Ar_home_b_search
 



anniemac home mortgage: FHA 203K...The Contingency Reserve - 01/08/12 06:01 PM
What's The Contingency Reserve? The Contingency Reserve is something that needs to be addressed because it's an extremely important part of the FHA 203k loan.  The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses that may arise as a result of the rehab. How Much? The Contingency Reserve can be anywhere from 10-20% of the rehabilitation costs.  This rehabilitation number is set aside in case we open up the walls and there are broken pipes, missing, etc- one never … (2 comments)

anniemac home mortgage: Common Misconceptions of FHA 203k Rehab Mortgages - 12/19/11 07:25 PM
There’s some really big misconceptions regarding the FHA 203k mortgage, we’re going to talk about a few here. The first one is that the FHA 203k rehab mortgage is hard. It’s not! This isn’t rocket science guys, it’s really not that hard. The truth is the program really comes down to the people that are involved and the people that you have working with you on the project. If you have a lender who doesn't know what they are doing, if you have a consultant who’s only done a few consultant reports in the last 10 years, if you’ve got a … (6 comments)

anniemac home mortgage: Have you seen the show “Property Brothers” on HGTV? - 12/18/11 03:59 PM
I got really excited one day when this new show came out called the “Property Brothers.” I swear when I watch the show I think that I may actually be related to these guys. I might be the third brother- the one that nobody knows about- the one that helps you to be able to finance the projects that these guys are doing!

So what do you think? Ok- so maybe I don’t really resemble these guys but I know how to help you get the money that you need to get these types of projects done!
FHA 203k Renovation … (1 comments)

anniemac home mortgage: FHA 203k Mortgage and the Importance of a Good 203k Consultant - 11/04/11 08:21 PM
If you have read any of my other blogs you will have seen that I write about all the interested parties in the FHA 203k process.  Today I want to highlight one of the most important and sometimes over looked parties.  That is the FHA 203k Consultant. In NJ, PA and DE I use Mike Grace (you can click his name and be taken to his LinkedIn profile page). 
The FHA 203k Consultant plays an integral part in the FHA 203k process- he helps to bridge the gap between the contractor, customer and lender.  His job is to make sure that … (0 comments)

anniemac home mortgage: FHA 203k Mortgage Issues- Obtaining Permits - 07/30/11 11:35 AM
I started reaching out to some FHA 203k consultants that I know and also to a few other FHA 203k lenders and I asked them all to please tell me what gives them the biggest headaches and what could I tell customers upfront that would help speed along FHA 203k mortgage transactions. Drum roll please………
PERMITS, PERMITS and MORE PERMITS Depending where you live getting permits can take up to 3 months to secure. This is extremely important factor that many lenders, contractors and clients all forget.
How important is securing the permits quickly? Extremely. The FHA 203k renovation mortgage requires … (0 comments)

anniemac home mortgage: NJ FHA 203k Success Story- Yep we did it again! - 06/21/11 10:00 PM
Its starting to sound like a bad Britney Spears song (sorry to all you Britney fans out there) but ...We Did It Again. We took a wonderful NJ couple and showed them the power of the FHA 203k mortgage program.  We showed the customer once again that by using this mortgage program that you can buy a home in NJ, PA, DE, or any of the 27 states that AnnieMac Home Mortgage is licensed in to create INSTANT EQUITY.
Amazing Isn't It? Everyday we watch the news and see that home values continue to drop, foreclosures are up and short sales … (0 comments)

anniemac home mortgage: FHA 203k Mortgage’s and Underwater Properties- Is there hope? - 05/03/11 07:00 PM
One of the best parts of FHA 203k mortgages is that over night your property can "Poof" have equity! Who would have thought that is possible in this real estate environment- not most people so let me explain in detail how this works.
Current Home Specs and Estimated Value You own a home that is currently worth $300,000- here are the details of the property:
3 Bedrooms 2 Bathrooms 2100 square feet This home as it sits is worth around $300,000 or so.  This customer has a mortgage that has a balance of $295,000.  So from first glance most borrowers would … (30 comments)

anniemac home mortgage: FHA 203k Renovation Loans and Lenders NJ-PA-DE-CT- MD - 06/11/10 12:38 AM
One of the hardest parts of getting a FHA 203K loan is locating a lender who is knowledgeable and who understands what it takes to get your loan done.  What I have found from doing these loans is that there are plenty of customers out there who want these loans and plenty of customers who are trying to do there research but the true FHA 203k lenders in my area: NJ, PA, DE, CT and MD are few and far between.  So many lenders tout there knowledge and there understanding of what it takes to get a loan done but the … (3 comments)

 
Jeff_o_2 Rainmaker_large

Jeff Onofrio

Mount Laurel Township, NJ

More about me…

AnnieMac Home Mortgage

Address: 700 East Gate Drive, 4th Floor, Mt. Laurel, NJ, 08054

Office Phone: (856) 505-6717

Cell Phone: (609) 217-9409

Email Me

My blog is here to provide information regarding FHA and FHA 203K loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!


Listings

Links

Archives

RSS 2.0 Feed for this blog