Juan 's Blog

REAL ESTATE RESOURCE

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 20:58:53 -0600

For Sale By Owner.com The official for-sale-by-owner site we'll help you save thousands! www.forsalebyowner.com
For Sale by Owner MLS Make Buyers Compete for Your Home 80% of US Sales are Through the MLS www.ValueMLS.com
Short Sale Secrets Step-by-Step Guide To Getting Banks To Discount Properties by 40%! www.ShortSaleMagic.com
Sell Your House - Today We've helped 200,000 since 2002. Close in 10 Days - Featured on CNN HouseBuyerNetwork.com

MORTGAGE LOAN PROGRAMS

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:50:59 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but signi ficant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on t he market. Contact us to find out what programs are currently available, or for any other related questions.

2ND MORTGAGE LOANS
A- THRU D PROGRAMS
125% 2ND MORTGAGE
INVESTOR LOANS
Click here to contact us for information on other less common programs.

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.

FHA MORTGAGE ~V Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance ~Sallowable~T closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

203K FHA MORTGAGE ~V Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc~E

VA MORTGAGE ~V Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo~Rs, PUD~Rs and single-family second homes can be financed with no prepayment penalty.

EMERGING MARKETS PROGRAM ~V 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.

ZERO DOWN PROGRAMS ~V Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.

NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.

FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

A- THRU D LOANS ~V These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.

2^ND MORTGAGE LOANS ~V Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

125% 2^nd MORTGAGE ~V Same as above but the 2^nd mortgage we will lend up to 125% of the value of the home.

HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.

CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products.

INVESTOR LOANS ~V Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK.

Click here to contact us for more information on any of these programs.

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Web	www.yourfamilyhomeloans.com

DOWN PAYMENT ASSISTANCE PROGRAM

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:49:56 -0600

"First Time Home Buyer Down Payment Assistance Programs Available Apply Today For Your Free Mortgage Application and Free Mortgage Consultation""

Family First Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

	QUICK RATES
CONFORMING - 6.25 30 YEAR FIXED CONFORMING - 5.25 1 YEAR ARM CONFORMING - 5.50 3/1 YEAR ARM CONFORMING - 5.875 5/1 YEAR ARM CONFORMING - 6.00 7/1 YEAR ARM CONFORMING - 5.875 15 YEAR FIXED JUMBO - 6.625 30 YEAR FIXED JUMBO - 6.125 15 YEAR FIXED JUMBO - 5.125 1 YEAR ARM JUMBO - 5.75 3/1 ARM JUMBO - 5.875 5/1 ARM JUMBO - 6.25 7/1 ARM JUMBO - 6.50 10/1 ARM

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Family First Mortgage Corporation

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Web	www.YourFamilyHomeLoans.com

Now is the perfect time to take advantage of low interest rates and an exceptional market. Feel free to apply online, browse our calculators and tools, learn about our loan programs, and much more. We offer custom solutions for every residential mortgage financing situation. Whatever your residential financing needs, we will tailor a loan that's right for you.

Whether you are buying, selling, refinancing, or building your dream home, you have a lot riding on your loan specialist. Since market conditions and mortgage programs change frequently, you need to make sure you're dealing with a top professional who is able to give you quick and accurate financial advice. We have the expertise and knowledge you need to explore the many financing options available.

Ensuring that you make the right choice for you and your family is our ultimate goal. And we are committed to providing our customers with mortgage services that exceed their expectations. We hope you'll browse our website, check out the different loan programs we have available, use our decision-making tools and calculators, and apply for a loan or pre-qualification in just a few steps.

Today's technology is providing a more productive environment to work in. For example, through this Web Site you can submit a complete online secure loan application, pre-qualify for a home loan or you can request an update on your loan in process and much more! These tools have allowed us to provide a higher level of service to our clients who utilize the Internet in their daily lives. By applying online, your application is received immediately! We will be notified by email and be prompted to return to our secure server to retrieve your application. This will enable us to start processing your loan today!

After you've applied, we'll call you to discuss the details of your loan, or you may choose to set up an appointment with us using our online form. As always, you may contact us anytime by phone, fax or email for personalized service and expert advice. Thanks again for visiting our Online Mortgage Center!

Great Interest Rates

Look no further for the best rates along with the best service. We are here to help make purchasing a new home or refinancing your current home as easy as possible. Use our online application process to prequalify or fill out our full application to speed up the application process.

Let us help you get to a better place. Our goal is to help you find immediate relief from high-interest bills. When you're saving money instead of paying on credit cards, you're in a better place. And that's just where we want you to be.

Save hundreds every month. Our loan officers compete to save customers the most money. They will get to know you, answer your questions, customize a loan for you and always be by your side. Their motto is: Integrity, Intensity, True Customer Service.

On average, our customers save $664 a month. Imagine finding twenty extra dollars in your pocket - every day! You might even save twice that amount, just by letting us show you how to tap into the equity in your home.

Down Payment Assistance Program Apply Now!

Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462 Family First Mortgage Corp. 300 Kimball Street Suite 201, Woodbridge, NJ 07095

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Web	www.YourFamilyHomeLoans.com

WE WILL BEAT ANY LENDERS' PRICE OR PAY YOU $500

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:46:45 -0600

Rates Information

BEST PRICE OFFER: We will beat any lender's price or pay you $500. Details below.

We are unable to post daily rates on our web site at this time. For an up-to-the-minute rate quote, please call us at 1-732-734-4500. We do guarantee to beat any lender's offer that meets the criteria of our BEST PRICE OFFER.

