Philadelphia Real Estate Blog

Why rent a Philly condo when you can buy one?  Many renters believe they need to save a large down payment to purchase a condo…the reality is that some loan programs accept as little as 3% down.  Many renters believe they need a 700+ credit score to qualify for a mortgage…the reality is that there are lenders that will accept a score as low as 620 for a conventional loan.

The main difference between renting and buying is who gets your check—a landlord or the bank.  Here are some fast facts from our friends at Trident Mortgage about the advantages of homeownership:

Fact: Interest rates are still at historic lows.
Fact: Renting deprives you of large tax breaks.
Fact: A home is a leveraged investment using other peoples’ money.
Fact: Real estate continues to be an excellent return on investment.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com
Mark@CenterCity.com

With the recent headlines about our economy and the current state of the mortgage industry, not to mention Wall Street, it is nice to talk about the opportunity some folks can still have to purchase their first home with the $7500 Fist Time Home Buyer Tax Credit.

I recently came across this easy to understand and well-thought out article written by a Mortgage Planner from Washington that explains a bit about the First Time Home Buyer Tax Credit.  People are taking advantage of this tax credit from coast to coast.

If you are a first time home buyer looking for, say a Rittenhouse Square condo, or an Old City Loft, give me a call at 215.521.1523 or send me an email at Mark@CenterCity.com and I’d love to show you around and help you take advantage of this great opportunity!

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106