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FHA Mortgage

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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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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4 Out of 10 Buyers Bought Their New Home Using an FHA Loan in November 2009

December 19, 2009

Realtor.com did a survey on recent home buying activity and found that just under 40% of buyers in November 2009 purchased a home with a FHA mortgage loan.  Realtor.com also found that 51% of buyers were buying for the 1st time.
FHA is critical to new home buyers, especially first time home buyers because the first time [...]

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I’m Buying a New Home Using FHA. Should I Spend More Money for an Inspection?

December 19, 2009

A home is one of the biggest investments you will ever make in your lifetime. This is why making sure that the home you intend to buy is in good condition is so important.  Though all FHA mortgages require a home appraisal, they do not require a home inspection.  Many borrowers confuse the two and [...]

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FHA Mortgage Qualification and Requirements May Get Tougher

December 3, 2009

What bad timing for new home buyers. Just when even more people are trying to buy new homes with the extended tax credit, HUD is considering asking Congress for authority to make changes to the FHA mortgage program.  All the changes would either make it more difficult or more costly for borrowers to buy [...]

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Getting Ready to Buy Your First Home with an FHA Mortgage Loan

November 21, 2009

Needless to say, there are swarms of people inquiring with lenders right now about buying their first home.  Smart move.  With low rates, low home prices AND a tax credit, it would be foolish to wait – if you qualify and if buying makes sense.
Many of the calls I receive are very similar.  People buying [...]

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FHA Streamline Refinance Rules Changing For The Worse, Much Worse – as of November 2009

September 29, 2009

Massive, massive changes upcoming that will kill the FHA Streamline as we have known it for so many years.
The new rules will make it impossible for most borrowers (my conclusion) to refinance using FHA Streamline.
No doubt, more changes will follow that are not beneficial to borrowers.
But the changes defy the very foundation of the Streamline [...]

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