Best Price Offer Details
A customer must provide a complete system-generated Good Faith Estimate, listing a specific lender's name, that is dated the same day as the rate quoted by us. If such Good Faith Estimate indicates an equivalent or lower interest rate and closing costs package for the same loan program that is offered by us and we have verified the accuracy of the rate and fees listed, then we will have the option of beating that lender's total loan costs by $100 or paying the customer $500 when they close with that lender and provide us with a copy of the signed Note and Final HUD-1 Settlement Statement.

WWW.YOURFAMILYHOMELOANS.COM

FIRST TIME HOME BUYER LOANS

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:43:52 -0600

First Time Home Buyer Loans

Congratulations on your decision to buy your first home. Owning a home is a wise investment. Building equity in your home provides financial stability that you cannot aquire by renting. The process of buying your first home can be daunting. You probably have many questions. We can help you sort out all of your financing questions. Getting pre-approved is the first step in the buying process. Contact us to speak with a loan officer to get you started.

WWW.YOURFAMILYHOMELOANS.COM

REVERSE MORTGAGES

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:42:18 -0600

Reverse Mortgages

A Reverse Mortgage is a special HUD Insured loan program available to Senior American Homeowners to convert equity in their homes to cash. To qualify for a Reverse Mortgage you must be 62 years of age or older and own your own home. A reverse mortgage gets its name because the payments are "reversed" from the lender to the borrower. The borrower does not have to pay the

money back while they live in the home. Instead, the loan must be repaid when the borrower passes away or sells the home. Reverse Mortgages can help homeowners who have substantial equity but little cash stay in their homes and still meet their financial obligations.

FHA Home Loans

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:39:40 -0600

FHA Home Loans

If you don't have much money for a down payment or if your credit history has a few blemishes, then maybe an FHA Loan is right for you. An FHA Loan is a mortgage that is insured by the Federal Housing Administration. There are many factors involved in determining whether an FHA Loan is better for you than a Conventional Loan. Contact us to speak with a loan officer to help with this decision.

www.yourfamilyhomeloans.com

Interest Only Home Loans

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:38:22 -0600

Interest Only Home Loans

With an interest-only mortgage loan, you pay only the interest on the mortgage in monthly payments for a fixed term, usually 5 to 7 years. After the end of the term you can either refinance or begin paying on the principal, in which case the payments would increase. An Interest Only Loan is a good fit for someone who expects to earn a lot more money in a few years. Contact us to speak with a loan officer to help you decide if a Interest Only Loan is right for you.

www.yourfamilyhomeloans.com

No Fee Refinancing

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:36:46 -0600

No Fee Refinancing

Family First Mortgage provides options for no fees and no points on most of our refinance programs. Instead of you, the borrower paying the Non-Recurring Closing Costs associated with the loan, these fees are paid by the lender. Non-Recurring Closing Costs include: Appraisal Fees, Credit Report, Lenders fees, Brokers fees, Title Insurance, and Recording Fees. No fee refinance loans generally require the borrower to accept a slightly higher rate than a traditional refinance. Contact us and one of our loan officers will help you determine if a No Fee Refinance is right for you.

www.yourfamilyhomeloans.com

zero down payment / 100% financing programs

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:33:31 -0600

Zero Down Payment / 100% Financing Programs

Buying a home doesn't necessarily require a substantial sum of money for a down payment. There are several options available for people that have little or no money available for a down payment. The government has recently subsidized several 100% financing programs to help even more people realize the American Dream of home ownership.If you believe a zero down payment home loan may be right for your situation, contact us and one of loan officers will be happy to discuss the details of these programs.

www.yourfamilyhomeloans.com

should you refinance?

Juan Valdez (Family First Mortgage) — Tue, 06 Nov 2007 15:29:31 -0600

Should You Refinance?

Answer these questions to help you decide:

Your refinance decision should be based on the amount of interest you will save with a new loan or the length of time it will take to break even after paying any fees associated with refinancing. Use our refinance calculator to create your own unique loan scenarios.

www.yourfamilyhomeloans.com

Contact Family First Mortgage

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 12:00:35 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Contact Information

You may use the electronic options below or call 732-216-1728 or send an email to Info@YourFamilyHomeLoans.Com.

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Passing Home Inspection

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:59:35 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Passing Your Home Inspection

Most buyers will want a professional home inspector, some lenders require it. At times home inspections are done even before the home goes under contract.
Although home inspections will cover multiple systems within the house, there are several specific sports that buyers worry about most. You don't need to wait for inspection day to arrive in order to assess the condition of your home. Make necessary home repairs and avoid having small problems turn into big headaches. Those big headaches can often require a lot of money to fix and might even lower your home's market value. Below are listed some of the most common problems, and ways to fix them:

Crawlspaces and Wet BasementsIf your basement smells of mildew, it is signaling that the basement is too moist. Inspectors will closely examine walls and floors for signs of dampness and patches of mildew. Moisture can deteriorate building materials and attract insects, some an inspector might even use a meter to determine how much moisture can be found in some of these spaces. Use plastic to cover exposed earth in crawl spaces or basement; this will help keep moisture levels down. It may be fairly expensive to repair leaking walls. If this kind of problem exists but you do not want to make repairs, consider lowering the asking price of the home, with a written understanding that the price reflects this problem. You also might give buyers an allowance option to make repairs after closing is completed.

Mold or Mildew.Mildew stains and odors make buyers nervous, even more so now that toxic black mold has become such a presence. You might never get an acceptable offer if mold or mildew are present anywhere in or outside the home. Kill the mold and mildew and fix the source of the problem. Although the mold in your home may be of the normal variety, and not the toxic stuff (called stachybotrys chartarum) it needs to be remedied immediately. Kill the mold and mildew and then find and fix the source of the problem.

