Gloucester County, NJ Mortgage and Real Estate Blog

Candlelight Shopping in the Village, Mullica Hill, NJ | December 5th | 11-8PM

Thu, 03 Dec 2009 18:00:18 -0600

If you are new to Gloucester County, NJ or the Mullica Hill area, then maybe you can take some time to visit historic Mullica Hill, NJ. Come for a fanastic blend of history, shopping, coffee shops, entertainment, and more. Some of the shops in Mullica Hill are tucked away in corners here and there, and if you blink you might just miss one!

Come for books, antiques, art, boutique clothing, home-made goods, the Amish Market ... the list goes on and on. So plan for a few relaxing hours out on Saturday. You may just find the perfect, one-of-a-kind gift for that special someone! Christmas IS right around the corner! (hint hint, men).

___

Presented by The Mullica Hill Merchants' Association in Historic Mullica Hill's Shopping District.

Take advantage of over 25 in-store events.

Entertainment Events: Scenes and readings from Dickens' A Christmas Carol, Live Music, Santa on his Sleigh

More Details Here

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

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

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

Holiday House Tour: East Greenwich, NJ

Sun, 29 Nov 2009 16:00:04 -0600

Holiday House Tour

16 Homes on Tour

Friday, December 11, 2009

4:00 - 8:00PM

Musical Performances

Refreshments

Presented by the Little Red School House

856-223-5111

Little Red School House - Mickleton

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

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

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

Credit Scores and Reports: How Long is My Credit Report Good For?

Wed, 25 Nov 2009 22:42:31 -0600

Credit Scores and Reports

How Long is My Credit Report Good For?

Credit reports expire 90 days from the date the credit report was pulled, this is for both purchase and refinance transactions. For construction and construction-to-permanent financing a credit report is valid for 120 days. This is important to keep in mind as often the time-frame from the day of credit pull to the day of the transaction's closing can easily be over 90 days.

In many cases a new credit report pull will not alter a mortgage approval, but it is possible to have a credit score go from great to not-so-great, or in a worse case scenario, the credit score could drop to a point where a mortgage approval is not possible.

Additionally, if a credit score drops, than the loan can suddenly become very costly. This is not necessarily a lender charge, but a pass-through charge from Fannie Mae.

There really is no substitute for a sound education in the credit scoring model. Those who take note ahead of their mortgage approval to restore and maintain their credit will save $1,000's, even $10,000's in interest and fees.

For additional information regarding credit scoring and credit restoration, take some time to read through the articles below. As always, if you have any questions feel free to send an e-mail or call!

Credit Links

Credit Scoring - What Makes Up My Credit Score? (1 of 6)

Credit Scoring - Payment History (2 of 6)

Credit Scoring - Balances (3 of 6)

Credit Scoring - History (4 of 6)

Credit Scoring - Mix of Accounts (5 of 6)

Credit Scoring - Inquiries (6 of 6)

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

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

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

The Power of One - Is That You?

Wed, 25 Nov 2009 14:25:26 -0600

The Power of One - Is That You?

Not to sensationalize a topic, but I got thinking today when I picked up my daughter from school. Typically the cars line up in an organized, single file fashion, for safety reasons of course. Today, the "traffic director" apparently wasn't there, and the picture at right is what entailed.

It just goes to show you the power and influence of just one person. On this Thanksgiving, let's remind ourselves that we can be the one to make someone else's day brighter. For some people, our "Happy Thanksgiving" greeting may be the only one they hear all day. Even just a smile can greatly help someone. And we all know that they are contagious!

Do you have a friend you haven't talked to in a while but have been thinking about? Call them to say "Happy Turkey Day". Do you know someone that probably doesn't have a place to go for turkey? Why not invite them over?

I am tremendously thankful for all God has given me. I think the least that I can do is share the many blessings with someone else, especially those in need.

Happy Thanksgiving

and God Bless

Zero Down Mortgage Loans for Cape May County, NJ

Sun, 22 Nov 2009 18:25:22 -0600

Zero Down Mortgage Loans in Cape May County, NJ

Although many 100% financing options have recently been taken away from the home buyer's mortgage options, one of the best zero down mortgages ever is still around and going strong; The USDA mortgage program.

Not only does this 100% mortgage require no down payment, but the seller can pay all of the buyer's closing costs, which will allow a home buyer to get into a home with very little money out of pocket.

