Barbara Morgan Sells Homes in Atlantic County - Blog

Financing for Rehabs, REO’s, Foreclosures, and Fixer Uppers in Galloway Township, Atlantic County. FHA 203(k)

Barbara Morgan (Keller Williams Atlantic Shore) — Wed, 10 Dec 2008 14:49:10 -0800

WANT TO BUY A FIXER UPPER...IS THAT A REAL WORD???? Atlantic County qualifies and I can help. Read Brian's info on FHA financing with 203K streamline program. Must live in not designed for investors...sorry. Great time to buy, Great home prices and Great rates. Give me a call, Barb

Via Brian McCarty:

This post is about the FHA 203(k) Streamline program, a program that has been around a long time but deserves to be revisited in this market. This loan is not for everybody but in certain situations it can make the purchase or sale of a home possible when traditional financing will not allow it.

What is it?

    It is a Rehab Loan
    It is NOT a Construction Loan
    Can be Purchase or Refinance
    Used When Appraisal has “Cost to Cure”
    Can be Used for Elective Renovation

This loan, as with regular FHA loans, is for a purchase or refinance of a primary residence only. This is not a product for investors or a product that should be used with the intention to “flip” the property.

What are the eligible property types?

    1-4 Units
    Condos (interior only)
    Manufactured Homes
    Mixed Use Properties
    Existing Homes Complete For Over 1 Year

What are the eligible improvements that can be made with this loan?

    Health and Safety Repairs
    Corrections of Code Violations
    Repairs Necessary to meet HUD Requirements
    Smoke Detectors
    Installation or Repair of Well and Septic
    New Free Standing Appliances
    Roofs, Gutters and Downspouts
    HVAC Systems
    Plumbing and Electrical Systems
    Flooring
    Kitchen Remodel (Nothing Structural)
    Interior and Exterior Painting
    Weatherization (Doors, Windows, Insulation, etc.)
    Handicapped Access
    Lead Based Paint Stabilization or Abatement
    Exterior Decks, Patios, or Porches
    Basement Waterproofing
    Basement Finishing/Remodel (Nothing Structural)

This is obviously just an overview of what this product has to offer. The key to a successful process and closing is working with a knowledgeable Loan Officer who will walk you or your client step by step through the process. This product is has many more variables than the traditional loan programs and therefore needs to be handled properly throughout the process to ensure everything goes smoothly.

For more information vist the HUD website at HUD or give me a call at 609-618-9939.

Brian

Financing for Rehabs, REO’s, Foreclosures, and Fixer Uppers in Galloway Township, Atlantic County. FHA 203(k)

Barbara Morgan (Keller Williams Atlantic Shore) — Wed, 10 Dec 2008 14:49:10 -0800

WANT TO BUY A FIXER UPPER...IS THAT A REAL WORD???? Atlantic County qualifies many

Via Brian McCarty:

This post is about the FHA 203(k) Streamline program, a program that has been around a long time but deserves to be revisited in this market. This loan is not for everybody but in certain situations it can make the purchase or sale of a home possible when traditional financing will not allow it.

What is it?

    It is a Rehab Loan
    It is NOT a Construction Loan
    Can be Purchase or Refinance
    Used When Appraisal has “Cost to Cure”
    Can be Used for Elective Renovation

This loan, as with regular FHA loans, is for a purchase or refinance of a primary residence only. This is not a product for investors or a product that should be used with the intention to “flip” the property.

What are the eligible property types?

    1-4 Units
    Condos (interior only)
    Manufactured Homes
    Mixed Use Properties
    Existing Homes Complete For Over 1 Year

What are the eligible improvements that can be made with this loan?

    Health and Safety Repairs
    Corrections of Code Violations
    Repairs Necessary to meet HUD Requirements
    Smoke Detectors
    Installation or Repair of Well and Septic
    New Free Standing Appliances
    Roofs, Gutters and Downspouts
    HVAC Systems
    Plumbing and Electrical Systems
    Flooring
    Kitchen Remodel (Nothing Structural)
    Interior and Exterior Painting
    Weatherization (Doors, Windows, Insulation, etc.)
    Handicapped Access
    Lead Based Paint Stabilization or Abatement
    Exterior Decks, Patios, or Porches
    Basement Waterproofing
    Basement Finishing/Remodel (Nothing Structural)

This is obviously just an overview of what this product has to offer. The key to a successful process and closing is working with a knowledgeable Loan Officer who will walk you or your client step by step through the process. This product is has many more variables than the traditional loan programs and therefore needs to be handled properly throughout the process to ensure everything goes smoothly.