The RoofYour roof will be noticed right from the start, especially by home inspectors. If the shingles are moist or rotting beneath, you can guarantee repairs will be required. If needed, climb on your roof and be sure that things are in order. Even if the shingles are merely deteriorated you might still be asked to replace them. Ensure gutters are clean and free from leaves or dirt, as well as positioning downspouts so that water runs away from the house rather than near it. Also if you have a chimney, flashing around the base should be watertight.

PlumbingPlumbing needs to be fixed or clogs unclogged. Appliances like washers and dishwashers will be tested and these things become apparent during these tests. The inspector will also check your water pressure by turning on several faucets and flushing toilets at the same time. The inspector also may check the septic system. One of the ways of doing this is by flushing dye down a stool. The inspector will then wait to see if the dye surfaces on the drain field, and if so, this indicates a draining problem. You can try these things yourself to see how well your systems respond. If you notice any problems, take care of them, possibly by hiring a professional plumber, before the house is inspected.

ElectricalThe inspector will look for receptacles with ground fault interrupters (GFI), specifically in bathrooms and kitchens. The circuit breaker and electrical panel configuration are probably adequate for the home's needs. A 125 amp electrical panel will work for most homes. However, be certain that individual circuits are not overloaded. Also, these GFI receptacles have little red test and reset buttons. The inspector will probably make certain that they are what they appear to be, and not just fake ones that aren't wired to work. And lastly, grounded receptacles, those with three pronged plugs will likely be checked out also.

Heating and CoolingHeating and cooling systems will be checked and the inspector will make comments on their efficiency. All appliances will be checked, along with smoke detectors, foundation, and other areas.

Before the InspectionKeep in mind that home inspectors make note of everything. It is very possible that the inspection report will come back with negative statements, but don't let this discourage you. Remember that no home is perfect, and just do everything you can to put the house in good condition before you attempt to sell it.

Remember that the home inspection report is not a wish-list for buyers. Read your contract carefully--it probably states which systems should be in good working order at closing. For instance, if the roof is older, but doesn't leak, it is in good working order. If there's a leak, and fixing just the leak is possible, the roof will be in good working order.

Your contract may also state that you are under no obligation to make any repairs at all--although the buyers can then likely withdraw from the contract. Don't feel you must comply with unreasonable demands for repairs.

Worried about a low appraisal? Click here for ideas on how to cope.
For more information, contact your agent.

What is Home Staging?

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:58:44 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Home Staging for Sellers

What is Home StagingStaging is preparing your home for sale, but in a process that includes cleaning, updating, organizing and rearranging things to look their very best.

Quite possibly, home staging has become the hottest trend in real estate these days. Those who advocate home staging say that sales for staged homes are faster and receive higher prices than similar homes that aren't staged. Anyone who has had their home on the market for weeks or months, or who has waited and wondered about a sale, would probably encourage any process that helps to sell the home faster.

Home staging can be as simple as making a few home repairs, removing accessories and unneeded belongings, packing in advance, and bringing in plants or flowers. It can also become quite complicated and could include rearranging or storing furniture, replacing outdated fixtures, windows or lights, and even repainting or recarpeting.

Your final goal is to show potential buyers the very best of your home. It doesn't matter if it's easy or complicated as long as it happens. Beware of inviting buyers to be distracted by clutter, dirt or even maintenance problems.

If you doubt that home staging can help sell a home faster, then consider this example. For those still in doubt about the importance of home staging, picture this:

It might be easy to guess that the model home, even with a higher price is going to sell about ten times faster than the home filled with clutter. Because of the cleanliness of the model home, as well as the "staging" to show buyers the features of the home and the spaciousness of the floor plan, the model home will definitely be the preferred one.

Most of us don't live our lives like a page from a home magazine and so it's important to remember that the way we live in our home and the way it should be presented to a potential buyer are two completely different things. Every home will seem larger if there are fewer furnishings. Remember that you don't want the home to appear sparse, but in a location where you currently have a sofa, loveseat and recliner, you might consider packing up everything but the sofa. You'll still be helping potential buyers visualize someone living there, without detracting from your home's features. Remember that you are not selling the possessions in the house, but the house itself.

Potential buyers will be seeing your home for the first time so do everything you can to see it through your eyes in that same way. Remember to find a way to view the best features of your home, rather than the contents.

Sell Your Home FasterAs you prepare to stage your home, keep in mind that you'll be packing up all of your belongings in order to move, so boxing up unnecessary items and clutter shouldn't be a problem at this point. Try to keep an objective point of view while rearranging and clearing things out. If needed, rent a storage unit for just a few months. You can not only fill it with clutter, but also holiday decorations, extra clothing, extra furniture (depending on it's size) and even lawn or yard equipment. Remember not to pack away anything you might need for the upkeep of the home until it sells.

If you think that it will be too difficult for you to determine on your own what needs to go and what should stay, consider either asking a friend for help or hiring a professional home stager. Ask around, get some referrals, and you will be able to find a professional the same way you would locate a photographer, caterer, etc. Some real estate firms even keep a list of professionals who do everything from repair to home staging to carpet cleaning. Check the firms in your area and see what information they have available for you.

Before deciding on someone, meet with several professionals to get an idea of who will work best for you. Find out what they are willing to do, what fees they have, how long it will take and when they can start. Ask for references as well as photos of homes that they have worked in and be sure to ask for ideas on what needs to be done in your home. You should also find out what they won't help with, as well as determine in writing who will handle what, such as the actual moving of furniture, etc.

