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I first posted this in May and since then FHA has become much more widely used. As it should. It is still evolving though so another look seems justified.
For those who are not up on FHA it is a good time to look at this type loan. There is no reason not to unless you are always above the FHA loan limit.
In 2004 FHA was a last resort for many. In 2008 it should be the first loan type considered. This is even more true if your credit score is below 700.
HUD just issued new guidelines regarding non traditional credit that you can learn about here: http://www.hud.gov/offices/adm/hudcl...ee/08-11ml.doc
I usually read HUD mortgagee letters: which you can find here: http://www.hud.gov/offices/adm/hudcl...ers/mortgagee/ If you work with anyone wanting to do limited rehab look at mortgagee letter 2005-50. That said, before going for a mortgage as rehab loan consider just getting rehab financing after settlement in cases where that will work. It can be much cheaper because when you use a 203k type loan product you end up paying a much higher interest rate (.5% higher or more) on THE ENTIRE LOAN.
Suppose you need 15000 in repairs. Do a 203k streamline on a 300,000 loan and it may bump up your rate by a half percent. That is going to cost you 1500/year. 1/2 % of 300,000. Every year. Instead if you got a loan after purchase of 15000 and it even cost you 10% it would only cost you 1500 per year. Any rate under that is savings. AND you would not have to refinance your entire mortgage to get rid of it.
Paul Howard Cherry Hill NJ I got an email through Trulia the other day from a young lady that was interested in a house in a town where I work. She had seen my profile and answers to questions I had given in Trulia. She had looked at a number of homes by calling the number on the sign in front of the house or in the listing. Interested in a particular house, she started asking questions of the agent. She was not comfortable with the reserved answers she got and felt the agent really wasn't trying to advocate for her. After she read my Trulia posts she realized why. The agent was working for the seller. The agent did mention dual agency to her but she didn't really get it till she saw my post.
I won't go into the things the agent did that violated her duty to be 'fair' as a dual agent but suffice it to say the buyer now feels trapped. This is an old story and will continue until real disclosure starts to take place and potential buyers know what they are getting into when they call off the sign. Buyers should keep in mind that listing agents work their 'sphere of influence' intensively. That means that if they listed the home of a friend or relative (extremely common), no matter what they say, they will advocate for them even if they claim to be a neutral dual agent. In the May 2005 issue Consumer Reports recognized EBAs as "true" or "genuine" buyer agents. In a white paper submitted to a "Public Workshop on Competition Policy and the Real Estate Industry Co-hosted by the Antitrust Division of the United States Department of Justice and the Federal Trade Commission " (White paper - Department of Justice), Tom Early (a past president of NAEBA (www.naeba.org)), laid out the problem concerning the industry clouding the issues surrounding true buyer agency.
Until there is real reform in the industry and timely disclosure is made buyers will continue to be trapped (as in 'One date - You're Married' by Tom Wemett) and will either accept the predicament they find themselves in (buying a house without an advocate to help) or go for estrangement. Google: --- "procuring cause" Estrangement .
If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - Call me now for genuine buyer representation.If you are in the market for a home in Camden county or elsewhare in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction-AND STAY THERE TILLYOU ARE SETTLED.
Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul HowardNJHomeBuyer.com Realtywww.homebuyerhomesearch.comCherry Hill NJ 856-488-8444Homes Sold in Gloucester Township NJ 08081, 08012 (August 2008)
There are dozens of neighborhoods (developments), more styles than you can count and over SIX hundred homes NOW on the market in Gloucester Twp alone, that I can help you choose from and help negotiate a purchase on favorable terms. With prices down and the government offering a 0 interest $7500 loan (available as a tax credit to first time buyers) for another few months now is a great time to buy a home in this area. Some things I do for buyers:
=========If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.If you are in the market for a home in Camden county or elsewhare in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction-AND STAY THERE TILLYOU ARE SETTLED.
Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul HowardNJHomeBuyer.com Realtywww.homebuyerhomesearch.comCherry Hill NJ 856-488-8444Homes for Sale in Gloucester Township NJ 08081, 08012 (8/18/2008)
There are dozens of neighborhoods (developments), more styles than you can count and well over a hundred homes priced under $200,000. With prices down and the government offering a 0 interest $7500 loan (available as a tax credit to first time buyers) for another few months now is a great time to buy a home in this area.
=========If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul HowardNJHomeBuyer.com Realtywww.homebuyerhomesearch.comCherry Hill NJ 856-488-8444
Homes for Sale in Gloucester Township NJ 08081, 08012 (8/17/2008)
There are dozens of neighborhoods (developments). Knowing the price range for an area, the median price and the number of homes for sales doesn't tell you very much does it. Tomorrow I'll fill in the gaps. If you know the area do you have any idea what breaking it down by zip and by single detached versus townhouse/twin will look like?
