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Philadelphia Home Loans
Our Philadelphia mortgage lenders provide discounted home loans for cash out or fixed rate refinancing. We offer low rate FHA home loans, equity loans and credit lines with fixed rate amortization for homeowners residing in the city of Philadelphia.
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Philadelphia Homeowners Refinance with Fixed Rate FHA Loans
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FHA home loans ensure that Philadelphia homeowners are offered the lowest possible interest rate with a 30-year fixed mortgage loan.
Pennsylvania lenders were recently authorized by HUD to offer higher loan amounts with FHA loans for borrowers seeking a lower fixed rate. Philadelphia residents may qualify for increased loan amounts that enable them to consolidate debt into their new home refinance loan.
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FHA refinance loans offer fixed mortgage loans |
| Also see options for FHA Streamline Refinance , FHA Home Loans and FHA Secure Refinancing. |
By Nick Rian
"There is an increased number of homes coming onto the market as well as increase in the number of homes being sold," says realtor Carey Daniel. "The average days on the market has also increased from 45 to 73 days as a result of increased inventory providing buyers with more to choose from and perhaps more room to negotiate on price."
Median home prices in Philly shot upward from $219,700 to $ 235,100 from the first to second quarter of 2006, while the prime interest rate climbed steadily to 8.25%, up more than one point from the beginning of the year.
"The real estate market in the metropolitan Philadelphia area remains strong, but is shifting to a 'buyer's market' allowing for individuals to react to available real estate in a logical fashion," says realtor Alan Ferguson. "Mortgage interest rates are still affordable. Home values continue to rise at a rate greater than inflation."
Some say the bottom line is most homeowners have gotten their bottom dollar.
"The good news is that homes in this area are selling at 96% of asking price with an average sale price of $415,000, says Daniel. "This suggests that there is a good balance between what buyers are willing to offer and what sellers are willing to accept in terms of price."
New Philadelphia Loan Limits for FHA, Fannie Mae and Freddie Mac home loans
MSA Name |
County Name |
State |
One-Family |
Two-Family |
Three-Family |
Four-Family |
PHILADELPHIA |
BUCKS |
PA |
$420,000 |
$537,650 |
$649,900 |
$807,700 |
PHILADELPHIA |
CHESTER |
PA |
$420,000 |
$537,650 |
$649,900 |
$807,700 |
PHILADELPHIA |
DELAWARE |
PA |
$420,000 |
$537,650 |
$649,900 |
$807,700 |
PHILADELPHIA , PA METRO |
MONTGOMERY |
PA |
$420,000 |
$537,650 |
$649,900 |
$807,700 |
PHILADELPHIA , |
PHILADELPHIA |
PA |
$420,000 |
$537,650 |
$649,900 |
$807,700 |
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