Click Here for more great staging ideas.
Don't forget to check out Tips for Sellers!
And be sure to make the outside look as great as the inside by following Updating Your Home's Curb Appeal.

Family First Mortgage Resources

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:57:35 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Resources

For Sale By Owner

2 Bedrooms 2 Baths Single Family Jackson NJ
3 Bedrooms 2 Baths Jackson NJ
5 Bedrooms 4 Baths Single Family Westfield NJ
7 bedroom Mother/Daughter New Jersey
Keansburg NJ GREAT BUY!

Realtors

Tammy Shaw * 45 City Square Hoschton, GA 30548 * 706-654-4100 X720 * Cell: 404-717-7945 Fax: 706-658-0121 www.TammySellsGeorgia.com

Ravenna "Ray" Taylor Realtor®/Associate Abundant Real Estate Direct line: (609)267-9117 http://www.raytaylorhomes.com/

Ravenna "Ray" Taylor

· CENTURY 21 Abundant Real Estate • 1862 Burlington/Mount Holly Rd, Mount Holly, NJ 08060

phone 609-267-7653 • fax 609-261-8547 • RayTaylorC21@aol.com

Gina M. Washington * Century 21 Town & Country * 350 Cranbury road East Brunswick, NJ 08816
Direct: 732-208-4766 Office: 732-257-3000 ext. 30 Fax: 732-238-7188 E-mail: Encore1103@comcast.net www.GinaWashingtonRealtor.com

Local Information

City Profile - Enter City or Zip Code
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Other Helpful Resources for Buyers

Terrific Tips for 1st Time Buyers
The first place to look when thinking of buying a home.

Steps to Home Buying Success
Home buying is a complicated process, especially if this is your first time. Where do you start? These steps will help you through the process to make your home buying experience a success.

Home Buying Mistakes
Whether you are just thinking about buying or already mid-way through the process, every buyer can benefit from these tips - and avoid these mistakes!

Making an Offer
A guide for making an offer on a home.

Handling Home Buyers Remorse
How to handle commmon worries.

Resale Potential of New Home
It may seem strange, but before buying a home, consider its resale potential.

Other Helpful Resources for Sellers

Steps to Take Before You Sell
Selling a home can be difficult. Unsure about whether or not to use an agent? Want to get the best price for your house in the least amount of time? We've compiled several tips to guide you on your journey.

Home Preparation Tips
Ideas for tips on how to prepare your home for sale.

Preparing Your Home to Show
More ideas on how to prepare your home for showing.

What Is Home Staging?
Heard the term, but not sure what it means? We've got the explanation and ideas for you!

The Importance of Curb Appeal
The outside of your house is as important as the inside. Find tips to improve your curb appeal.

The Realities of Home Showings
Once you're ready to show, be prepared for the realities of showing - save yourself frustration!

Passing Home Inspection
A few ideas on how you can better help yourself pass your home inspection.

Resources for both Buyers and Sellers

Why Good Houses Don't Sell
Buyers take advantage of it, Sellers beware!

Before Signing an Agreement
Using an agent can be a great idea, but before you sign an agreement be sure you know which one you want.

Preparing Contract Contingencies
Suggestions of things to put in the contract.

Dealing with a low appraisal
Appraisal came in low? Don't panic - there are options.

About Family First Mortgage

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:56:36 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

About Family First Mortgage

Family First Mortgage Corp was founded on May 23, 1979 in Florida to meet the needs of borrowers who purchased homes through our residential construction company. In 1985, we began to focus on mortgage lending, not only for our construction company, but also for the entire community. We developed an excellent reputation with borrowers, Realtors and builders. Over the years we made the transition from Mortgage Broker to Mortgage Banker and grew our lending activities throughout Florida. In the late 1980's we retired our construction company to concentrate on Mortgage Lending.
     We are a privately held and family owned corporation. This means you will not be a number with our company. Your suggestion and observations will make a difference.
                Our Services Include:
Conforming and Non-Comforming Loans
FHA and VA Direct Lender
100% Financing
Down Payment Assistance Programs
Jumbo Loans
Investor Loans
1031 Exchange Programs
No Income Verification Loans
Foriegn National and Diplomat Loans
Commercial Loans
All Property Types
And MUCH More ...


Family First Mortgage Corporation ... "Where Your Family Comes First!"

Testimonials

Thanks so much for all of your help and hand holding thru our new home purchase ( not to mention finding us such a great rate on our mortgage !!) We took great comfort in knowing that you were there taking good care of us. Many thanks.
- Dan and Beth Bootzin

Family First gave me fantastic service and my refinance went great. I had previously had a difficult and prolonged experience with one of the worst mortgage. I went to them because I thought that, with my being in Phoenix, it would be easier, but it turned into a nightmare. In the end, they declined the refinance because they said there were no similar houses sold recently in the Ski Valley. They just weren't familiar with the local market. With just a fraction of the time, I got the whole thing done at Family First, and at a strongly competitive rate. I couldn't have gotten a better rate on the web.
- Allen Dobbs

They were really great, really informative and helpful and quick. Michelle Deroche mostly helped us. She's intense, and that intensity gives a lot to the success of their business. You have to have a certain amount of being prepared for anything when things like the appraisal don't come in on time, and that's where his intensity paid off. She's also really knowledgeable. She was there at closing. When we needed her to be there for us, he always came through.
- JoAnn Shilling-Gano and Beau Gano

