FHA Mortgage

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

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 [...]

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What is Mortgage Insurance?

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 [...]

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All About FHA Mortgage Loans

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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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HUD Approves Use of First Time Homebuyer Tax Credit as Advance for FHA Loans

Good news. This will be a major benefit to help many first time homebuyers. I posted an article about this earlier. HUD has been working on the mechanics behind how to allow buyers to use the tax credit as an advance when they buy their first home. As the bill was initially passed, a tax [...]

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Your ONLY Chance to Refinance Your New Jersey Mortgage With Less Than Sparkling (Bad) Credit

Anyone who has not been living in a cave for the past year have heard the sob stories from lenders and the sad state of lender balance sheets.  Lenders are not interested in loaning money to those with poor credit.  And we must confess, it makes perfect sense.  When there are indications that the applicant [...]

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5 Reasons Why New Jersey FHA Streamline is the Best Darn Mortgage Refinance Program

Let’s begin with the easy part.  What is the FHA Streamline Refinance? It is a refinance program that allows a New Jersey borrower who currently has an FHA mortgage to quickly refinance with much fewer requirements than the usual refinance.   The new loan will also be FHA. The program is NOT designed for cash back purposes.  [...]

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Why Does it Seem Everybody Gets a Different Interest Rate – AND Why Didn’t I Get That Dreamy Low “Advertised” Rate?

When this subject comes up, I have to mention the car sales business.  I know the two businesses seem very opposite, but they are oh so similar. Have you ever seen the ads for new cars where you supposedly can get ZERO percent interest?  Yep, we all have.   Have you ever read the fine print?  [...]

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Tax Credit Can Be Used for Down Payment for 1st Time Homebuyer

First, here’s a great video on the First-Time Homebuyer Tax Credit.  The video does NOT go into detail about the new FHA down payment caveat below.  Call me for more info as this new FHA program rolls out..  New Homebuyers can look forward to using the new First Time Homefuyer Tax Credit as a Down [...]

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