Posts tagged as:

FHA Mortgage

FHA Mortgage Insurance Premiums Changing Once Again Effective September 7, 2010 – Your Payment Will Increase

August 8, 2010

Will they ever get it right?
David Stevens, Federal Housing Commissioner, has issued a “Special Edition” press release confirming that both upfront and monthly required FHA mortgage insurance will be modified on all FHA case numbers issued on or after September 7, 2010.  The changes will have a huge impact on any FHA borrower who needs to keep [...]

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New Jersey Mortgage Shoppers Can Rob The Bank With a Long Term Adjustable Rate Mortgage – Get the Facts Before You Judge

May 8, 2010

The 5-Year ARM Is a Mortgage Steal
Any borrower in the market for a mortgage loan in New Jersey right now should NOT pass up the savings that can be had with the 5/1 adjustable rate mortgage.  Rates are unbelievably low compared to the 30-year fixed rate.  These mortgages are prime rate, Fannie Mae and FHA loans.  [...]

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New Jersey Realtors Can Sell More Homes Faster With FHA Financing

April 25, 2010

Over the last 2 years, the FHA mortgage program has undergone major changes that has made it the financing option of choice amongst about 35% of home buyers and homeowners who are refinancing.   FHA has always been available to help people get financing who otherwise might not qualify to get a low rate, attractive mortgage.   [...]

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12 “Must Know” Tips For New Home Buyers in New Jersey

March 30, 2010

For most people, buying a home is the biggest financial investment they will make in a lifetime.  Many homebuyers get involved in the process without knowing all the facts and without knowing how all the various pieces fit together.   Frankly, qualifying for the mortgage may be the simplest piece of the puzzle, yet it’s where home buyers place [...]

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New Jersey FHA Loans – Mortgages Still Available With Low Down Payments

March 19, 2010

More borrowers than ever before are flocking to New Jersey FHA loans to buy new homes and to refinance their current higher rate mortgages.
A mortgage backed and insured by FHA remains very popular for many New Jersey homeowners.  Currently, the minimum down payment for FHA is 3.5%.  However, later this year, buyers might need to have more [...]

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Streamline FHA Refinancing in New Jersey – “AFTER” the Changes

February 22, 2010

For many, many years, the FHA Streamline refinance was a borrower’s dream.  Once upon a time, a homeowner/borrower could easily and quickly refinance their FHA mortgage loan and get a lower rate and payment with no qualifying at all.  No appraisal was required, no credit check, no credit score, no job verification.
Gone are those days. The [...]

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New Jersey Buyers Can Now Purchase Foreclosed Properties Using FHA Financing w/o Regard to 90-Day Anti-Flip Rule

February 3, 2010

Effective February 1, 2010, a new policy goes into effect that will speed the resale of foreclosed properties to buyers in New Jersey and other states.
To help achieve the national goal of stabilizing home values and improving conditions in communities where foreclosure activity is high, Shaun Donovan, HUD Secretary, announced a temporary policy that will permit FHA [...]

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New Jersey FHA Loan Limits Effective January 2010

February 3, 2010

FHA loan limits vary by county and state where you want to buy.  It is well understood that home prices vary throughout the country.  What $100,000 will buy in Miami won’t buy you a hut in San Francisco.  You should check to be certain the home you want to buy fits into the FHA loan parameters if [...]

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The “New” FHA Mortgage for 2010 – After April 5, It Will Cost You More $$$$

February 2, 2010

Effective April 5, 2010, it will cost you more to buy a home using FHA.  With the market still trying to correct itself, FHA has insured more mortgage loans than ever before over the past 18 months.  More loans mean more risk is being assumed.  With more risk comes greater cost – passed on to the [...]

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FHA is Making it Tougher to Get a Mortgage; Changes Might Shut the Door For Many Buyers

January 20, 2010

As we warned last year, the guidelines for getting an FHA mortgage will be tougher – effective early this year.  The announcement with specific changes will be published this week.  Perhaps as early as January 22, we will have the new Mortgagee Letter in hand.   (Mortgagee Letters are used by HUD to inform everyone of [...]

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

December 30, 2009

Fair Warning:   Those New Jersey 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 [...]

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