Thank you for everything you did to make buying our first home simple, clear and unterrifying. Knowing you were keeping on top of our buying process took the worry out of purchasing the house while still in Florida. Now we are eagerly awaiting June when we anticipate moving out to Taos. It can't come soon enough for us.
- Thanks again! Sonya, Nathan and Malcolm Rousseau

Thanks you again for all your help and advice with our mortgage. You helped us understand the process and gave us confidence that we are making the right decisions. We wish you great success in the year 2007 and beyond!
- Thanks, Perry Penick and Mary Hanrahan

Everything went very well. It was a VA process and it went very smooth. This was my first mortgage and I was expecting a nightmare. We weren't really sure what we were in for but they made it pretty simple. We handed over the information from the VA and they handled everything. It was great.
- Stewart and Deborah Cripps

Luis Martinez was really, really good. Any questions that you have, any problems, he answers your questions and makes sure you understand. They weren't pushy, they just helped us out. Luis was really friendly and he was very attentive. he understood where we were coming from. he knew we wanted a lower interest rate and he looked at several different places and worked with us to get it. They were great!
- Evelyn and Allen Martinez

Family First Mortgage Home Page

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:53:10 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
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Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

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Home Buying Mistakes

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:52:15 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
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Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

10 Things Not To Do When Home Buying It's Not Yours Until the Paperwork is Complete

You're counting down the days until closing, the sellers have accepted your offer, the lender has you pre-approved and the house is officially under contract. Does this make the home yours? Nope - nothing is certain until all the paperwork has been signed, and the keys are in your hand. There are still some things that can happen before you close, and if you're not careful about your actions between now and closing, you might accidentally slow things down, cause yourself stress, or worse, break the deal. Here is some advice on what NOT to do until the ink is dry:

1. Don't Change Jobs

Banks are always nervous about lending money, and usually a mortgage is the most a person may ever borrow. Banks like to see consistency in your job history. They are less nervous if you change jobs within the same field, but they prefer if you stay put, especially when waiting for mortgage approval. Until the keys are in your hands, don't change jobs unless it's absolutely necessary.2. Don't Make a Large Purchase

It is wonderful news if you've just found out your credit is great. However, making a major purchase can quickly change your credit rating, because it changes your debt-to-income ratio. Although a new car would look great in the driveway of your new home, the car payment will not look great to those lending you money. They may decide not to lend you money after all. It's better to wait until after closing to make any major purchases, including furniture, cars, etc. If you absolutely must make a large purchase, it's a good idea to talk to your loan officer before you do it.3. Don't Give Earnest Money Directly to a For Sale By Owner

Sad as it is, sometimes a seller spends a buyer's deposit money prior to closing. If the transaction doesn't take place, even for valid reasons, like financing problems, repairs, etc., the buyer ends up fighting to retrieve their funds. Your deposit is probably safer if placed in a trust account. Some sellers don't realize or understand that deposit funds are to be applied to your closing expenses. Find a neutral party, preferably an attorney, someone who can hold your deposit until you close. It's also a good idea that your contract defines what happens to these funds if closing never takes place.4. Don't Forget to Switch Utilities

It may seem simple to arrange for utilities to be started or stopped, however many people forget to cancel or apply for utility service. As soon as you have a contract, it's a good idea to call the utility company. Find out how many days lead time they need in order to switch the service, and be sure they'll be discontinuing services at your old home. Depending on how far the move between your old home and your new one, you may have to contact a different utility company for the same service.5. Don't Forget Hazard Insurance

Hazard Insurance is another often forgotten task that some buyers scramble to take care of right before closing. Before you can close, a lender will want ensure that you have some type of coverage for the new home. Obtain this coverage as early as possible in order to avoid delaying the closing. In some areas, other types of insurance coverage may be required. Your lender can indicate what insurance requirements there are in your area.6. Don't Allow Emotions to Take Over

While searching for a home to buy, it's important to be realistic. There is no perfect home, although there is a home perfect for you. If there are repairs needed, don't allow the seller's refusal to do a small repair ruin the deal or your dreams. Often, it isn't a big deal for the buyer to make small repairs. However also keep in mind that some repairs are too big, so don't allow yourself to fall in love with a house that you may not be able to handle, financially or emotionally. Decide beforehand what kind of repairs you can realistically handle and then stick with that decision when looking for homes. Remember to maintain a good attitude and keep a cool head throughout the entire process, including during and after an inspection, as well as at closing. 7. Don't Make Friends with the Seller

Although it's important to be cordial, it isn't a great idea to get into a lot of discussion with the seller. No matter how nice you are, the home you are buying used to be theirs and you may just hurt their feelings by making a comment you think is fine. Everyone makes changes to their new home, but some sellers don't like change and a casual statement could end up costing you when issues about repairs or other things come about. Be friendly, but don't make friends with the sellers. Remember, it's not always a good idea to mix business with pleasure. 8. Don't Panic if the Appraisal Comes in Low

CLICK HERE

9. Don't Ignore Lender Requirements

Every lender will have certain requirements or documentation. Listen carefully and provide everything they need in a a timely manner if you want things to go as quickly as possible. Your closing may depend on it. 10. Don't Do Things Alone

If you decided to work with an agent, part of your agent's job is making sure things go smoothly and that closing is completed. A good agent should be tracking most of the day to day details that involve the buyer, the seller, the lender or the seller's agent. Don't let your agents off the hook by neglecting to ask for their help. Remember, they're getting paid to help you.
To contact your agent today, click here.
Also, check out Tips for New Home Buyers!

