Purchasing a New Home

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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Why You Should Buy That New Jersey Home Now !!

If you want to buy a home in New Jersey and you thought all the bad news was behind us, think again.  Changes in the markets that are not appealing to buyers continue to occur.  Now there’s media news that there may be plans to: Cease Government backing of Fannie Mae and Freddie Mac Increase FHA mortgage [...]

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How Much Home Can I Afford in New Jersey?

How much home can you afford?  How much home do you “want” to afford? – and -  How much home does the lender think you can afford?  All 3 of these questions will undoubtedly yield a different answer as you search for a home to buy in New Jersey. As the lender, how much home [...]

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Don’t Let Your Tax Return Disqualify You From Buying Your New Jersey Home

Out of the many changes that have impacted the mortgage industry, this is one change that has and will catch many New Jersey borrowers completely by surprise. Here’s why. When applying for a mortgage loan, borrowers must provide a copy of their most recent Federal tax return – the complete return with all forms and [...]

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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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Can I Get the Home Buyers Tax Credit? You Can If You’re in Prison !!

Who says serving a life sentence doesn’t come with perks?  Despite being in prison, nearly 1,300 inmates wrongly received more than $9 million in new homebuyer tax credits.  After all, isn’t it possible to buy a home while you are in the slammer?  Is this a qualification exclusion that the guidelines neglected to mention? Not only did 1,300 [...]

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

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

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

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 [...]

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

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

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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