You’ve watched the news and read about it in the papers. You know, the “credit crisis” and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren’t making loans anyway. So, why bother, right? Wrong!
We’re right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers. It seems the press just can’t get enough of all the gloom and doom in the housing industry. The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn’t required. You just need to know where to look. Who are these lenders? They’re right down the street.
Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn’t technically have a minimum credit score, although, in practice, lenders won’t approve an FHA loan with a credit score below 500. But that’s a far cry from the notion that an 800 score is the only thing lenders care about.
The best part? FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant. FHA borrowers only need to have $500 in a transaction. All the while, FHA mortgage rates are as good or better than their conventional counterparts.
Low or no down payment, extremely competitive rates and easier qualifying. No wonder FHA is moving up the charts!
Please contact me if you would like more information about FHA loans or help getting into your first home (610) 520-6555.
Monday, May 5, 2008
Thursday, March 27, 2008
FREE Movie Night Friday March 28th 6:45PM
Light of the World Ministries presents a free movie night!
Children of all ages, bring your parents to see the hit film, "Ratatouille."
Where? Good Shepherd Presbyterian Church, 65th and Lansdowne
(Use red door on the 65th Street side of the church)
Date: Friday, 28 March, 2008Time: 6:45 PM
This is free event! Snacks will be provided!
Please direct any questions to info@lwmi.net
Children of all ages, bring your parents to see the hit film, "Ratatouille."
Where? Good Shepherd Presbyterian Church, 65th and Lansdowne
(Use red door on the 65th Street side of the church)
Date: Friday, 28 March, 2008Time: 6:45 PM
This is free event! Snacks will be provided!
Please direct any questions to info@lwmi.net
Meeting:66th and Lansdowne re Mural March 27th 7:15pm
Hello, Overbrook!
NOAH would like to invite you to a public meeting about the upcoming mural that will be created at 66th and Lansdowne Avenue. The details are below:
What? Representatives from the Philadelphia Mural Arts Commission, including the mural's artist, will be here to discuss the theme of the mural, and seek input from people in the community about participating in the creation of the mural.
Where? Good Shepherd Presbyterian Church - 65th and Lansdowne Avenue
When? Thursday, 27 March, 2008 - 7.15pm
Who? You, family, friends - everyone is invited to learn more about this mural and learn more about helping make it happen!
We are asking for a strong public turnout - we need your help!
See you on Thursday, 27 March!
Ryan Caviglia
Secretary
Neighbors of Overbrook Association (NOAH)
***NOAH is a community action group serving the people of Overbrook. All questions or concerns should be directed to noah19151@gmail.com
NOAH would like to invite you to a public meeting about the upcoming mural that will be created at 66th and Lansdowne Avenue. The details are below:
What? Representatives from the Philadelphia Mural Arts Commission, including the mural's artist, will be here to discuss the theme of the mural, and seek input from people in the community about participating in the creation of the mural.
Where? Good Shepherd Presbyterian Church - 65th and Lansdowne Avenue
When? Thursday, 27 March, 2008 - 7.15pm
Who? You, family, friends - everyone is invited to learn more about this mural and learn more about helping make it happen!
We are asking for a strong public turnout - we need your help!
See you on Thursday, 27 March!
Ryan Caviglia
Secretary
Neighbors of Overbrook Association (NOAH)
***NOAH is a community action group serving the people of Overbrook. All questions or concerns should be directed to noah19151@gmail.com
Recap from NOAH Meeting March 11, 2008
To all that attended last Tuesday's NOAH meeting with Councilman Curtis Jones, Jr., NOAH would like to say "thank you!"
We had over 50 people in attendance, and there was no shortage of good questions, and lots of discussion.
Councilman Jones arrrived about thirty minutes after the meeting began. During this initial half hour of the meeting, the audience heard from a representative of the Philadelphia Streets Department. He was there to inform the audience about the citywide cleanup day on April 5th that Mayor Nutter has organized.