Family First Mortgage Glossary

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:51:09 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Mortgage Terms & Definitions
Quick Find Links: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A
Acceleration Clause
A provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.

Adjustable Rate Mortgage (ARM)
A mortgage with and interest rate that fluctuates according to the movements of a predetermined index. There are several types of ARM's, some change quicker than others, but all have a ceiling cap.

Alternative Financing
Mortgage options available below market rate including ARM's, buy down's and graduated payment mortgages (GPM's).

Amortization
The gradual repayment of a mortgage by installments.

Amortization Schedule
A timetable for payment of a mortgage showing the amount of each payment applied to interest and principal and the remaining balance of the loan.

Annual Percentage Rate (APR)
The total cost of your mortgage loan expressed as an annual interest rate. This includes the base interest rate, mortgage insurance, origination fees, and some other related fees.

Appraisal
An opinion by a licensed real estate appraiser regarding the fair market value of a property.

Appreciation
Difference between the increased value of a property and the original cost of the property.

Assumable Loan
Usually for a small assumption fee, a new buyer can take over or assume the loan of the previous homeowner, saving closing cost and loan origination fees. Some are non-qualifying most are through qualification.

B
Balloon Payment
A loan with monthly payments insufficient to pay off the balance in the specified term; the balance must be paid in full when the loan comes due.

Broker (Mortgage)
An individual or company that for a fee acts as an intermediary between borrowers and lenders.

Broker (Real Estate)
A person who has a real estate broker's license, who may not only make real estate transactions for others in exchange for a fee, but also may operate a real estate business and employ salespersons and other brokers.

C
Cap
A provision of an ARM limiting how much the interest rate or mortgage payments may increase or decrease.

Cash Reserve
A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two monthly mortgage payments.

Clear Marketable Title
A title that is free of liens or legal questions as to ownership of property.

Closing
The meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing cost. Also known as "settlement."

Closing Costs
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Also called "settlement costs."

Community Home Buyer's Program
An alternative financing option that allows households of modest means to qualify for mortgages using nontraditional credit histories, 33 percent housing-to-income and 38 percent debt-to-income ratios, and the waiver of the usual two payments cash reserves at closing.

Condominium - A form of property ownership in which the homeowner holds title to an individual dwelling unity plus an interest in common areas of a multi-unit project, and sometimes the exclusive use of certain limited common areas.

Contingency
A condition that must be met before a contract is legally binding.

Conventional Mortgage
Any mortgage that is not insured or guaranteed by the federal government.

Convertible ARM
An adjustable-rate-mortgage that can be converted to a fixed-rate mortgage under specified conditions.

Cooperative
A type of multiple ownership in which the residents of a multi-unit
housing complex own shares in the corporation that owns the property, giving each
resident the right to occupy a specific apartment or unit.

Covenant
A clause in a mortgage that obligates or restricts the borrower and that, if violated, can result in foreclosure.

Credit Report
A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's credit worthiness.

D
Debt-to-Income Ratio
Formula used to qualify borrowers. The ratio expresses, as a percent, the amount of monthly debt payments in relation to the amount of monthly income of a borrower(s).

Deed
The legal document conveying title to a property.

Deed of Trust
The document used in some states instead of a mortgage; title is conveyed to a trustee rather than to the borrower.

Default
The failure to make a mortgage payment on a timely basis or to otherwise comply with other requirements of a mortgage.

Delinquency
A loan in which a payment is overdue but not yet in default.

Depreciation
A decline in the value of a property; the opposite of "appreciation."

Disclosure
Document which describes all conditions of mortgage loan including terms and interest rates.

Discount Points
A one time charge by the lender to increase the yield of the loan. A point is one percent of the amount of the mortgage.

Down Payment
The part of the purchase price which the buyer pays in cash and does not finance with a mortgage.

Due-on-Sale Clause
A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.

E
Earnest Money
A deposit made by the potential home buyer to show that he or she is serious about buying the house.

Equal Credit Opportunity Act (ECOA)
A federal law that prohibits lenders from denying mortgages on the basis of the borrower's race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

Equity
A homeowner's financial interest in a property. Equity is the difference between the fair market value of a property and the amount still owed on the mortgage.

Equity Loan
A loan based on the borrower's equity in his or her home.

Escrow
The holding of documents and money by a neutral third party prior to closing; also, an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.

Exclusive Agency Listing
A listing contract in which the agent has the sole right to sell the home, though the sellers are not bound to pay the commission if they produce the buyer.

Exclusive Right-to-Sell Contract
A listing contract in which the seller gives the real estate broker the sole right to sell; the person receives a commission, regardless of who produces the buyer.

F
Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer/credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

FHA Mortgage
A mortgage that is insured by the Federal Housing Administration. Also referred to as a "government" mortgage.

First Mortgage
A mortgage that has first claim in the event of default.

Fixed Rate Mortgage
A mortgage in which the interest rate does not change during the entire term of the loan.

Flood Insurance
Insurance that compensates for physical property damages resulting from flooding. It is required for properties located in federally designated flood areas.

Forbearance
The lender's postponement of foreclosure to give the borrower time to catch up on overdue payments.

Foreclosure
The legal process by which a mortgaged property may be sold when a mortgage is in default.

G
Graduated Payment Mortgage (GPM)
A mortgage that starts with low monthly payments that increase at a predetermined rate. The initial monthly payments are set at an amount lower than that required for full amortization of the debt.

H
Hazard Insurance
Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.

Homeowner's Insurance
An insurance policy that combines personal liability coverage and hazard insurance coverage for a dwelling and its contents.

