Gloucester County, NJ Mortgage and Real Estate Blog

100% Mortgage Financing in Gloucester County, NJ | USDA

Sun, 08 Nov 2009 21:36:52 -0600

100% Mortgage Financing in Gloucester County, NJ | USDA

Whether you are a first time home buyer in Gloucester County, NJ or a move-up home buyer, one of the best mortgage programs going right now is the USDA loan option that allows 100% financing. Unlike many of the risky loans that were available several years ago, this 100% financing loan is a 30-year fixed loan that has no monthly mortgage insurance cost.

Interest rates for this USDA mortgage program are comparable to FHA or conventional mortgages. The location of the home you are buying will have to be in an eligible area. Roughly half of Gloucester County, NJ is available for 100% financing (All of Salem County, NJ is eligible).

This mortgage option is income restricted, but has very flexible (high) limitations, and the majority of home buyers will find that they qualify for this option. For more information, to be pre-approved, or to have any questions answered, contact Steve Kappre.

Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
NJ Reverse Mortgages
All aspects of purchase and refinance mortgages up to and over 100% of the home's value
Home renovation loans for refinance or purchase
Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

Things to do in East Greenwich, NJ | Craft Show

Sun, 08 Nov 2009 20:50:10 -0600

Things to do in East Greenwich, NJ

Craft Show

Saturday, November 14th

9am - 3pm

Samuel Mickle School

Kings Highway, Mickleton, NJ

Last year's event had everything from aprons to chocolates, "pillow buddies" to embroidered scarves, free pictures with Santa, and plenty of neighborly faces!!

Sponsored by East Greenwich Home and School Association

View Larger Map

Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
NJ Reverse Mortgages
All aspects of purchase and refinance mortgages up to and over 100% of the home's value
Home renovation loans for refinance or purchase
Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

Holiday Craft Show - East Greenwich, NJ

Fri, 06 Nov 2009 21:26:44 -0600

Holiday Craft Show

Originals for sale by community artists

Mickleton (East Greenwich), NJ

Saturday ~ November 7, 2009

900am - 400pm

Location: The Little Red School House, located on Harmony Road, just off of King's Highway

Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
NJ Reverse Mortgages
All aspects of purchase and refinance mortgages up to and over 100% of the home's value
Home renovation loans for refinance or purchase
Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

Using Your Blog to Educate Both the Public and Professionals

Wed, 28 Oct 2009 17:40:45 -0500

Using Your Blog to Educate Both the Public and Professionals

There is a truism concerning people; We all like to learn and be in the "know". No one wants to be ignorant. Everyone wants to know how to do things right! Concerning real estate, a home buyer doesn't want seller concessions, APR, or first time buyer programs to be confusing. And certainly neither do the professionals that are in the business!

Some people have a passion to share and educate. That is indeed one of my passions. Here is how I use my blog to educate both professionals and the public.

Professional: I write about things that I feel will help other professionals grow; Effective Blogging: Don't Kill Your Blog Posts by Sharing ALL of Your Thoughts,
Public: I write about the questions I get most; How to Have a Seller Pay Your Closing Costs While Using a First Time Home Buyer Mortgage Program to Cover Your Down Payment
Both: I write about current real estate events that are personal to me; Do You Have an October/November Settlement in NJ? Don't Be Caught Off Guard!

First and foremost these blog posts are used to educate. I LOVE this format because I don't really have to give a "sales pitch" to other professionals or to the public; they can just read about what I write and make the decision all on their own. This I've found is one of the best ways to lay the groundwork for a relationship (IMHO).

If you haven't done it yet, create blog posts that you can use over and over again. One of my most useful series was one on credit:

Credit Scoring: What Makes Up Your Credit Score? (Part 1 of 6)
Credit Scoring - Payment History (Part 2 of 6)
Credit Scoring - Balances (Part 3 of 6)
Credit Scoring - History (Part 4 of 6)
Credit Scoring - Mix of Accounts (Part 5 of 6)
Credit Scoring - Credit Inquiries (Part 6 of 6)

I can't tell you how many people this series has been sent to. There is a large percentage of "lookers" that have low credit scores, and this series really allows those that are motivated to help their situation and to buy in the future. Most people are genuinely grateful, and have found that when they take an hour or so to educate themselves, that the results are generally fabulous.

When someone needs additional explanation or they have very general questions, (or I don't have time to talk), I will send them the links. I will also use these posts when someone e-mails me for information but I can not get back in touch with them. Here are some examples below (along with the above links already mentioned):

I simply follow up later to see what questions they have and to help them understand. More times than not, the blog posts give a great foundation and education and we can move on from there, or at least help them to make an educated decision!