This 100% financing program is a 30-year fixed loan that has no monthly mortgage insurance. You do not have to put 20% down to avoid that expensive mortgage insurance with this loan. And interest rates for the USDA mortgage program are comparable to FHA or conventional mortgages.

There are a few limitations; The location of the home you are buying will have to be in an eligible area. If you are buying a home in Cape May County, NJ, many of the locations within the county are approved for 100% financing. (see map - lighter area).

A USDA mortgage is also income restricted, however it does have fairly high income limitations, and the majority of home buyers will find that they qualify.

If a USDA loan does not work for your particular situation, there are other options including first time home buyer grants and assistance programs (both state and county programs), FHA/VA loans, FHA 203K Renovation / Purchase loans and other options. For more information, to be pre-approved, or to have any questions answered, contact Steve Kappre (below).

See also some other counties offering 100% Financing:

100% Mortgage Financing in Cumberland County, NJ

100% Financing in Salem County, NJ

100% Mortgage Financing in Gloucester County, NJ | USDA

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

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

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

100% Mortgage Financing in Cumberland County, NJ

Sat, 21 Nov 2009 17:31:17 -0600

100% Financing in Cumberland County, NJ

Did you think 100% financing and zero-down loans were a thing of the past? Think again. One of the best mortgage programs available today is the USDA mortgage program. This mortgage option is still somewhat unknown despite it's popularity in this current market.

Not only is there no required down payment, but the seller can pay all of the buyer's closing costs, which will allow a home buyer to get into a home with very little money out of pocket.

Sleep well with the safety of a 30-year fixed loan that has no monthly mortgage insurance. Interest rates for the USDA mortgage program are comparable to FHA or conventional mortgages. There are a few limitations; The location of the home you are buying will have to be in an eligible area. If you are buying a home in Cumberland County, NJ, many of the locations within the county are approved for 100% financing. (see map).

A USDA mortgage is income restricted, however it does have fairly high income limitations, and the majority of home buyers will find that they qualify.

If a USDA loan does not work for your particular situation, there are other options including first time home buyer grants and assistance programs (both state and county programs), FHA/VA loans, FHA 203K Renovation / Purchase loans and other options. For more information, to be pre-approved, or to have any questions answered, contact Steve Kappre (below).

See also:

100% Financing in Salem County, NJ

100% Mortgage Financing in Gloucester County, NJ | USDA

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

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

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

FHA 203K Streamline Renovation/Purchase

Thu, 19 Nov 2009 16:26:18 -0600

Are you a home buyer looking at homes in New Jersey? Have you found the right property, at the right price, and the right location, but it needs A LOT of work? Enter the 203k renovation loan. This loan can be used for both the purchase or refinance of a home. Check out the information below from my friend Ken, and if you have any questions, don't hesitate to call. I'd be happy to help and explain.

Quick note: For repair of luxury items or for renovations above $35,000 we can do these too, just call.

Via Ken Cook, FHA Home Loans 678-439-8683:

So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars.

Not to fear! Meet the FHA 203K Streamlined renovation loan.

Eligible Improvements Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value.

Additions to the structure

Kitchen or bath remodels

Finished basement or attic

Patios, decks or terraces

Roofing and landscaping

Safety, energy efficiency and electrical upgrades

Handicapped accessibility improvements

Luxuryitems are not eligible

Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, saunas or alterations to support commercial use

The maximum loan amount must be within the FHA loan amount maximum for the MSA where the home is located and must include the purchase price and the renovation amount. The maximum renovation amount is $35,000 and the minimum is $5,000. Under $5,000 we can do with an escrow of repair funds. A minimum of 10% contingency reserve is required and must also fit into the FHA loan maximums for the area where the property is located. (Any balance remaining on the contingency will be applied to the principal balance and may not be used for additional repairs.)

Yes, it takes a little longer to close an FHA203k Streamline loan than it does to close a standard FHA loan. If you are an agent and you are concerned about that extra couple of weeks just think of it this way: You may make a sale you would not have otherwise made. You may help a buyer get into a home in the area where they wanted to live instead of where they "had" to live. You can be a real hero for someone.

If you are in Georgia I can help you with the necessary paperwork and give you a short class in how to use the FHA 203K Streamline Rehab loan to purchase, sell or represent homes in today's economy. Never hesitate to call me at any time and I'll be happy to answer your questions.

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683

Gloucester County, NJ Concerts at the Library

Mon, 16 Nov 2009 20:30:57 -0600

Come On Out for the Saturday Night Concert Series at the Gloucester County, NJ Library

The Gloucester County Library is putting the word out for their 8^th season of Saturday Night Concerts. The concerts are free and no reservations are required. All concerts are held at the Main Branch of the Gloucester County Library in Mullica Hill (389 Wolfert Station Road (Route 45 located close to Route 322 (See map/directions below)).

