Purchasing a New Home

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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Getting Ready to Buy Your First Home in New Jersey with an FHA Mortgage Loan

Needless to say, there are swarms of people inquiring with lenders right now about buying their first home in New Jersey.  Smart move.  With low rates, low home prices AND a tax credit, it would be foolish to wait – if you qualify and if buying makes sense. Many of the calls I receive are [...]

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Mortgage Delay Does Not Pay: New Approval Guidelines Effective September 1, 2009 Will Make it Tougher for Many Borrowers

Here we go round again.   Effective September 1, 2009, Mortgage Approval Guidelines are set to change.   Sorry, most changes are not to your benefit Mr/Ms Borrower. It would seem to go against the grain at a time when there is a push for purchase activity and helping people save their homes. But once again this year, changed [...]

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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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Why the VA Loan is One of the Best Mortgages Available in New Jersey

Are you a Veteran in New Jersey?  If yes, you have the best opportunity available to buy a home at the best possible rates and terms.  A VA (Veterans’s Administration) mortgage is one of the very few remaining options for true 100% financing.  As has been the case for years, veterans can buy a home [...]

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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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Falling Home Prices Spell Disaster For Sellers and Those Wanting to Refinance

There’s no shortage of sellers trying to hold out for a higher sale price for their home. Likewise, there is no shortage of those wanting to refinance opting to hold out for the fathom “lowest of lowest” interest rates. Take this example:  A home for sale at 6 Douglas Lane, Lumberton, NJ lost approximately $11,000 [...]

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Why Homebuyers Are Taking a Big Risk Waiting for Lower Prices

Wanting to lie in wait for near give-away home prices along with a fear of overpaying for property is in the minds of more than a few prospective homebuyers.   But just like trying to time the bottom of the mortgage market is a lose-lose deal, so is the timing of home prices. Click to Share [...]

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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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Mortgage Shopping “Online” Versus Finding a Local New Jersey Expert? What To Do?

Most will agree that, undeniably,  the Internet is a great source of information about nearly everything.  What can’t you find online? There are many items I would not (or cannot) buy anywhere else but online.  Things like pricey computer accessories, books, personalized items, car tires (yes, tires), vitamins, and lots more. But I would not [...]

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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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