Purchasing a New Home

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

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 [...]

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

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 [...]

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New Jersey FHA Loan Limits Effective January 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 $$$$

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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Are Mortgage Loans Still Available In New Jersey for Self-Employed Borrowers?

Yesterday, I got a call from a woman who owns her own bookstore. She was calling to see about possibilities of refinancing. She now has an interest only mortgage loan that she wants to refinance to a 30-year fixed. When she got her mortgage 5 years ago, she qualified using a program called “No Income [...]

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FHA is Making it Tougher to Get a Mortgage; Changes Might Shut the Door For Many Buyers

As we warned last year, the guidelines for getting an FHA mortgage will be tougher – effective early this year.  The announcement with specific changes will be published this week.  Perhaps as early as January 22, we will have the new Mortgagee Letter in hand.   (Mortgagee Letters are used by HUD to inform everyone of [...]

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The 2010 Home Buyer Tax Credit Made Simple. Learn the Facts and Know the Exceptions

When Congress opted to extend the home buyer tax credit on November 6, 2009, the credit was no longer a “first time” buyers credit. Under the program’s new terms, first-time buyers are eligible for up to an $8,000 in tax credit.  Those already owning a home ( ”long-time” homeowner) get up to a $6,500 credit.  A “long-time” homeowner, [...]

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Effective Jan 1, 2010, Federal Rules Require Mortgage Lenders and Brokers to Give Borrowers Better Estimates of Mortgage Closing Costs – Borrowers Should Beware

The Federal Government has become even more involved in the business of mortgages. This time, Uncle Sam’s goal is to help consumers handle the confusing job of selecting a mortgage, selecting a lender, and selecting a mortgage consultant.  On the surface, however, it appears the new regulations will only help a mortgage shopper make decisions based [...]

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The “Move Up” Home Buyer Tax Credit. Or Get a “Move Down” Credit Too

With the drop in property values, there are more than a few buyers who are “moving on down” to a home that costs less than the one they currently own.   Contrary to some of the information being banted about, the tax credit is equally available to homeowners who purchase down in price.  The price of the new home [...]

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What You Don’t Know – BUT Should Know – About The Home Buyer Tax Credit

The IRS has tightened up the ship on the monitoring of tax filings where the taxpayer is claiming the Home Buyer Tax Credit.  There has been far too much fraud and abuse.  People have actually claimed the credit who were not entitled to it.  Imagine that. In some instances, it seems the IRS is making [...]

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4 Out of 10 Buyers Bought Their New Home Using an FHA Loan in November 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 [...]

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FHA Mortgage Qualification and Requirements in New Jersey May Get Tougher

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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