FHA Mortgage

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

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. [...]

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

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 [...]

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New Jersey FHA Loan Limits Effective January 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 $$$$

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

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

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, [...]

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

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 [...]

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4 Out of 10 Buyers Bought Their New Home Using an FHA Loan in November 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 [...]

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

A home is one of the biggest investments you will ever make in your lifetime. This is why making sure that the New Jersey 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 [...]

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FHA Mortgage Qualification and Requirements in New Jersey May Get Tougher

What bad timing for New Jersey 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 in New Jersey with an FHA Mortgage Loan

Needless to say, there are swarms of people inquiring with lenders right now about buying their first home in New Jersey.  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 [...]

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FHA Streamline Refinance Rules Changing For The Worse, Much Worse – as of November 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 [...]

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