At this week’s Kurfiss Sotheby’s International Realty New Hope office meeting for all agents, our in-house mortgage expert, Celeste Spadaccini of Gateway Funding, presented an update on the recently passed $8,000 tax credit for buyers who have not owned property for the past three years or who have never bought a home before. It is absolutely a fantastic time to buy a home with very low mortgage rates, room for negotiation on home prices and the tax credit, which does not have to be repaid.
Celeste also presented information on Federal Housing Administration (FHA) loans. The limits on the value of these loans for the greater Philadelphia area are more generous than you might think: $537,000 with 3.5% down on a duplex (two-unit or twin home); $420,000 for a single-family residence. Learn more here, or contact Celeste directly. She has handled many FHA loans!
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