Feel free to contact Steve with any questions (see below)

Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
NJ Reverse Mortgages
All aspects of purchase and refinance mortgages, up to and over 100%
Home renovation loans for refinance or purchase
Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

Do You Have an October/November Settlement in NJ? Don't Be Caught Off Guard!

Wed, 28 Oct 2009 11:49:57 -0500

Do You Have an October/November Settlement in NJ? Don't Be Caught Off Guard!

A quick reminder to real estate professionals and consumers alike: This time of year in New Jersey many property taxes are "updated", potentially causing the 2008 tax estimate that is showing on the MLS to be inaccurate. Sometimes the change is so small a buyer doesn't even notice. Sometimes a property's taxes could go up by $1,000 or more per year. It depends on the home you are buying.

Do not listen to rumors or leave it to chance.

Have your real estate agent and title company do all the homework they can to find out what those taxes will be at the settlement table. Over the last month, I've seen no less than 4 closings where taxes where higher at settlement. In one case it was rather upsetting to the buyer who was already doing a 2/1 buydown so that she could afford the payment. On another occasion the buyer's taxes were about $90 more a month. That is a BIG DEAL on a $165,000 purchase!!

So if you are in New Jersey and are settling on your new home in October or thereafter, be forewarned.

Feel free to contact Steve with any questions (see below).

Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

NJ First Time Home Buyer Mortgages, grants, down payment assistance, and more
NJ Reverse Mortgages
All aspects of purchase and refinance mortgages, up to and over 100%
Home renovation loans for refinance or purchase
Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

Speachless Sundays: Sunny Soccer Saturdays

Sun, 25 Oct 2009 22:03:49 -0500

Steve Kappre is a Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:

NJ First-Time Home Buyer Mortgages, grants, down payment assistance, and more
NJ Reverse Mortgages
All aspects of purchase and refinance mortgages, up to and over 100%
Home renovation loans for refinance or purchase
Conventional, FHA, USDA, VA, HMFA, PHFA, Police and Fire, Live Where You Work, and more

Contact Steve Kappre directly: 856-419-3561 | Subscribe to Steve's blog via e-mail

How to Have a Seller Pay Your Closing Costs While Using a First Time Home Buyer Mortgage Program to Cover Your Down Payment

Wed, 21 Oct 2009 20:40:17 -0500

How to Have a Seller Pay Your Closing Cost While Using a First Time Home Buyer Mortgage Program to Cover Your Down Payment

Being a first time home buyer can certainly be a confusing situation. If you do not work with a Realtor and loan officer that know the business well, the complexities of buying a home can whirlwind out of control. As a first time buyer using first time home buyer mortgage options, these situations must be handled even more delicately. This article will focus on how to get the seller to pay the closing costs associated with the purchase of a home, and how to utilize local state or county first time home buyer grant/assistance programs to cover your required down payment needed to purchase a home.

STEP ONE - LINE UP YOUR FIRST TIME BUYER PROGRAM

Meet with a loan officerto be pre-approved for a first time home buyer mortgage and to confirm the amount of concessions you will need (or, how much you need the seller to pay for you). These options and figures can vary greatly based on the location of the home, the loan programs available, credit profile, the home's taxes, and more. It is vital that you find a loan officer that has a working knowledge of all of the local first time home buyer programs.

It is not uncommon for a loan officer to give inaccurate advice based off of his/her specific bank's limited options. The fact is that most lenders do not offer local first time home buyer financing. Many lenders simply state that, for instance, FHA or USDA loans are first time buyer programs. This is inaccurate, and indeed this can keep some people out of the home buying "game". To complicate matters, even if you find a lender that offers one of this programs, their loan officer(s) may have never worked with this type of program.

So to reiterate, find a local, experienced "first time home buyer" loan officer, and don't be afraid to ASK MANY, MANY QUESTIONS. Any reputable loan officer will be happy to answer all of your questions.

Some first time buyer grant/assistance programs are tied to the actual mortgage - they are a one-in-all financing scenario. Other grant/assistance programs are completely separate from the mortgage approval process. Depending on where you are looking to by, some of these programs may overlap. You may prefer one program above another, or sometimes even use more than one at the same time. Again, another reason to work with a loan officer experienced in helping first time buyers with these types of financing.

STEP TWO - DETERMINE CONCESSIONS

Once the first time home buyer grant/assistance program is determined, the lender can then calculate the amount of seller concessions you will need (the amount the seller will need to pay for you). Let's look at the following example to determine how a lender would determine this.

For our example, we will use the SMART START program currently offered in New Jersey (to participating lenders). With the NJ Smart Start program, a buyer can obtain assistance of up to 4% of the loan amount. In most cases, the buyer will select an FHA mortgage which requires a 3.5% down payment. (in this case, the mortgage is approved together with the assistance program).