The concerts being at 7:00 PM (doors open at 6:30). Check out the concert series list below!

December 5 - The Seacoast Brass Quintet performing classical and seasonal music

(No Concert in January due to the holiday weekend)

February 6 - Jazz vocalist Katie Eagleson

March 6 - The Homegrown String Band - American folk and traditional music

April 3 - The Copeland String Quartet - classical music

May 1 - The Midiri Brothers Jazz Sextet

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

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

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

Cleaning for a Reason-Chemo recipients FREE Service

Fri, 13 Nov 2009 13:23:29 -0600

This is a great service I never knew was available. I checked the Gloucester County, NJ area and there are some local businesses that are on board with this great free service. Share this with anyone you can! ~ Steve

Via Jane Cross (Homes By Cross, inc.):

If you know any woman currently undergoing Chemo, please pass
the word to her that there is a cleaning service that provides FREE
housecleaning - 1 time per month for 4 months while she is in treatment.

All she has to do is sign up and have her doctor fax a note confirming the treatment. Cleaning for a Reason will have a participating maid service in her zip code area arrange for the service. http://www.cleaningforareason.org

Please pass this information on to bless a woman going through Breast Cancer treatment. This organization serves the entire USA and currently has 547 partners to help these women. It's our job to pass the word and let them know that there are people out there that care. Be a blessing to someone and pass this information along.
Jane Francis Cross 704-608-0228
Broker/Owner Homes by Cross
Serving Charlotte NC Real Estate and Relocation Needs since 1994.

A full service brokerage covering South Charlotte real estate, Ardrey, Ballantyne, Fort Mill, Huntersville, Indian Land, Lake Norman, Lake Wylie, Marvin, Matthews, Mint Hill , Pineville, Stallings, Uptown Charlotte, Waxhaw, Weddington, Wesley Chapel homes for sale.

The East Greenwich, NJ Crawfish

Wed, 11 Nov 2009 08:48:09 -0600

I am not sure how long these guys have been here, but one thing is for sure; They seem to be doing VERY well.

When we first moved to Mickelton, NJ (East Greenwich Twp), we soon took notice of the large lobster-like creatures swimming below the bridge. I'd have to say we were all rather amazed at their size.

From my fishing days when I was younger, I remember crayfish/crawfish being much smaller. These ones must have been feasting on the "Best in the world Jersey Tomatoes"!

This isn't the first time we have seen these guys, but the pictures here are from outside the front of our house, in a development, in the street. This guy either crawled up from the sewer or he walked a really long way from the nearest water!

I'll be putting him back in a safe spot. Maybe he will return in the spring.

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

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

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

100% Financing in Salem County, NJ

Tue, 10 Nov 2009 21:52:08 -0600

100% Financing in Salem County, NJ

Are you looking to purchase a home in South Jersey? One of the best mortgage programs available today is the USDA mortgage program. This mortgage loan is still somewhat unknown despite its popularity in this current market. A USDA mortgage allows a home buyer to purchase a home with zero money down. Not only is there no required down payment, but the seller can pay all of the buyers closing costs, which will allow a home buyer to get into a home with very little out of pocket.

A USDA mortgage is a 30-year fixed loan that has no monthly mortgage insurance. Interest rates for the USDA mortgage program are comparable to FHA or conventional mortgages. There are a few limitations; The location of the home you are buying will have to be in an eligible area. If you are buying a home in Salem County, NJ it is already in a designated USDA area.

A USDA mortgage is income restricted, however it does have fairly high income limitations, and the majority of home buyers will find that they qualify for this option.

If a USDA loan will not work for your particular situation, there are other options including first time home buyer grants and assistance programs (both state and county programs), FHA loans, and other options. For more information, to be pre-approved, or to have any questions answered, contact Steve Kappre (below).

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

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

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

100% Mortgage Financing in Gloucester County, NJ | USDA

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

100% Mortgage Financing in Gloucester County, NJ | USDA

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

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

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

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

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

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

Things to do in East Greenwich, NJ | Craft Show

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

Things to do in East Greenwich, NJ

Craft Show

Saturday, November 14th

9am - 3pm

Samuel Mickle School

Kings Highway, Mickleton, NJ

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

Sponsored by East Greenwich Home and School Association

View Larger Map

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

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

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

Holiday Craft Show - East Greenwich, NJ

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

Holiday Craft Show

Originals for sale by community artists

Mickleton (East Greenwich), NJ

Saturday ~ November 7, 2009

900am - 400pm

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

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

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

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

Using Your Blog to Educate Both the Public and Professionals

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

Using Your Blog to Educate Both the Public and Professionals

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Do not listen to rumors or leave it to chance.

