Some Advantages of Buying a New Home

• No asbestos, lead-based paints or other common building products recently found to be hazardous.
• The house is up to current code
• Sufficient wall and floor outlets to accommodate modern technology
• Zero first-year maintenance for roofing, heating, A/C and major appliances.
• Cheaper to maintain due to the energy efficient heating, cooling and insulation.

 Some Disadvantages of Buying a New Home

• Prices are less negotiable.  The developer can't give you a deal because that would undercut appraisals on other homes in the development.  Negotiations are more successful to "upgrades" on things like flooring and appliances.
• Hidden or increasing homeowner association costs
• The model home that you see is not what you exactly get
• Cheap carpet, floors, etc., unless you purchase an "upgrade"

Philadelphia Real Estate on North Broad Street is getting a make over.

Since the 1990s, it has been South Broad St in Philadelphia that has seen the renovations in real estate. But in the past year a few major projects have started on North Broad St in Philadelphia and more than $500 million in new real estate development is planned from City Hall to Temple U.

Some Real Estate Developments are:

• North Broad St will be updated with new lights and landscape
• The conversion of a state office building into 204 apartments
• Pennsylvania Ballet project
• Mixed-Use and Retail

To read the entire article...Philly.com.

1. Thou shall NOT change jobs, become self-employed/commissioned or quit your job. Paystubs are needed covering a 30 day period at your present job. If you leave a salaried job and become self-employ/commissioned you would typically have to wait 2 years. Employment verifications are always done within five days of closing

2. Thou shall NOT co-sign a loan for anyone. Any changes to your credit report or status could negatively affect your ability to close your loan. Co-signing any type of car loan, student loans or other loans will result in inquiries to your credit and additional financial obligations.

3. Thou shall NOT buy a vehicle. Applying for credit to purchase a vehicle will result in an inquiry to your credit report. This will decrease your score, decrease the amount of money you can qualify to borrower and make it more expensive to do so.

4. Thou shall NOT use charge cards excessively or make ANY late payments. Excessive use of credit cards can have negative effects on your score. Inquiries alone may lower it and balances greater than one third of the available credit limit can also lower your credit rating. Any late payments will lower your score significantly regardless of the amount due.

5. Thou shall NOT spend money you have set aside for closing. Having enough for down payment and closing costs is critical, but so are reserves after closing. Spending this money prior to closing could result in a denial.

6. Thou shall NOT omit debts or liabilities from your loan application. Be very honest about all of your debts and liabilities early on in the loan process. Everything is checked and double checked, so they will likely turn up at some point and jeopardize your loan.

7. Thou shall NOT buy furniture, appliances or household items before closing. Large purchases causing deductions in your bank account, inquiries on your credit report or additional debt on your credit cards could cause your closing to be delayed or denied. You must wait until after you close.

8. Thou shall NOT originate any inquiries into your credit. As mentioned before, multiple inquiries on your report will decrease your score. Credit is always refreshed within 7 days prior to closing and inquiries will result in more documentation being required which may delay your closing.

9. Thou shall NOT make large deposits without first checking with your lender. Abnormal deposits or large deposits other than regular payroll into checking, savings or any financial account must have sources verified and will result in more documentation being required.

10. Thou shall NOT pay off any collection accounts or charge offs prior to closing.  This will most likely decrease the credit score immediately due to the date of last activity becoming recent. If you want to pay off old accounts, do it after closing and make sure that you validate that the debt is yours and that the creditor agrees to give you a paid in full or even a letter of deletion.