For more information vist the HUD website at HUD or give me a call at 609-618-9939.

Brian

100% Financing in Galloway Township Atlantic County

Barbara Morgan (Keller Williams Atlantic Shore) — Thu, 04 Dec 2008 10:27:54 -0800

Via Brian McCarty:

100% Financing in Galloway Township Atlantic County

Did you think that 100% financing was a thing of the past? Think again!

With Superior's Rural Housing Program you can obtain 100% financing and make that dream of home ownership a reality. This program has many advantages that make it a much better choice than many of the other programs that are available. Below is a list of some of the highlights of this program.

1 - No Down Payment Required
2 - No Monthly Mortgage Insurance
3 - No Reserve Requirement
4 - No Stated Maximum Loan Amount
5 - Financing Up to 102% of Appraised Value
6 – No First Time Buyer Requirement
7 – New and Existing Homes OK
8 – 30 Year Fixed Rate Loan
9 – No Prepayment Penalty
10 – Seller Contributions up to 6%
11 – No Limitation on Source of Funds
12 – 100% of Money Can Be Gifted
13 –Closing Costs Can be Included in Loan Amount
14 – Not FICO Score Driven
15 – FICO > 620 Do Not Need To Explain Derogatory Credit

With this program you do not need excellent credit, you do not need a down payment, you have no monthly mortgage insurance which makes your monthly payment lower, and currently the rates are in the mid 5’s. This is a huge advantage to a potential home buyer. With low rates and no monthly mortgage insurance you can afford much more house for the same monthly payment.

Many areas in Atlantic County are eligible for this program. Below is a partial list.


   Borough of Buena
   Buena Vista Twp.
   Corbin City
   Egg Harbor City
   Egg Harbor Township
   Estelle Manor
   Folsom Borough
   Galloway Township
   Hamilton Township
   Mullica Township
   Port Republic City
   Weymouth Township

For more information about this program visit USDA Rural Housing or call me on my cell at 609-618-9939..

FEATURED IN ATLANTIC CITY WEEKLY

Barbara Morgan (Keller Williams Atlantic Shore) — Wed, 26 Nov 2008 19:58:48 -0800

Your Home Town Realtor - go to the following site and check out my video.

http://atlanticcityweekly.com/?inc=re_video

I am a local realtor that cares for my customers. Finding the right home or investment for you is most important. Prices and mortgage rates say "BUY" Don't be sorry by waiting for the bottom. We may have just seen it. Call me now to find the RIGHT home for you NOW.

JUST THE BEGINNING.....CATCH THE WAVE......YOU WON'T WANT TO BE LEFT OUT

Barbara Morgan (Keller Williams Atlantic Shore) — Wed, 26 Nov 2008 19:51:10 -0800

Fed to Buy MBS

It was an exciting week for mortgage markets! Tuesday, the Fed and the Treasury announced a new program to purchase up to $500 billion in mortgage-backed securities (MBS), and mortgage rates dropped sharply after the news. The MBS purchases are expected to take place over the next few months. The goal of the new program is to lower mortgage rates, and the immediate reaction certainly was a big step in the right direction, as mortgage rates moved significantly lower during the week.

According to the Wall Street Journal, consumers around the country responded quickly to act on the drop in mortgage rates. In many cases, call volumes during the week were far above their recent levels as homeowners rush to refinance.

In the housing sector, October Existing and New Home Sales continued to fall modestly. On the plus side, inventories of unsold existing homes declined in October. Also, the outlook for future home sales grew more positive this week, since lower mortgage rates make homes more affordable. The chief economist for the National Association of Realtors (NAR) estimates that each 1% decline in mortgage rates could generate between 500,000 and 800,000 home sales. Combined with the recent drop in home prices, homes are more affordable now than they have been in years.

