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fha loans new jersey: Did you hear about a possible Government shutdown - Which could affect FHA loans & USDA loans - 04/07/11 01:09 PM
Be prepared for the worse !!!! Not sure if many of you know, but there is a possible government shutdown looming. This would affect FHA loans and possibly other mortgages. There are still talks on Capital Hill between the Democrats and the Republicans, if not solved, could shut down many parts of the government come Friday April 7th. The government funding bill expires on Friday at midnight.
Be aware this could affect the ability to get transcripts for IRS loans as well as more importantly, FHA case numbers. Not only could this delay the lender in obtaining a FHA … (12 comments)
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fha loans new jersey: FHA loans in New Jersey with low FHA rates - Don't be fooled by bad advertising - 04/01/11 08:31 PM
FHA loans in New Jersey with low interest rates can look very inviting.
When shopping for mortgages for FHA loans in New Jersey or any other type of loan, some ads can be very misleading. If you look at the snapshot on the left, you can see some companies listing interest rates that don't even exist. Well, they might, but do you know what kind of interest rates? Let's look at each company's ad.
In regards to the first ad, it states "Today's FHA rates" in blue. Do you even know if that rate is a fixed … (3 comments)
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fha loans new jersey: FHA Loans vs Conventional Loans - Comparing 20 percent down - Eye opening - 10-11-10 - 10/11/10 10:31 AM
FHA loans have been the major talk in the news as of lately. One loan officer e-mailed me the other day, asking if FHA is going away. I asked, how did you come up with this? Because three realtors had mentioned it to them. I have not heard a thing, but let's use common sense. If FHA loans would go away, then the housing market would crash for good. Just my opinion.
Just the other day, a realtor made a comment stating that the buyer was better off putting their 20 percent down with a conventional mortgage and not … (12 comments)
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fha loans new jersey: FHA Streamline Refinances & FHA loans in general in New Jersey - You need to know the facts - - 09/16/10 10:28 PM
More the reason why you need to speak to a knowledgeable professional loan officer
With mortgage interest rates being so low, you would think many people are refinancing. And one would think that more would be doing FHA streamline refinances, because it should be so easy, hence the name streamline. Sorry to sound negative, but no and no, for many reasons.
There is also a mortgage myth, aka mortgage rumor, that FHA streamlines are cheaper than regular FHA loans. A complete lie. I just had a potential borrower that was told this. Yes, there are … (12 comments)
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fha loans new jersey: STOP TAXATION? - The new changes for FHA loans are being called : The New Homebuyer Tax - 08/10/10 08:40 PM
Just last week, Assistant Secretary for Housing and Federal Housing Commissioner David Stevens announced that FHA was changing their annual mortgage insurance plan. - FHA announcement - I wrote about it here : HR Bill 5981 - FHA mortgage insurance.
We now have some groups and people announcing these FHA Loan changes as a tax. Think Big Work Small released their version in this video on Monday. New Homebuyer Tax Starts September 2010 - 08.09.10 - Brian Stevens, from TBWS states this... "A tax that furthers HUD's Agenda." Sounds scary, right? Because it sounds like the government is … (18 comments)
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fha loans new jersey: As a seller, do you listen to your listing agent's advice about potential buyer's financing offers with FHA Loans? - 08/01/10 10:29 PM
Sellers, don't accept offers from a buyer with FHA financing. Wait, don't accept offers with VA financing. Wait, don't accept offers with conventional financing. Gee, you might as well wait around for a cash buyer.
FHA loans are not a bad thing. It could just be that your listing agent isn't familiar with FHA mortgages, or maybe had a bad experience once before, or that they are afraid that the house might not pass a FHA appraisal. In my opinion, I just think the listing agent is flipping a coin on your property and it could cost you thousands … (29 comments)
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fha loans new jersey: No, it's not a T-Rex, aka Tyrannosaurus Rex killing your mortgage loan. It's your 4506-T. - 07/31/10 12:32 PM
In the ever changing world of mortgages, you really need to stay on top of what is going on. So many think it's simple when pre-qualifying a borrower. But if you don't ask the right questions upfront and get very detailed, even the cleanest of deals could crash and burn.