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

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

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

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

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

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

Speachless Sundays: Sunny Soccer Saturdays

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

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

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

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

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

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

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

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

STEP ONE - LINE UP YOUR FIRST TIME BUYER PROGRAM

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

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

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

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

STEP TWO - DETERMINE CONCESSIONS

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

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

Let's break this down:

Home buyer purchases a home for $200,000

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

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

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

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

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

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

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

STEP THREE - START MAKING OFFERS

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

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

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

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

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

• Reverse Mortgages

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

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

East Greenwich Soccer Association Event held at Adelphia's

Sat, 17 Oct 2009 23:25:04 -0500

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

Buffet and open bar

Entertainment

Monday, December 7th

7pm to 9pm

Everyone is invited!

Tickets are $20 each

You must be 21 years or older to attend

Tickets are now available

Please contact any coach or board member to obtain tickets.

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

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

• Reverse Mortgages

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

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

How Does ActiveRain Welcome a New Member?

Fri, 16 Oct 2009 10:34:40 -0500

How Does ActiveRain Welcome a New Member?

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

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

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

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

FHA Loans Need Appraisals, Not Inspections

Tue, 13 Oct 2009 12:45:19 -0500

Helpful information regarding FHA, inspections, FHA appraisals, etc. I get asked this question all the time. This is a brief explanation of the difference between a FHA appraisal, a home inspection, and the "myth" of the standalone FHA inspector. Your Realtor should definitely know the difference as well.

Via Minneapolis Home Inspections - Reuben Saltzman (Structure Tech Home Inspections):

I get a lot of questions about FHA Inspections, and it's about time I sat down and blogged about it. Here are the most common questions I get asked about standard FHA loans. This information does not apply to FHA 203(k) Loans.

Can You Do The FHA Inspection? FHA loans do not require a home inspection, they require an appraisal. The appraiser does this. These are often mistaken for an inspection. Home inspections are still strongly encouraged.

How Can I Pass The FHA Inspection? First, see above. FHA appraisals require the appraiser to look for obvious defects with the house, but the appraiser never requires repair of these items - the underwriter does. Trying to figure out exactly what might require repair is a bit of a guessing game, and often has much more to do with the people doing the appraisal and the underwriting than it does the property itself. Nevertheless, here is a partial list of some common defects that get flagged:

Chipping / Peeling / Flaking Paint

Rotting wood

Electrical outlets or switches that are defective

Plumbing leaks

Non-functional heating plant or AC

Roofs with less than two years of life left

Missing or badly damaged floor coverings

Obvious structural problems

Do I Need A Home Inspection If I'm Getting An FHA Inspection? Again, see above. FHA appraisals are not home inspections, and it's unfortunate that they get confused as such. The FHA appraisal has nothing to do with a home inspection.

Do I Need An FHA Certified Inspector If I'm Getting An FHA Loan? No. The home inspection is completely independent of the FHA loan.

Reuben Saltzman, Structure Tech Home Inspections - Email - Minnesota Home Inspector

Speachless Sunday: The Red Bellied Woodpecker Returns

Sun, 11 Oct 2009 20:15:46 -0500

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

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

• Reverse Mortgages

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

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

The Current Market: Foreclosure/Short Sale Reality

Thu, 08 Oct 2009 08:53:56 -0500

Thanks goes to Texas Realtor Ashley Myers for making me aware of this great video. Since I'm a lender I only deal with a small portion of what you are about to see. If you are a buyer looking to invest in a short sale property or foreclosure, you'll get a good laugh from this while sadly being educated in how things tend to pan out with some of these transactions.

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

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

• Reverse Mortgages

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

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

Gloucester Salem County Board of Realtors Golf Outing

Tue, 06 Oct 2009 22:20:21 -0500

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

Thursday, October 8, 2009

Pitman Golf Club

501 Pitman Road, Sewell, NJ

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

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

FORE ! ! ! !

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

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

• Reverse Mortgages

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

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

Speachless Sunday: Hoping for More this Year

Sun, 04 Oct 2009 14:59:23 -0500