Additionally, 19th District Lieutenant Kamchuk was in attendance. He spoke with the audience about the Commissioner Charles Ramsey's new crime fighting plan for the city. He also took questions from the audience about various quality of life issues with which the police department has a role in combating.
Upon the arrival of Councilman Jones, the floor was immediately turned over to him. The councilman began by greeting the audience and greeting a few audience members whom he knew from past meetings and discussions.
Councilman Jones's first topic of discussion was how his first 65 days in office had gone. He went through each of the largest initiatives on which he and his staff are currently working. Among these initiatives are the following items:
1. A major streetscape improvement program along N. 63rd Street
-This program would extend along 63rd from Market to City Line Avenue.
-Sidewalks will be rebuilt.
-Landscaping will be improved along the street.
-New, and more lighting will be provided. Lights will be more decorative, like the kinds of street lamps found in Center City, for example.
-All major cross streets (Lansdowne, Haverford, etc.) will receive the same improvements in the immediate area of 63rd Street.
-As more federal and other funds become available, this program will be carried out on Haverford Avenue, Lansdowne Avenue, and other major east-west arteries, as well.
2. Cleaner neighborhoods in the 4th District
-Jones discussed the creation of a "Block Captain's Boot Camp" which will undertake educating block captains about the city services available that will be able to assist them in maintaining neater, more attractive blocks.
-Jones mentioned he intends to divide the district into 21 different cleaning zones, and have volunteers (with the help of city services) clean each district on designated dates. The hope is to have blocks that are more regularly cleaned.
3. Post Market-Frankford El Reconstruction
-The lower part of the 4th District straddles the Market Street branch of the Market-Frankford El. As people know, the El has been under reconstruction for the better part of a decade.
-Jones says he wants to foster sustainable and environmentally resposible redevelopment of property along the El after it is finally completed in 2009.
4. Restoration/Reconstruction of Robin Hood Dell East
-Citing its importance as a concert venue in summer for working and middle class Philadelphians, Councilman Jones is working to find ways to keep Robin Hood Dell open this summer, rather than closing it for months (potentially a few years) to address the serious structural issues that face this long-time Philadelphia institution.
5. Gas Commission
-Councilman Jones sits on the Philadelphia Gas Commission, and thus, will be working to make the Philadelphia Gas Works a more financially successful venture.
6. Halting Sherriff's Sales Temporarily
-Councilman Jones is an advocate of stopping Philadelphia's sheriff sales until a deeper understanding of mortgage foreclosure issues in the city are understood. Because so many properties end up in sheriff's sale after a foreclosure, the Councilman believes more investigation must be done to help property owner's lose their homes less often.
7. Addressing driveways, alleys, and retaining walls
-Citing the high cost of getting driveway or alley paving work done, Jones discussed his intention to have the City look into subsidizing such work in the future. Additionally, Councilman Jones is interested in helping with the persistent issue of homeowners having little assistance toward replacing very expensive, eroding or collapsed retaining walls in driveways or along property lines.
8. 63rd and Lansdowne Avenue Constituent Services Office
-Councilman Jones said that in the next 30 days, he will reopen his office on the southeast corner of 63rd and Lansdowne Avenue. This office was formerly the headquarters for his campaign while he sought the office of councilman. Now, it will serve as a neighborhood office at which constituents can seek help or services, and have questions answered. This will hopefully reduce the burden of having to travel to City Hall for some constituents in order to speak with the Councilman's staff.
Ryan Caviglia
Secretary
Neighbors of Overbrook Association (NOAH)
We had over 50 people in attendance, and there was no shortage of good questions, and lots of discussion.
Councilman Jones arrrived about thirty minutes after the meeting began. During this initial half hour of the meeting, the audience heard from a representative of the Philadelphia Streets Department. He was there to inform the audience about the citywide cleanup day on April 5th that Mayor Nutter has organized.
Additionally, 19th District Lieutenant Kamchuk was in attendance. He spoke with the audience about the Commissioner Charles Ramsey's new crime fighting plan for the city. He also took questions from the audience about various quality of life issues with which the police department has a role in combating.