So what is a 4506-t and what is its importance in the mortgage process? Basically it's a form used by lenders that allows them to request a transcript copy of your tax returns from the IRS. In the past, this form most times was used for those that … (15 comments)
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fha loans new jersey: Compensating Factors for FHA Home Loans in New Jersey - 07/30/10 12:52 AM
FHA Home Loans have been a big part of the home buying process when it comes to your financing options. This might not mean much to many, but when you apply for a conventional loan, if you don't get an automated approval, you are declined. With FHA loans, even if you received a refer in the system, your loan can still be manually underwritten. But there are many guidelines that need to be followed, even for a make sense deal. Especially if your qualifying ratios are above the normal FHA requirements of 31/43. This means that your total mortgage … (7 comments)
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fha loans new jersey: FHA Loans Myth - FHA Home Loans are more expensive in New Jersey with 5% down because of mortgage insurance - 07/27/10 07:20 PM
Making a statement that FHA loans are more expensive than conventional loans because of the monthly mortgage insurance is a blind statement. This is like saying that your house is better than your neighbors house. Just to many unknown variables to make this kind of determination.
Here is what a realtor on Trulia stated the other day....
"While an FHA loan has many benefits, the downside(aside from some hefty mortgage insurance) is meeting the guidelines. If you can put 5% down, there is a conventional lender that can do the loan(and the Mortgage insurance is actually lower)."
Two … (5 comments)
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fha loans new jersey: Do some borrower's have the battered woman syndrome? - 07/24/10 11:46 AM
How much abuse can one take? How many times can one be beaten down, even if it's not physical abuse. The mind can be a delicate thing. I wouldn't think any of us would like any kind of abuse. So much abuse that it would make a person break down and cry. Well, this does happen within the mortgage industry from time to time. As a borrower, you need to understand the warning signs in order to act appropriately.
I am not saying that all loan officers do this to their borrowers, but it does happen more than … (11 comments)
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fha loans new jersey: My credit is not good - but my co-signers credit is excellent - Yippie, I can buy & use FHA loans - 07/23/10 12:23 AM
There will always be some sort of mortgage myth in our industry or a piece of information given by a loan officer that is misleading. What I am about to talk about is regarding FHA loans and a borrower using a co-signer to help them purchase their new home. We call this a non-occupant co-borrower type of loan.
Let's first talk about co-signers for mortgages, because this term is used loosely throughout the real estate industry. When doing a mortgage, a co-signer is much different than when buying a car. When buying a car, you … (29 comments)
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fha loans new jersey: Get out your permanent markers, HUD seeks public comment on three main issues for FHA loans - 07/15/10 10:22 PM
You can make a difference - you have 30 days to comment against FHA's proposals
With a difficult economy and possibly some new FHA mortgage changes coming in the new future, this could be time to make your voice heard. HUD made this announce back in January 20th, 2010 - FHA announces policy changes to address risk and strengthen finances - I parlayed this announcement into layman's terms. - FHA loans and some possible mortgage changes.
So now, FHA just announced that there will be a 30 day period for comments on these issues described above. … (92 comments)
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fha loans new jersey: Mortgage Financing made to look easy - FHA loans Have NO Min Credit Score for Florida Homebuyers - Really??? - 07/13/10 11:47 PM
This makes FHA loans sound to EASY. This is extremely misleading...
I must digress... this post was just sent to me. FHA loans have no minimum credit score for Florida Homeowners -
From reading this post, the author makes it sound very easy to obtain FHA loans with less than perfect credit. The author states this - "At the same time FHA loans to (do) not penalize Florida buyers with a higher interest rate because of having less then perfect credit."