Homeowner's Warranty (HOW)
A type of insurance that covers repairs to specified parts of a house for a specific period of time. It is provided by the builder or property seller as a condition of the sale.

I
Impound
The portion of a borrower's monthly payments held by the lender to pay taxes, hazard insurance and mortgage insurance.

Index
The interest rate to which changes in an adjustable-rate-mortgage are pegged.

Interest Rate
The fee charged for borrowing money.

J
Judicial Foreclosure
A court procedure used by lenders to secure clear title to a property under a defaulted real estate loan.

Jumbo Loan
A loan which is larger (more than $322,700) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

L
Late Charge
The penalty a borrower must pay when a payment is made after the due date.

Lien
A legal claim against a property that must be paid off when the property is sold.

Lifetime Cap
A provision of an ARM that limits the highest rate that can occur over the life of the loan.

Listing Contract
A contract with a broker or firm the sellers hire to represent them in the sale of their home, according to the terms of sale that they specify. In exchange for producing a ready-willing-and-able buyer, the agent is paid a commission.

Loan Application Fee
A lender's fee, usually ranging from $75 to $300, which the buyer must pay when applying for a mortgage.

Loan Commitment
A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer.

Loan Origination Fee
A fee charged by the lender for processing a mortgage.

Loan Servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

Loan-to-Value Ratio (LTV)
The relationship between the unpaid principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property.

Lock-In
A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing.

M
Margin
The set percentage the lender adds to the index rate to determine the current interest rate of an ARM.

Market Rate
The average rate charged by lenders for conventional, fixed-rate loans.

Mortgage Banker
A company that originates mortgages exclusively for resale in the secondary market.

Mortgage Broker
An individual or company that for a fee acts as an intermediary between borrowers and lenders.

Mortgage Insurance
(Also known as Private Mortgage Insurance (PMI)) Insurance provided by nongovernmental insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) ratios greater than 80 percent.

Mortgage Insurance Premium (MIP)
The fee paid by a borrower to FHA or a private insurer for mortgage insurance.

Mortgage Note
A legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time; the mortgage note is secured by a mortgage.

Mortgagee
The lender in a mortgage agreement.

Mortgagor
The borrower in a mortgage agreement.

Multiple Listing Service (MLS)
A networking system, frequently on computer, in which a number of real estate firms share information about their client's homes that are for sale.

N
Negative Amortization
A gradual increase in the mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the unpaid principal balance to create "negative" amortization.

Notice of Default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.

O
Offer to Purchase and Acceptance
An offer of purchase that has been signed by both buyer and seller. A firm contract that outlines all details of the property transaction. Also known as a contract of sale or sales contract.

Offer to Purchase or Purchase Offer
A document that list the price, conditions, and terms under which the buyer is willing to purchase a property. Also known as an earnest money agreement, contract of purchase or deposit receipt.

Open Listing
A listing contract in which sellers hire more than one firm or person to sell their home, and only the one who produces the buyer is entitled to the commission,

Origination Fee
A fee paid to a lender for processing a loan application; it is stated as a percentage of the mortgage amount.

P
Payment Cap
A provision of some ARM's limiting the amount by which a borrower's payments may increase regardless of any interest rate increase; may result in negative amortization.

PITI
Acronym for principal, interest, taxes, and insurance
the components of a monthly mortgage payment.

Points
A one time charge by the lender to increase the yield of the loan; a point is 1 percent of the amount of the mortgage.

Pre-approval
The process of determining that a borrower is credit approved up to a predetermined amount. The borrower is credit approved pending the locating of a home that meets the predetermined loan criteria.

Prepayment Penalty
A fee that may be charged to a borrower who pays off a loan before it is due.

Prequalificiation
The process of determining how much money a prospective home buyer will be eligible to borrow before a loan is applied for.

Principal
The amount borrowed or remaining unpaid; also, that part of the monthly payment that reduces the outstanding balance of a mortgage.

Private Mortgage Insurance (PMI)
Insurance provided by nongovernmental insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80 percent.

Purchase and Sale Agreement
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

Q
Qualifying Ratios
Guidelines applied by the lenders to determine how large a loan to grant a home buyer.

R
Radon
A radioactive gas found in some homes that in sufficient concentrations can cause health problems.

Rate Lock
A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing. Also known as Lock-in.

Real Estate Agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Realtor
A collective membership mark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

Refinancing
The process of paying off one loan with the proceeds from a new loan using the same property as security.

Reverse Mortgage
Also called "equity conversion mortgage," these loans permit senior citizens to convert the equity in their homes to income. The lender makes monthly cash payments to the homeowner, and repayment is deferred for a set period or until the homeowner dies and the house is sold.

S
Second Mortgage
A mortgage that has a lien position subordinate to the first mortgage.

Secondary Market
The buying and selling of existing mortgages.

Seller Take-Back
An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.

Settlement
The meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing cost. Also known as "Closing."

Settlement Sheet -The computation of costs payable at closing that determines the seller's net proceeds and the buyer's net payment.

Survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

T
Tenancy by Entirety
A type of joint ownership of property that provides right of survivorship and is available only to a husband and wife.

Tenancy in Common
A type of joint ownership in a property without right of survivorship.

Title
A legal document evidencing a person's right to or ownership of a property.

Title Company
A company that specializes in examining an insuring titles to real estate.

Title Insurance
Insurance to protect the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of property.

Title Search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.

Treasury Securities
Treasury securities and T-Bills are common indexes for adjustable rate mortgages (ARMS).

