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Purchasing a New Home

As a Borrower, How Do I Shop For a Mortgage Loan If I Can’t Get a Good Faith Estimate From My Lender?

June 19, 2010

When HUD made the much-talked about changes to the Good Faith Estimate (GFE) effective January 1,2010, it rolled out with several major flaws.  The most noticeable and problematic being that lenders will not prepare a GFE for a new home buyer until the buyer has a property address for the home they want to buy.  That means [...]

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Are You Self-Employed in New Jersey and Need Mortgage Financing? 5 Things You Need to Know

June 6, 2010

Nothing beats being your own boss, except maybe when you go to apply for a mortgage loan. When the time comes that you need financing for your home, getting qualified and approved involves a different set of circumstances than what’s typical for the salaried borrower.  But it’s nothing that proper planning can’t conquer.  Self-employed borrowers [...]

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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

May 8, 2010

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 loans.  [...]

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New Jersey Realtors Can Sell More Homes Faster With FHA Financing

April 25, 2010

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 Mortgage Applicants: What NOT To Do While Your Loan Application is Being Processed

April 25, 2010

To insure mortgage approval and closing, the most important step you can take as a New Jersey mortgage loan applicant is to NOT make any changes to your job or financial picture until your mortgage loan has closed and the keys to the home are in your possession.  I have written about this before, but it [...]

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New Jersey FHA Loans – Mortgages Still Available With Low Down Payments

March 19, 2010

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 have more [...]

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Making Mortgage Sense: How Anyone Can Understand the “New” 2010 Good Faith Estimate (GFE)

March 7, 2010

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Buying a Home In New Jersey. Can I Get a “Good Faith Estimate” Please?

February 21, 2010

As of January 1, 2010, mortgage originators are required to give mortgage applicants the “new” Good Faith Estimate (GFE).   The document will be used by all lenders and all originators and will make it easier for borrowers to compare costs.  The big plus with the new guidelines is the consistency of the form.  Previously, the GFE could [...]

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25 Million Lenders And Still Counting For “Best Mortgage Rates” – It’s a Jungle Out There. Who Really Has the Lowest Rates?

February 8, 2010

How does a borrower looking for a mortgage loan find who “really” has the lowest mortgage rates if there are over 25 million pages online screaming that “they” have the best mortgage rates?
What do I mean?  Type “best mortgage rates” in Google and see what you get.  Today, February 8, 2010, your friendly lenders are saying [...]

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

February 3, 2010

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 FHA [...]

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New Jersey FHA Loan Limits Effective January 2010

February 3, 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 $$$$

February 2, 2010

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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