Upon the arrival of Councilman Jones, the floor was immediately turned over to him. The councilman began by greeting the audience and greeting a few audience members whom he knew from past meetings and discussions.
Councilman Jones's first topic of discussion was how his first 65 days in office had gone. He went through each of the largest initiatives on which he and his staff are currently working. Among these initiatives are the following items:
1. A major streetscape improvement program along N. 63rd Street
-This program would extend along 63rd from Market to City Line Avenue.
-Sidewalks will be rebuilt.
-Landscaping will be improved along the street.
-New, and more lighting will be provided. Lights will be more decorative, like the kinds of street lamps found in Center City, for example.
-All major cross streets (Lansdowne, Haverford, etc.) will receive the same improvements in the immediate area of 63rd Street.
-As more federal and other funds become available, this program will be carried out on Haverford Avenue, Lansdowne Avenue, and other major east-west arteries, as well.
2. Cleaner neighborhoods in the 4th District
-Jones discussed the creation of a "Block Captain's Boot Camp" which will undertake educating block captains about the city services available that will be able to assist them in maintaining neater, more attractive blocks.
-Jones mentioned he intends to divide the district into 21 different cleaning zones, and have volunteers (with the help of city services) clean each district on designated dates. The hope is to have blocks that are more regularly cleaned.
3. Post Market-Frankford El Reconstruction
-The lower part of the 4th District straddles the Market Street branch of the Market-Frankford El. As people know, the El has been under reconstruction for the better part of a decade.
-Jones says he wants to foster sustainable and environmentally resposible redevelopment of property along the El after it is finally completed in 2009.
4. Restoration/Reconstruction of Robin Hood Dell East
-Citing its importance as a concert venue in summer for working and middle class Philadelphians, Councilman Jones is working to find ways to keep Robin Hood Dell open this summer, rather than closing it for months (potentially a few years) to address the serious structural issues that face this long-time Philadelphia institution.
5. Gas Commission
-Councilman Jones sits on the Philadelphia Gas Commission, and thus, will be working to make the Philadelphia Gas Works a more financially successful venture.
6. Halting Sherriff's Sales Temporarily
-Councilman Jones is an advocate of stopping Philadelphia's sheriff sales until a deeper understanding of mortgage foreclosure issues in the city are understood. Because so many properties end up in sheriff's sale after a foreclosure, the Councilman believes more investigation must be done to help property owner's lose their homes less often.
7. Addressing driveways, alleys, and retaining walls
-Citing the high cost of getting driveway or alley paving work done, Jones discussed his intention to have the City look into subsidizing such work in the future. Additionally, Councilman Jones is interested in helping with the persistent issue of homeowners having little assistance toward replacing very expensive, eroding or collapsed retaining walls in driveways or along property lines.
8. 63rd and Lansdowne Avenue Constituent Services Office
-Councilman Jones said that in the next 30 days, he will reopen his office on the southeast corner of 63rd and Lansdowne Avenue. This office was formerly the headquarters for his campaign while he sought the office of councilman. Now, it will serve as a neighborhood office at which constituents can seek help or services, and have questions answered. This will hopefully reduce the burden of having to travel to City Hall for some constituents in order to speak with the Councilman's staff.
Ryan Caviglia
Secretary
Neighbors of Overbrook Association (NOAH)
Tuesday, March 4, 2008
The Short on a friend's Short Sale
Recently a friend confided in me that he is "upside down" in his mortgage. This is where you owe more for the house than what the house is worth. For the simple reason that I cannot pass judgement on my friend I have decided to help him out. He can't refinance, the lender will not modify the loan and he doesn't have the funds to maintain the monthly payments. With my friend's permission I call his bank to obtain their Short Sale packet and inquire about their policies. I first had to educate my friend that foreclosure is a legal process with timelines. A journey not a destination.