THIS COULD BE THE BREAK WE HAVE ALL BE WAITING FOR. LOW HOME SALE PRICES, EVEN LOWER HOME MORTGAGE RATES AND REALLY ANXIOUS HOME SELLERS. Let the real estate market do what the stock market can't. I have great homes at great prices and sellers ready to sell. GIVE ME A CALL..

GREAT BUYS FOR ACTIVE ADULT COMMUNITIES IN ATLANTIC COUNTY

Barbara Morgan (Keller Williams Atlantic Shore) — Sun, 09 Nov 2008 19:15:19 -0800

With all the thoughts about economy and cut backs, families are also cutting back. No news, we all know that. But I just want to remind everyone that living in a retirement community provides much activity on the home front to keep you busy.l Bonding with new friends, many cutting back on their work schedule or retiring so time for that game of bocce ball, or to shoot a game of billiards, or play a game of canasta or bridge. The days get full with FUN activities and they don't cost you anything. Call me I have many great buys now and people that have to sell. 17 miles to Atlantic City and the year round weather is great. SMITHVILLE AREA, EGG HARBOR TOWNSHIP AREA, ABSECON AREA

MAXIMIZE YOUR HOME'S APPEAL

Barbara Morgan (Keller Williams Atlantic Shore) — Sat, 25 Oct 2008 21:40:11 -0700

Increasing your home's appeal

Remember the 60-second rule: That's all the time you have to create a winning first impression. Exterior

Keep the grass cut and remove all yard clutter.
Weed and apply fresh mulch to flower beds.
Apply fresh paint to wooden fences.
Tighten and clean all door handles.
Clean windows inside and out.
Powerwash home's exterior.
Ensure all gutters and downspouts are firmly attached and functioning.
Paint the front door.
Buy a new welcome mat.
Place potted flowers near the front door.

Interior

Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the room appear smaller.
Consider renting a storage unit to move items off-site.
Clean and organize cabinets, closets and bookshelves.
Clean all light fixtures and ceiling fans.
Shampoo carpets.
Remove excessive wall hangings and knickknacks.
Repair all plumbing leaks, including faucets and drain traps.
Make minor repairs (torn screens, sticking doors, cracked caulking).
Clean or paint walls and ceilings.
Replace worn cabinet and door knobs.
Fix or replace discolored grout.
Replace broken tiles.
Replace worn countertops.
Special details for showings.
Turn on all the lights.
Open all drapes and shutters in the daytime.
Keep pets secured outdoors.
Buy new towels for bathrooms.
Buy new bedding for bedrooms.
Replace old lamps or lampshades.
Play quiet background music.
Light the fireplace or clean out the ashes and light a candelabrum.
Infuse home with a comforting scent, such as apple spice or vanilla.
Set the dining room table for a fancy dinner party.
Vacate the property while it is being shown.

Don't bother looking for foreclosures and short sales

Barbara Morgan (Keller Williams Atlantic Shore) — Wed, 22 Oct 2008 11:27:37 -0700

All the news about short sales and foreclosures has forced those really motivated to sell to come down to compete with low prices. If you are looking anywhere in Atlantic County including Adult Communities then get in touch with me now. You can get settled in by the holidays and resume enjoying your life in a new home. I have mortgage people ready to help you do just that.

ACTIVE ADULT COMMUNITIES NEAR ATLANTIC CITY-homes for sale

Barbara Morgan (Keller Williams Atlantic Shore) — Fri, 10 Oct 2008 09:38:06 -0700

WHY WAIT TO START ENJOYING THE "REST" OF YOUR LIFE. I have enjoyed living this life style myself and it really extends your life. Communities that offer activities are the key to keeping healthier longer. I don't just say this to sell homes, I say this because I have experienced it. There are really good deals going on right now in Smithville area of Galloway Township, NJ. Only 17 miles from Atlantic City. This community has people from many walks of life that are very happy to share their many talents, from singing, art instructions, table games, yard games (with healthy competition), investing, healthcare, vacation clubs and sooooooo much more. Give me a call and I can hook you up with the right location for you.