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Good News For Investors: 90 Day Flip Rule Waived
FHA finally understands the concept of time equals money. Previously a Seller had to own a property for at least 90 days before FHA would insure the mortgage.
Now that has temporarily been waived.
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FHA 90 Day Flip Rule is Waived Until December 31, 2011
The Dept. of Housing and Urban Development (HUD) announced it is instituting a one-year moratorium on the Federal Housing Administration (FHA) 90-day anti-flipping rule.
With certain exceptions, such as HUD-owned and bank-owned properties, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. However, beginning Feb. 1, 2011, buyers may use FHA-insured financing to purchase properties resold through private developers and investors, providing access to a broader array of recently foreclosed properties.
Under the temporary waiver, all transactions must be arm's-length, and most properties will require additional documentation of improvements and justification of the price increase. Additional documentation may include a second appraisal and a property inspection ordered by the lender.
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Pigtown Festival
Saturday, September 12 - 11 am to 7 pm
700 & 800 Blocks
of Washington Blvd.
in Baltimore's Pigtown
Washington Village/Pigtown is located in southwest Baltimore and is bordered by Martin Luther King, Jr. Blvd. on the east, Monroe Street on the west, Russell Street on the south, and the B&O Railroad on the north.
Neighboring communities include Barre Circle, Ridgley's Delight, Federal Hill, Morrell Park, St. Paul's, Roundhouse Square and Union Square-Hollins Market.
Pigtown's biggest draws are its diversity (social, economical, and racial) and location. The neighborhood is gaining in value but is very affordable, attracting students, retirees, and singles, and young couples and parents. Those who live in Pigtown love its convenient location being close to downtown, I-95, Federal Hill, the MARC train, and the stadiums. With a very involved community, Pigtown is growing rapidly and welcoming more and more new residents, businesses, and organizations.
The Pigtown Historic District is comprised of about 36 city blocks lying in Southwest Baltimore, south and east of the Baltimore & Ohio Railroad yards. Developing initially as a community for railroad workers in the 1840's, along Columbia Avenue (now Washington Boulevard), Ramsay, McHenry and Poppleton Streets, the area grew rapidly to the south during the industrial expansion of the 1850's and 1860's. Small two-story homes were built for workingmen on the narrow streets running south of Washington Boulevard with three-story gable-roofed houses and then early Italianate house lining Washington Boulevard and Scott Street to serve as housing for shopkeepers and upper-level managers. Development of Pigtown is intimately linked with events of the Industrial Revolution in Baltimore, particularly the growth and development of the B&O Railroad, the nation's first railroad. In the 1980s, in an effort bring Pigtown back, the neighborhood name was officially changed to Washington Village. The true name of the neighborhood is still under debate. With the rise in property values and the influx of newcomers to city life in the late 1990s through today, Pigtown's population and quality of life has consistently risen. In the early 2000s, Pigtown was designated an Empowerment Zone by the City of Baltimore, bringing new businesses and homeowners. This effort has continued with its designation as a Main Streets Community, which promotes Pigtown's eclectic business corridor. Recently, Baltimore's west side has been targeted by the mayor's office as an are of focus for major developments and investment, which will doubtless continue to grow Pigtown in value and quality of life.
Today, Pigtown is a community of renters, homeowners, and businesses. Residents are socially, racially, and economically varied, making Pigtown one of the most diverse neighborhoods in Baltimore city. Pigtowners are very proactive in their neighborhood organizations, contributing to the continuing growth, quality of life, and improvement of Pigtown. Pigtown's energetic commu¬nity, diversity, value, growth, and GREAT location continues to attract new residents, businesses, and development. Big things are happening in Pigtown, including the annual Pigtown Festival taking place this Saturday.
Taking in the Pigtown Festival is a great way to explore the neighborhood and get to know the people who live there and take a look at some of the homes that are available for sale. I have sold over 125 homes in this neighborhood. If you are thinking of buying or selling a home give me a call today and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. You can save thousands by listing your home with Advance Realty Anne Arundel Inc.. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building a lone is worth the plunge into todays market.
During 2009 Advance Realty Anne Arundel Inc is waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's. If you enter into a contract by the New Year's eve Advance Realty Anne Arundel Inc. will waive the admin fee at settlement. This is a $350 savings. If you are thinking about buying or selling a home give Advance Realty Anne Arundel a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-761-1550.
June Piper-Brandon, Broker - Advance Realty Anne Arundel Inc.
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All Aboard!