Preforeclosure, Public Auction and Postforeclosure are the three main phases of the process. My friend is in Phase 1:Preforeclosure. This is where he is 4 months behind in mortgage payments, including late fees, and the lender has sent a Notice of Intent to Foreclose. It is very wise at this point for my friend to do all that he can to save his home or at least his credit rating from plummeting even more. Since there is no chance of refinancing and he cannot make the payments we are going to place the house on the market, sell the house for less than what is owed on the loan and submit a solid proposal package to the lender outlining why they should accept a reduced price for the home. Lenders are in the business of lending not owning houses and they know that if the property goes to auction and does not sell (REO) it will be difficult to sell for full price. And we'll ride off into the sunset...Not so fast...not everyone will meet their lender's criteria for a Short Sale. The lender will look to see if the homeowner is insolvent; you can't have a pot of gold sitting in your savings account and you must demonstrate a hardship; medical bills, lose of a spouse. All of his documents (pay stubs, tax info, w2s etc) and the hardship letter will be taken into consideration along with the proposal and hopefully a buyer's offer. As long as the lender approves of the sale, after many phone calls of negotiations, my friend will sell his house and prevent foreclosure. The house will go on the market next week so wish us luck. I'll keep you informed on our progress.
Preforeclosure, Public Auction and Postforeclosure are the three main phases of the process. My friend is in Phase 1:Preforeclosure. This is where he is 4 months behind in mortgage payments, including late fees, and the lender has sent a Notice of Intent to Foreclose. It is very wise at this point for my friend to do all that he can to save his home or at least his credit rating from plummeting even more. Since there is no chance of refinancing and he cannot make the payments we are going to place the house on the market, sell the house for less than what is owed on the loan and submit a solid proposal package to the lender outlining why they should accept a reduced price for the home. Lenders are in the business of lending not owning houses and they know that if the property goes to auction and does not sell (REO) it will be difficult to sell for full price. And we'll ride off into the sunset...Not so fast...not everyone will meet their lender's criteria for a Short Sale. The lender will look to see if the homeowner is insolvent; you can't have a pot of gold sitting in your savings account and you must demonstrate a hardship; medical bills, lose of a spouse. All of his documents (pay stubs, tax info, w2s etc) and the hardship letter will be taken into consideration along with the proposal and hopefully a buyer's offer. As long as the lender approves of the sale, after many phone calls of negotiations, my friend will sell his house and prevent foreclosure. The house will go on the market next week so wish us luck. I'll keep you informed on our progress.
Monday, March 3, 2008
Homes for Sale in Overbrook
968 N 66th St - 4 bed 1 bath $117,500
6466 Morris Park Rd - 3 bed 1.4 bath $149,000
1002 Edgemore Rd - 3 bed 1 bath $109,900
6350 W Montgomery Ave - 3 bed 1.4 bath $150,000 UNDER CONTRACT
923 Flanders Rd - 3 bed 1 bath $115,000
(each listed within the past 30 days)
Saturday, March 1, 2008
Welcome Overbrook!
Hello All and WELCOME!
This blog is being created as a way for you, the residents of Overbrook and Overbrook Farms to express your concerns, announce events, ask questions obtain and provide resources. Overbrook is a GREAT part of the city of Philadelphia.
We are Kim Kendrick and Kimberly S Ruley both Real Estate Professionals and we live in 
Overbrook. We'll try to meet alot of you via knocking on doors, community events and just in passing. We know that the real estate market has been experiencing a roller coaster right now. And just like that ride the industry has its ups and downs. You can always go to our website http://www.juststartpacking.com/ to find information on our Overbrook neighborhood. We also have alot of FREE stuff so let us know if you (like so many) enjoying receiving FREE stuff!
Overbrook. We'll try to meet alot of you via knocking on doors, community events and just in passing. We know that the real estate market has been experiencing a roller coaster right now. And just like that ride the industry has its ups and downs. You can always go to our website http://www.juststartpacking.com/ to find information on our Overbrook neighborhood. We also have alot of FREE stuff so let us know if you (like so many) enjoying receiving FREE stuff!Send us your comments, questions, news events and we'll be happy to share with the rest of our Overbrook Family. And Welcome to Living in Overbrook!
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