=========If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul HowardNJHomeBuyer.com Realtywww.homebuyerhomesearch.comCherry Hill NJ 856-488-8444In 1997 I began taking the South Jersey HUD list from the newspaper and posting it on my website. At the time, it was the only online place it could be found. As HUD wised up and started posting that I continued for some time. When they got to the point (just a few years ago) where they were actually adding information of value (a home inspection report for each one) AND started putting them in the MLS - I stopped. For a consumer these days the best place is to go straight to the website of HUD's vendor. Go to: http://www.NHMSI.com for the latest HUD list. If it is not on that list it is not available.
Indeed, if it isn't on that list there is no way to make an offer on it because that is where HUD registered broker have to go to place an offer. I am of course a HUD registered broker. More HUD registered broker can be found by searching the site.
====================================If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul HowardNJHomeBuyer.com Realtywww.homebuyerhomesearch.comCherry Hill NJ 856-488-8444
Homes for Sale in Medford NJ 08055
Today (8-15-2008), there are about 244 homes for sale in Medford, NJ. Of these 218 are single family detached homes and of those the prices range from about 174,900 to 4,995,000 . The median prince of the detached homes is about $500,000 . There are dozens of neighborhoods (developments).
Homes for Sale in Cherry Hill NJ 08002,08003,08034Today (8-15-2008) , there are about 613 homes for sale in Cherry Hill NJ. Of these 447 are single family homes and of those the prices range from about $150,000 to $2,950,000. The median price is about $319,900. There are dozens of neighborhoods.====================================If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul HowardNJHomeBuyer.com Realtywww.homebuyerhomesearch.comCherry Hill NJ 856-488-8444
When a consumer comes to a Realtor looking to list their home they are told the commission is negotiable. They 'negotiate' the commission with the listing agent they select. The home is listed. They would do well to look at that listing agreement carefully. They will notice that no buyer or selling agent is listed as a party to that agreement. That being the case they are not bound by it no matter what they are 'offered'. When a buyer comes to a Realtor they may enter into an agreement regarding commission and the buyer may ask the seller to pay that commission when they make an offer. That commission might be lower than anticipated by the seller - or it might be higher. There are two sides to each transaction - neither can unilaterally dictate the commission paid to the agent on the other side.
====> If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul Howard Cherry Hill NJ NJHomeBuyer.com Realty www.homebuyerhomesearch.com Cherry Hill NJ 856-488-8444
Today (8-8-2008) , there are about 628 homes for sale in Cherry Hill NJ. Of these 461 are single family homes and of those the prices range from about $164,000 to $2,950,000. The median price is about $319,000. There are dozens of neighborhoods. ==================================== zipcode: 08002 approximate median asking price for a single family is: $279,900 (range: $164,900 - $464,900) ==================================== zipcode: 08003 approximate median asking price for a single family is: $375,000 (range: $170,000 - 2,950,000) Ranch: Approximate median asking price is: $364,900 (range $219,900 - $899,975) (20 homes) Split Level: Approximate median asking price is: $273,000 (range $170,000 - $429,000) (24 homes) Colonial: Approximate median asking price is: $364,900 (range $189,500 - $849,900) (126 homes) Cape: Approximate median asking price is: $290,000 (range $183,000 - $749,900) (11 homes) ====================================== zipcode: 08034 approximate median asking price for a single family is: $280,000 (range: $179,900 - 1,980,000 (next highest in this range is $710,000) ====================================== If you would like to know what homes are available in a particular neighborhood just ask. If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul Howard Cherry Hill NJ NJHomeBuyer.com Realty www.homebuyerhomesearch.com Cherry Hill NJ 856-488-8444
Today (8-8-2008) , there are about 628 homes for sale in Cherry Hill NJ. Of these 461 are single family homes and of those the prices range from about $164,000 to $2,950,000. The median price is about $319,000. There are dozens of neighborhoods. zipcode: 08002 approximate median asking price for a single family is: $279,900 (range: $164,900 - $464,900) zipcode: 08003 approximate median asking price for a single family is: $375,000 (range: $170,000 - 2,950,000) zipcode: 08034 approximate median asking price for a single family is: $280,000 (range: $179,900 - 1,980,000 (next highest in this range is $710,000) If you would like to know what homes are available in a particular neighborhood just ask. If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers. Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information. We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ. Paul Howard Cherry Hill NJ NJHomeBuyer.com Realty www.homebuyerhomesearch.com Cherry Hill NJ 856-488-8444
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Paul Howard NJHomeBuyer.com Realty- Cherry Hill NJ Cherry Hill, NJ More about me… Paul Howard, Broker, NJHomeBuyer.com Realty Office Phone: (856) 488-8444 Email Me
A unique perspective from an exclusive buyer agent.
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