of the property. The insurance protects the insured for as long as they or their heirs maintain an interest in the property. Coverage protects against losses that arose prior to the issuance date of the policy, and ends on the day the policy is issued and extends backwards in time for an indefinite period of time. This is a marked departure from most insurance policies, which protect the insured against future events that occur after the policy is issued.

Insurance is mandatory and required by the lender when purchasing a home that involves a mortgage. The purchase of title insurance is not required when purchasing a property with cash, but it is strongly recommended that the buyer do so.

Title insurance rates are set by the Pennsylvania Insurance Commission, and all policy pricing is uniform across the state. For example, a Wallingford home that is being purchased for the average 2d Quarter 2019 quarter price of $358,286, the price of a standard title insurance policy would be $2,501.30

Wallingford PA Real Estate – Wallingford, PA 19086

A Tale Of Two Brothers And Their Divided Loyalty

August 22, 2019 by admin

The Vernon family of Nether Providence were prominent during the Revolution. Nathaniel Vernon had two sons, Nathaniel Jr. and Frederick, and resided at a home located at the end of present day Hickory Lane. At the outbreak of the war he was sheriff of Chester County and was an outspoken advocate of the cause of the crown, and subsequently became so offensive to the colonial authorities that he was declared a traitor, as was his son, Nathaniel Jr. The father fled to the protection of the British army, while Nathaniel, joined the Brithsh army serving with the Tory Light Horse. Frederick, sided with the Continentals, joined the army, and rose to the rank of Major.

During the British occupation of Philadelphia, Frederick obtained permission to visit his wife and family at his home in Nether Providence located at 204 West Brookhaven Road. His brother, Nathaniel learned of his visit and, and marched a platoon of Tory Light Horse from Philadelphia to Nether Providence, intent on capturing Major Vernon. The troops surrounded the house. Nathaniel entered the home and was about to climb the stairs, when Frederick, who was aroused by the noise, halted him from the head of the stairs, where he stood armed with a pistol. Nathaniel made it known that he had come to take him prisoner and that he must surrender, since troops were surrounding the house.

Nathaniel tried to convince his brother of the inevitable British victory, and offered him a commission in the British army. He had come for his welfare he assured his brother. Frederick replied that he would never surrender, that the British could not take him, and that if his brother or any other person attempted to ascend the stairs he would shoot; only as a dead man could they capture him. Nathaniel finding his brother so determined, withdrew his troops, and Frederick remained true to the Patriot cause. At the conclusion of the war he was one of the founders of the Society of the Cincinnati, and died in Nether Providence at an advanced age. The fate of his loyalist brother Nathinel is unknown.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – August 12, 2019 To August 18, 2019

August 20, 2019 by admin

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 49 homes listed for sale in Wallingford PA and Nether Providence Township on August 20, 2019 with an average asking price of $435,698.

The 30-year fixed-rate mortgage continued to hover near historical lows this week, lowering borrowing costs for home buyers and refinancing homeowners. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.60% this week, unchanged from last week’s average.

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 15:

30-year fixed-rate mortgages: averaged 3.60%, with an average 0.5 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 4.53%.
15-year fixed-rate mortgages: averaged 3.07%, with an average 0.5 point, rising from last week’s 3.05% average. A year ago, 15-year rates averaged 4.01%.
5-year hybrid adjustable-rate mortgages: averaged 3.35%, with an average 0.3 point, falling from last week’s 3.36% average. A year ago, 5-year ARMs averaged 3.87%.

View all Nether Providence Twp Homes For Sale

View all Homes Listed In The Last 7 Days

Wallingford Market Snapshot – 49 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$435,698	$399,000	$104,000	$959,000	85

Single Home Market Snapshot – 37 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$511,178	$479,900	$230,000	$959,000	94

Townhouse Market Snapshot – 5 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$267,600	$285,000	$179,000	$350,000	68

Condo Market Snapshot – 4 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$128,175	$131,400	$104,000	$145,900	78

Twin Market Snapshot – 3 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$194,967	$219,900	$115,000	$250,000	15

*DOM = Days On Market

4 Wallingford PA homes went under contract

2 new listings came onto the market

No listings were withdrawn from the market

26 homes are Under Contract at this time

3 Wallingford PA homes sold last week

Wallingford Homes Sold August 12, 2019 To August 18, 2019
ADDRESS	TYPE	BED	BATH	PRICE	SETTLED	DOM*
800 Avondale Road #6F	CONDO	1	1.0	$94,500	08/12/19	31
925 Winding Lane	SNG	4	3.0	$639,000	08/13/19	62
114 Mulberry Lane	SNG	5	3.1	$815,000	08/15/19	97
AVERAGE				$516,167		63

1 home sold with a Seller Assist

– 114 Mulberry Lane – $3,500

Wallingford PA Real Estate – Wallingford, PA 19086

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S. Clark Kendus