Much of the information above and in the post is extremely misleading. I would consider this … (34 comments)
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fha loans new jersey: FHA Loans vs Conventional Loans - Why FHA home loans in New Jersey can be better with 5% down - 07/11/10 10:44 PM
FHA loans have certainly become more popular over the last several years. In the past, some loan officers were using other types of financing that were easier for them, but not suited best for the borrower. That use to get under my skin and I witnessed it first hand in some cases. What I hate hearing is that FHA mortgages have taken the spot of the subprime loans. This is not true at all. This statement is from those that are inexperienced in both the mortgage and the real estate industries. To many subprime loans should have gone FHA … (5 comments)
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fha loans new jersey: Tax Credit has been extended - Just NOT yet - Do not commit FRAUD - 06/17/10 12:05 PM
Tax Credit has been Extended - NOT
I just wrote this post below this morning. As of now, this information is incorrect. Here is the update by Dana Allen :
Homebuyer Tax Credit Deadline NOT Extended. House to approve Reid Extension Ammendment
The tax credit has been approved in congress for an extension from June 30th, 2010 to September 30th, 2010. The amended Bill was approved in a 60-37 vote yesterday. "Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more … (5 comments)
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fha loans new jersey: Misleading FHA loan disclosures & mortgage disclosures in general - Red Flags - 06/16/10 12:18 PM
As some of you know, I only have a few major pet peeves, but one of them is false or misleading disclosures, or not disclosing at all. Especially when it comes to FHA loans in New Jersey and FHA loans in Florida, because of the FHA monthly mortgage insurance premium changes that have occurred.
Over the years, I always hear different stories on how payments were never disclosed, or had changed, how some documents weren't presented until later on, etc, etc. Even with the new good faith estimate laws that have gone into affect January 1st, 2010 and because of … (7 comments)
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fha loans new jersey: Large downpayments when buying a home - Does it really help? - Cash is king - 06/14/10 09:18 PM
Buying a home can sometimes be stressful when you have so many different people giving you advice. It shouldn't matter if you use FHA loans, VA loans, USDA loans, or conventional loans for your financing. Keep in mind, you hold the power in your own hands, with the help of professionals. Just be wise in your decisions.
Just recently, there has been news of FHA Loans raising the monthly mortgage insurance (MMI), known in the conventional world as PMI, private mortgage insurance. The concept is the same, but the monthly percentages vary for each type of mortgage depending on the … (10 comments)
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fha loans new jersey: FHA Rumors & FHA Home Loans - June 2010 - 06/09/10 11:24 AM
FHA Rumors & Myths about FHA LOANS
FHA Mortgages have gained popularity in the last 2 years because of the demise of the subprime mortgages and because of conventional loans. Conventional loans have become harder and in some cases, more expensive depending on your credit score and down payment.
In any case, I am still hearing some negative comments and input about FHA loans. I have been doing FHA loans since 1993 and I never felt that they hindered the loan process. These rumors are usually started by those that aren't as experienced in doing FHA mortgages.
… (13 comments)
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fha loans new jersey: We need to ABOLISH FHA Loans!!!! - 01/26/10 10:19 AM
FHA LOANS need to go !!!!
FHA loans need to go.... so many defaults... GROWING by the thousands. If we don't kill FHA mortgages now, the economy will crumble. Sound confusing?
Okay Jeff, have you flipped your lid? NOPE - I had written this blog last week, FHA loan rumors have become a reality. Because of this post, I have seen a few comments stating that we need to abolish FHA loans. Here are some comments in regards to these FHA changes in general...
"The FHA is basically bankrupt since they haven't figured out that making loans … (61 comments)
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fha loans new jersey: Family Time - Hanging with my nieces and nephews - 01/23/10 06:55 PM
FAMILY & FRIENDS – So important
As several of you know, my sister adopted 11 years ago. It has turned out to be a wonderful story. It started with the fact that my sister couldn't have kids, well, that is what several specialists had said from all over. So my sister and brother-in-law decided to adopt. They were actually approved to adopt up to 3 kids at once and this took place in Kazakhstan. They adopted a boy and girl, Katerina and Johnny. Well, when they came back after about a solid month in Kazakhstan, because of … (20 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
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Social Media - Infinity Home Mortgage Company, Inc
Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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