Let's break this down:

Home buyer purchases a home for $200,000

FHA down payment requirement is 3.5%, or $7,000

The loan amount after the 3.5% down payment required would be $193,000

The assistance program, in this case, would be 4% of the loan amount, or $7,720

We find that the assistance of $7,720 covers the required down payment of $7,000

The left over assistance money ($720) would be used towards the buyer's closing costs.

Let us assume the buyer's closing costs plus prepaid items come to $6,000

To find out how much you need the seller to pay, you would take $6,000, subtract the positive credit from the assistance program ($720), and that is the amount the buyer would need to request for the seller to pay = $5,280

STEP THREE - START MAKING OFFERS

Meet with a Realtor to discuss your pre-approval and your objectives. Even though many Realtor's are familiar with seller concessions, many are not familiar with home buyer programs such as those mentioned above. To be ultimately successful you will want your loan officer and your Realtor to speak in detail about your specific loan approval and financing terms. As a buyer, do not assume all parties are on the same page. As a buyer, your involvement, even as a first time buyer, is very valuable.

Some Realtors will be priceless when making offers and negotiating for a buyer. Some will have a tendency to make offers based on the pre-approval amount only, not paying attention to the seller concessions desired (or required). Some agents may request the maximum amount of seller concessions allowed with FHA, which is 6%, but this is rarely needed. If not structured correctly, the buyer will potentially lose out on the excess concessions they don't use, meaning that they over pay for the home.

Maybe it goes without saying, but you "Get what you pay for" when you choose a professional to work with. Except in this case, you may pay much more (for a house) and get much less (from the seller). Ask as many questions as possible. It will help you find the right person(s) to work with.

Gloucester County, NJ Mortgage and Real Estate Blog

100% Mortgage Financing in Gloucester County, NJ | USDA

100% Mortgage Financing in Gloucester County, NJ | USDA

Things to do in East Greenwich, NJ | Craft Show

Things to do in East Greenwich, NJ

Craft Show

Saturday, November 14th

9am - 3pm

Samuel Mickle School

Kings Highway, Mickleton, NJ

Last year's event had everything from aprons to chocolates, "pillow buddies" to embroidered scarves, free pictures with Santa, and plenty of neighborly faces!!

Holiday Craft Show - East Greenwich, NJ

Holiday Craft Show

Originals for sale by community artists

Mickleton (East Greenwich), NJ

Saturday ~ November 7, 2009

900am - 400pm

Location: The Little Red School House, located on Harmony Road, just off of King's Highway

Using Your Blog to Educate Both the Public and Professionals

Using Your Blog to Educate Both the Public and Professionals

Do You Have an October/November Settlement in NJ? Don't Be Caught Off Guard!

Do You Have an October/November Settlement in NJ? Don't Be Caught Off Guard!

Do not listen to rumors or leave it to chance.

So if you are in New Jersey and are settling on your new home in October or thereafter, be forewarned.

Speachless Sundays: Sunny Soccer Saturdays

How to Have a Seller Pay Your Closing Costs While Using a First Time Home Buyer Mortgage Program to Cover Your Down Payment

How to Have a Seller Pay Your Closing Cost While Using a First Time Home Buyer Mortgage Program to Cover Your Down Payment

STEP ONE - LINE UP YOUR FIRST TIME BUYER PROGRAM

STEP TWO - DETERMINE CONCESSIONS

Let's break this down:

STEP THREE - START MAKING OFFERS

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

East Greenwich Soccer Association Event held at Adelphia's

Come on out and support the East Greenwich Soccer Association at Adelphia's

Buffet and open bar

Entertainment

Monday, December 7th

7pm to 9pm

Everyone is invited!

Tickets are $20 each

You must be 21 years or older to attend

Tickets are now available

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

How Does ActiveRain Welcome a New Member?

How Does ActiveRain Welcome a New Member?

I stumbled upon someone's first ActiveRain post today, and thought "HEY", let's really welcome them the AR way!!! This new member's name is Donna Klimowicz of Hockessin, DE, and she doesn't know me from Adam!!

Some of you remember your first post. For some of you it was like surgery when typing and hitting the "Post" button for the first time.

Stop by and say "Hello!!!" to Donna on her first blog post linked above.

We welcome you and hope you find it as beneficial as we have!

FHA Loans Need Appraisals, Not Inspections

Speachless Sunday: The Red Bellied Woodpecker Returns

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

The Current Market: Foreclosure/Short Sale Reality

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Gloucester Salem County Board of Realtors Golf Outing

Gloucester / Salem County Board of Realtor's Annual Golf Outing

Thursday, October 8, 2009

Pitman Golf Club

501 Pitman Road, Sewell, NJ

Reception to follow: Appetizers, Food Stations, Beer and Wine, Prizes, DJ/Music

I hope to see you all there! It's been two full years since I've hit the links, so all I can say is ...

FORE ! ! ! !

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.