- You Have a Second Chance: Homebuyer Tax Credit Extended and Expanded Until 2010 -

New Jersey Property Taxes: Why Must I Pay My Arm AND My Leg?

January 15, 2010

New Jersey property taxes are a big monster in local communities that is preying on homeowners.  Local governments and schools in New Jersey collected $23 billion in taxes last year from property owners.  New Jersey’s 2008 median real estate tax bill was $6,320 (as estimated by the 2008 American Community Survey).
Why are they so high?  What [...]

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How To Find Detailed Statistics About Any New Jersey Town or Zip Code

January 15, 2010

Ialways get a lot of questions about where to go online to research information about different towns in New Jersey.  If you are looking to buy a home in New Jersey, you probably want access to detailed information about the area where you might live. You may even be curious to see statistics about your [...]

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The 2010 Home Buyer Tax Credit Made Simple. Learn the Facts and Know the Exceptions

January 5, 2010

When Congress opted to extend the home buyer tax credit on November 6, 2009, the credit was no longer a “first time” buyers credit.
Under the program’s new terms, first-time buyers are eligible for up to an $8,000 in tax credit.  Those already owning a home ( ”long-time” homeowner) get up to a $6,500 credit.  A “long-time” homeowner, according [...]

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New FHA Condominium Rules Effective February 2010 Will Boost Condo Sales and FHA Mortgage Loans

January 4, 2010

How will you want your condominium project classified next month? Try “FHA approved.” This is due to new FHA guidelines which will take effect February 1, 2010.
The new guidelines tackle the 2 most important issues affecting condominium sales -  (1) down payments and (2) the financial integrity of the condominium association.  Both are crucial to the recovery of the condo [...]

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Can I Refinance My Mortgage in New Jersey With No Closing Costs?

January 3, 2010

What borrower hasn’t heard about the no cost refinance, the no fee refinance, or the free refinance? The terminology may differ, but it’s all the same thing.  A way for homeowners to refinance with zero or minimal closing costs paid by the borrower.  Typical closing costs include title search fees, title insurance, courier fees, flood certification fees, [...]

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Effective Jan 1, 2010, Federal Rules Require Mortgage Lenders and Brokers to Give Borrowers Better Estimates of Mortgage Closing Costs – Borrowers Should Beware

January 3, 2010

The Federal Government has become even more involved in the business of mortgages. This time, Uncle Sam’s goal is to help consumers handle the confusing job of selecting a mortgage, selecting a lender, and selecting a mortgage consultant.  On the surface, however, it appears the new regulations will only help a mortgage shopper make decisions based [...]

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Can I Get a Mortgage Loan Modification if I Am Unemployed?

January 3, 2010

Late in 2008, Congress created a panel to oversee the $700 billion TARP program. The panel warned the Obama Administration that the HAMP program (provided under the TARP initiative) would not help the huge numbers of homeowners who would stand to lose their homes because of the growing unemployment problem.
The Congressional panel warned that as [...]

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Having Trouble Understanding “HAMP” – Obama’s Mortgage Modification Program?

January 3, 2010

Despite all the talk about mortgage modifications over the last year, there is still considerable misunderstanding and confusion about the who, what, when and how much. If you think mortgage modification might be an option for you, learn more by watching the 2 videos below. In the drop down box at the bottom of [...]

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Don’t Miss Out on the Huge Rebates & Tax Credits Available for Upgrading Your Home Appliances

January 3, 2010

The push has never been more fierce to get people to buy or switch to more efficient appliances. As an inducement, the government is offering rebates and tax credits.  Pretty decent amounts too.  Enough so that people who need appliances and can afford to buy would have no reason to delay the purchase. If your [...]

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Mortgage Loan Modifications Can Be Lethal to Credit Scores

December 31, 2009

Literally thousands of homeowners are anxiously awaiting or applying for a mortgage modification.  What many fail to realize is that these modifications can devastate one’s credit score while the modification moves through the trial period.
The trial period is the time during which the homeowner will make the modified payment that was pre-established by the lender.  It [...]

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Applicants For New FHA Mortgage Loans Will Be Turned Down – Effective Immediately .. if

December 30, 2009

Fair Warning:   Those home buyers wanting to use FHA financing to purchase a property in connection with a short sale better first take a look at the revised requirements issued by HUD in late December.
Quick Review:

Applicants for new FHA insured mortgages will be turned down – effective immediately – if they participated in a short [...]

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The “Move Up” Home Buyer Tax Credit. Or Get a “Move Down” Credit Too

December 22, 2009

With the drop in property values, there are more than a few buyers who are “moving on down” to a home that costs less than the one they currently own.   Contrary to some of the information being banted about, the tax credit is equally available to homeowners who purchase down in price.  The price of the new home [...]

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