Truth-in-Lending (TIL)
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage including the "annual percentage rate (APR)" and other charges.

U
Underwriting
The process of evaluating a loan application to determine the risk involved for the lender. It involves an analysis of the borrower's credit worthiness and the quality of the property itself.

V
VA Loan
A loan that is guaranteed by the Department of Veterans Affairs. Also referred to as a "government" mortgage.

Variable Rate Mortgage
Adjustable Rate Mortgage.

Vested
One has a right to use a portion of a fund, such as an individual's retirement fund.

Z
Zero Percent Financing
A loan with no interest in the contract. The IRS imputes 10 percent for both borrower and lender.

Zoning
The right of a community, under its police power, to dictate the use of property within its boundaries.

Family First Mortgage Loan Programs

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:49:54 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but significant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on the market. Contact us to find out what programs are currently available, or for any other related questions.

FHA MORTGAGES
VA MORTGAGES
JUMBO LOANS
80/15/5
EMERGING MARKETS PROGRAM
ZERO DOWN PROGRAMS

2ND MORTGAGE LOANS
A- THRU D PROGRAMS
125% 2ND MORTGAGE
INVESTOR LOANS
Click here to contact us for information on other less common programs.

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.

FHA MORTGAGE - Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3% down payment and they can even finance "allowable" closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

203K FHA MORTGAGE - Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc...

VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person.

JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

EMERGING MARKETS PROGRAM - 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.

ZERO DOWN PROGRAMS - Same as above only the borrower pays for closing costs or can have the seller contribute up to 6% towards closing costs.

NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.

INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.

FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

A- THRU D LOANS - These mortgages are for the credit challenged. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.

2^ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

125% 2^nd MORTGAGE - Same as above but the 2^nd mortgage we will lend up to 125% of the value of the home.

HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio. Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.

CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products.

INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as NO DOC, LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK.

Click here to contact us for more information on any of these programs.

Family First Mortgage

Juan Valdez (Family First Mortgage) — Thu, 01 Nov 2007 11:48:47 -0500

Family First Mortgage 732-216-1728Info@YourFamilyHomeLoans.Com
Online contact form
Licensed by the NJ Department of Banking and Insurance N.J.A.C. 3:2-1.4(b) License #L050462

Terrific Tips for First Time Home Buyers

It might surprise a first time home buyer that they aren't the only ones who feel confused about the whole home buying process. Almost all home buyers feel the same way, even those who have purchased a home before. It's easy to forget some or all of the home buying steps you've followed in the past. Here are some tips on how to begin:

Educate YourselfYou may have relatives or friends who live in another state or area. They might have some good advice for you, but chances are that the home buying process varies greatly in different areas, so do not make the mistake of relying solely on their advice. Educate yourself about the home buying customs where you want to live. You can talk to realtors, mortgage brokers, loan officers, or even friends who've recently moved into your area. Also the public library might be a good resource.

How to Get Educated Approach a real estate agent by explaining that you do not want to enter into an agreement for representation at the current time. However, find out if they will talk to you about a typical home buying scenario. Any agent that won't take a few moments of time to help you understand home buying, probably, isn't an agent that you want to work with. If you have to make several calls to find someone willing to help you, it will be worth the effort. If you aren't comfortable talking to a real estate agent, you can always try a mortgage broker or a loan officer. Everyone will have a different perspective of the process but all should be able to give you a basic overview or understanding of the home buying process.

Questions to Ask An AgentOnce you find answers to these questions, you'll have a much better idea of the basic home buying customs in your area.

If I decide to work with an agent, once I've decided to purchase a home, will the agent help me compose my offer? If not, who would be willing to help? (Lawyer, Broker, etc.) Some agents use fill-in-the-blank forms and if so, ask for a sample to take home and study and possibly use for ideas to create your own.
Will an agent give me a sample copy of typical disclosures? What kind of disclosures are sellers required to give to their buyers? Does it differ by city or area?
Is a home inspection standard in the area? Are there other types of inspections recommended? How much does an inspection usually cost, and who pays the cost, buyer or seller? When is the inspection usually done, before or after an offer or closing?
Is a survey of the property required, and if so, who pays for it, the buyer or the seller?
If I want to be sure the deed to the title is problem free, do I need to contact a title company? Does someone else do this for me? What is the average cost for this service?
Who acts as settlement agent, the person who puts together final paperwork for you to sign? (attorney, title company personnel, real estate broker, other)? Who will put together final paperwork for signing (otherwise known as settlement agent)? Several options could include title company, real estate broker, attorney, etc.
Other than loan costs, what's the average total cost for other closing fees? What is the average total cost of closing fees, other than the cost of the loan? What is included in these fees, such as taxes, agency fees, etc.?
Once my offer has been accepted, how long does it normally take to close on a home? What might hold closing up or make it difficult?
What can I, as the buyer, do to ensure things go smoothly?

Stay CalmIt is very likely that you will hit a few snags on the way to closing - most people do. However, if you keep your head clear, you will be able to work with the right people to resolve any issues that pop up and the transaction will end up smoothly. There are many details to keep track of, so remember not to over react if something goes wrong, and every problem has a solution.

Now BeginNow that you've reviewed this section, your next steps are the same as they would be for every home buyer. Relax, take a few deep breaths and then begin! Dig into the details and simply start the home buying process. If you allow yourself to enjoy it, the whole experience can be fun!

Helpful links for first time home sellers: What is Home Staging and Advice on Staging Your Home
Also beware of 10 Things NOT to do when Home Buying