Baltimore's B&O Museum is offering half-price admission for all visitors the first Tuesday of every month! Visitors can tour many of the Museum's facilities including the 1884 Roundhouse where you can climb aboard a real locomotive and see the most comprehensive collection of American railroad artifacts in the world.
The Baltimore & Ohio Railroad Museum is dedicated to the preservation and interpretation of railroading in America. The Museum is home to the oldest, most comprehensive collection of railroad artifacts in the Western Hemisphere including an unparalleled collection of 19th and 20th century railroad equipment. The complex is housed on a 40-acre historic site which is regarded as the birthplace of American Railroading and includes the 1851 Mt. Clare Station, the 1884 Baldwin Roundhouse and first mile of railroad track in America.
The museum is open Monday - Saturday, 10 a.m. - 4 p.m. and Sunday, 11 a.m. - 4 p.m. The last admission is half an hour before closing. On Tuesday's the admission will be 1/2 price which is $4 for children and seniors and $7 for adults.
Train rides are offered Wednesday through Sunday, April through December and weekends in January for an additional $2.00 for adults and seniors and $1.00 for children between the ages of 2-12. Train rides are subject to change or cancellation without notice and are not guaranteed with your visit.
The museum is located at 901 W. Pratt Street, Baltimore, MD 21223, which is located close to I-295 and I-95 near downtown Baltimore. There is plenty of free parking on site and on surrounding streets.
During 2009 Advance Realty Anne Arundel Inc is waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and EMT's. If you enter into a contract by the New Year's eve Advance Realty Anne Arundel Inc. will waive the admin fee at settlement. This is a $350 savings. If you are thinking about buying or selling a home give Advance Realty Anne Arundel a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-761-1550.
June Piper-Brandon, Broker - Advance Realty Anne Arundel Inc.
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I went to "Pigout in the Park" over the weekend and had a blast! The band was great and had an actual washboard player, which I hadn't seen in a long time. The pulled pork was amazing and the beer flowed like wine.
I'm back in positive spirits about the neighborhood, so here's a quick plug for this year's Pigtown Festival. It's a great family friendly event with lots of vendors, music, and of course, the running of the pigs. If you like summer festivals, you'll love this one. So come on out on 9/6/2008 and enjoy my neighborhood at its best!
Check out http://www.pigtownfestival.com for more info
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New City Partners, a Baltimore based developer is said to be buying 2.5 acres of land from the Baltimore and
Ohio Museum to build 99 townhomes and condos as part of a "work force" housing project. This was announced to the public a couple weeks ago along with their other plans for some commercial development in Washington Village.
The same group is also said to be emarking on a project to revitalize the ailing Washington Blvd corridor too. The City of Baltimore selected New City Partners winning bid for a large commercial property on the 700 block of Washington Blvd and they plan to have one or two first floor restaurants with apartments or condos on the upper floors.
This is all great news for the residents of Pigtown or as newcomers would call it "Washington Village". Washington Village has seen some great gains in value over the past few years with homes jumping in value from under $100,000 to over $600,000 for 2 and 3 storey row homes that range in age from turn of the century (1800 to 1900) 2 and 3 storey row homes to modern 3 storey garage metrohomes. A strong commercial and retail corridor has been sadly missing in this neighborhood in order to sustain it's economic growth in residential housing.
Washington Village is still a neighborhood in transition with many homes yet to be improved but investors and contractors continue to improve homes. Greenpig is developing the area around Reinhardt Street with renewable resources and solar power. These 1 and 2 bedroom homes will be affordably priced around $165,000 and will be uniquely priced with shared equity.
Washington Village is located south west of Martin Luther King Blvd.
and along Pratt Street and bordered by 295/Russell Street. The area is home to Raven's Stadium and the Baltimore and Ohio Railway Museum. Nearby is Hollins Market and Oriole Stadium. The area is easily accessible from 95 and 295 and close to the Inner Harbor. Many DC commuters call Pigtown home as it has been extremely affordable for them and they are able to take the MARC train from Camden Yard to DC daily for work and leave their vehicles at home.
At one time first time buyers were able to receive a $3000 grant from the city for the healthy neighborhood initiative as Pigtown home prices sored. Now, Washington Blvd is still part of Baltimore Main Street program to revitalize some of the cities blited commercial areas.
New City Partners plans include 99 townhomes and condo's for workforce housing and prices will start at approximately $150,000 for the smallest units up to $500,000 for the largest townhomes. The development however still falls short for many employees in the City of Baltimore whose income falls far short of $50,000 a year and leaves these homes well outside of their financial reach.
For more information about Washington Village and other Baltimore City neighborhoods a great resource is http://www.livebaltimore.com
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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