FHA Mortgage

New Jersey Mortgage Rates Are Going Up & Down Every Day

There has always been a saying in the mortgage business that “You can’t beat the market.”  If you could and if it were that easy, we would all be rich, right?  Mortgage rates are based on what’s happening in securities and on Wall Street.  So, just as you probably have not struck it rich by [...]

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How Much Can The Seller Contribute To My Closing Costs?

Any costs paid by the seller MUST be specified and included in the purchase contract for your home. Sellers can agree to pay all or a portion of your closing costs, prepaids (escrows) and reserves – up to the maximum permitted. The maximum allowed is based on a percentage of the purchase price. The maximum [...]

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Why You Should Buy That New Jersey Home Now !!

If you want to buy a home in New Jersey and you thought all the bad news was behind us, think again.  Changes in the markets that are not appealing to buyers continue to occur.  Now there’s media news that there may be plans to: Cease Government backing of Fannie Mae and Freddie Mac Increase FHA mortgage [...]

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The Higher FHA Mortgage Insurance Will Increase Your New Jersey Mortgage Payment

During the latter part of 2010, FHA mortgage insurance premium requirements changed once again and New Jersey borrowers must now pay higher mortgage payments. The monthly mortgage insurance jumped from .55% to .90% of the loan amount for loans with less than a 5% down payment (less than 5% equity on refinances). For loans with a [...]

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6 Things New Jersey Buyers Must Know About FHA Mortgage Loans

No one will argue that in our current economy, getting an FHA insured mortgage in New Jersey is a much easier feat than getting approval for a conventional loan. Standard conventional programs under Fannie Mae and Freddie Mac have a multitude of conditions borrowers must meet – and they can be tough.  But even though [...]

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Why Do Lenders Waste Borrowers’ Time If The Loan Can’t Be Done?

If you’re looking to apply for a mortgage loan, read this article from the Philadelphia Inquirer before you pick a lender.  Columnist, Al Heavens tells it just the way it is.  And it’s a story that’s all too common. The borrower wants to refinance and makes a call to a lender.  Let’s face it.  Without a [...]

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Another Big FHA Change That Will Make You Pay More – Effective October 4, 2010

Have you been sitting on the sidelines waiting to refinance your FHA loan?  After reading this, you might want to put some pep in your step, or else you will pay much, much more And here’s why. Effective October 4, 2010, when you apply for an FHA mortgage, the cost of your monthly mortgage insurance will [...]

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

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 [...]

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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

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 [...]

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New Jersey Realtors Can Sell More Homes Faster With FHA Financing

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

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

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 [...]

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