Posts tagged as:

FHA Mortgage

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 Home in New Jersey 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 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

December 3, 2009

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

November 21, 2009

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 very [...]

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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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Does HUD Owe You a Refund? Check HUD’s Database Below for Your Name

September 21, 2009

Did you buy a home after Sept. 1, 1983 with an FHA loan.  If yes, more than likely, you were required to purchase upfront mortgage insurance.  This rather large amount would have been added in as a closing cost on your loan.
FHA was supposed to refund at least a portion of that insurance back to [...]

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What is Mortgage Insurance?

September 5, 2009

From my experience, there is nothing more misunderstood (in the mortgage business) than mortgage insurance.  Borrowers want to know what it is and why, for goodness sake, must they pay it.  AND, if/how they get it back.
First, what it is,  Mortgage insurance is an amount paid by the borrower to cover lender losses in the event [...]

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All About FHA Mortgage Loans

August 28, 2009

WHAT IS AN FHA LOAN?
In reality, FHA, (Federal Housing Administration) loans are not loans at all.  FHA only insures loans so that lenders are then able to offer mortgage assistance to people who might otherwise not qualify.  But the program is available to ANY buyer who wants to buy a home as their primary residence.  In the current [...]

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Borrower Alert: HUD Has Suspended Taylor Bean Whitaker (TBW) From Closing FHA Loans

August 5, 2009

The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages.  See press release.
The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending [...]

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FHA Loans NOT Just for New Jersey 1st Time Homebuyers. Not at All.

June 8, 2009

The rumor that FHA mortgages are only for New Jersey first time homebuyers has circulated for many years.  I have heard it since I first began in the mortgage business many years ago.
Let me confirm:  It is a BAD RUMOR.  Total misinformation.
Anyone can get an FHA mortgage loan – anyone who qualifies of course.  There [...]

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Common, But Little Understood Reason Why Many Mortgage Refinances Get Stuck Against a Brick Wall

June 1, 2009

If you are a homeowner/borrower, odds are you have never heard of the term “subordination” as it applies to a mortgage transaction.
But if you are a mortgage holder with both a 1st (primary) mortgage AND a home equity loan or home equity line of credit on the same property, you will find out all about [...]

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Can Someone Give Me a Gift To Help Buy a Home?

May 31, 2009

Are you buying a new home?  Do you need $$ help for the down payment or closing costs?  Home buyers can get help from family members for the down payment and closing costs.   Since the passage of HR 3221, parents will actually be able to contribute towards the down payment and closing costs as a [...]

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