New Jersey

Wall Street Snakes by Again With a $25 Billion Settlement With Wrongfully Foreclosed Homeowners

February 2012 and here we go again.  After stealing the homes of millions of Americans – with the aid of lawyers and our judicial system – the 5 biggest lenders may settle the catastrophe for the measly sum of $25 billion. That’s like you settling a legal case for a loaf of bread. Under the [...]

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New Guidelines to Refinance Your Mortgage, Even if You’re Underwater

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of [...]

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Effective November 2011, More Borrowers Will Be Able to Refinance – Even With No Equity

Home Affordable Refinance Program (HARP) is New and Improved The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, have announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more borrowers who can benefit from refinancing their mortgage. Under the original HARP guidelines, there were hordes [...]

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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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Out-Of-Work Borrowers Getting Special HUD Loans To Avoid Foreclosure

In case you missed it, back in October 2010, the U.S. Department of Housing and Urban Development (HUD) announced a new loan program to assist eligible homeowners with payments of mortgage arrearages. The $1 billion plan is available in 32 states and Puerto Rico. According to HUD, “The program will offer a declining balance, deferred [...]

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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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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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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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Here’s a List of Resources and Contacts to Help You Modify Your New Jersey Mortgage or Save Your Home From Foreclosure

If you can no longer afford your mortgage payment and need assistance and information to help you through the process, visit some of the sites below.  Information will be most critical as you work to stay in your home and/or lower your payment.  You must stay informed.  Do not depend or rely on anything or [...]

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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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