fha loans: Sellers !!! Ignore what your listing agent tells you about FHA loans !!! - 07/11/09 04:26 PM
 

FHA mortgages, such a very very bad thing.  Don't do it... Don't allow your buyers to utilize this program. Don't allow your seller to accept offers with FHA mortgages. They are very very bad....
 
HOLD THE PRESS !!!!..  Wait one second.  In the real estate and mortgage industry, don't we get angry when someone offers their professional opinion on a topic or question that they don't know much about.  That their advice could be an assumption, or from prior years, or from a bad experience?
 
PS. my initial comments above was a joke. FHA loans aren't a … (75 comments)

fha loans: FHA loans vs Conventional loans - Knowing the true comparisons - 07/10/09 07:09 AM
 

FHA loans seem to be one of the main choice of mortgages in the last 6 months or so. There are several reasons for this, which should be spelled out below in my comparison. What I hate hearing is that FHA mortgages have taken the spot of the subprime loans. This is not true by any part of the imagination. This statement is from those that are inexperienced in both the mortgage and the real estate industries. The realization has been that 30% of the subprime mortgages in the last 5 years previous to the last 2 years should … (47 comments)

fha loans: APR vs Mortgage Interest Rate - knowing the differences - 07/02/09 02:40 AM
 

Shopping mortgage rates can be confusing, especially if you are dealing with a loan officer that has no integrity.  It's just a sales job to them.  You hear people say... Shop Rate...Shop APR (Annual Percentage Rate)…..  Shop mortgage fees….. So which is it?  Shopping for a mortgage can be very frustrating also to say the least. I hear so many called experts tell the average consumer to shop APR. This is not the wisest of decisions and can be argued by many professionals. Keep in mind, this is my opinion on this subject.
Lets add some more confusion. Most of … (31 comments)

fha loans: FHA loans - Condos & approved condos - What you need to know now... - 06/30/09 12:34 PM
 
 
CONDO ALERT -  Yes, condos have looked attractive to many borrowers of lately because they are dropping in price in several areas by more than a few dollars. But so many people are asking why Condos are more difficult to purchase now than ever before. And so many are complaining that lenders are being more difficult when purchasing condos. The main reason?  Many condo associations are under water when it comes to the monthly dues that they collect. They are in the red... I know of one association that is over $50,000 in the red. By normal standards, the … (11 comments)

fha loans: FHA Loans & FHA Mortgages - setting the record straight !!!! - 06/28/09 02:42 AM
 
FHA Loans and FHA Mortgages -
Believe it or not, for many areas across the United States, in today's market, FHA mortgages seem to be about 50 percent of today's real estate transactions.  What has bothered me since there aren't as many mortgage programs as outlets anymore, is that more and more lenders/loan officers are utilizing FHA loans now than ever before. And the crime to this surge of FHA loans is that more and more loan officers are just making up stuff that isn't even 1 percent true, just to get the borrower in the door.
 
 
What … (13 comments)

fha loans: Energy Efficient Mortgages - EEM loans - FHA loans offering green mortgages !!! - 06/22/09 03:46 AM

 
 
 -Energy Efficient Mortgages -
Many of us know that if the home is not up to code, properly insulated, has a poor air conditioning unit or heater, that it could cost you more money monthly. And keep in mind, there is a longer list of items such as lighting, appliances, etc, etc, that could reduce your expenses. Overall, there are specific types of mortgages that allow you to incorporate the costs of these upgrades into your mortgage, without coming out of pocket with extra monies. And this can be done not only with purchases, but with refinances. And … (29 comments)

fha loans: HUD reminds LENDERS not to play with fire !!! - 06/19/09 02:26 PM

 
If you are a loan officer or a lender that uses deceiving practices, who lies, or who likes to commit fraud....  you better watch out. I haven't heard about this as much in the pass, but HUD seems to be cracking down on those lenders that abuse FHA loans and HUD's policys. 
As a warning to others in the lending business, HUD made a press release on June 10th, 2009, stating 3 lenders that have been suspended by HUD. These 3 lenders were suspended for serious violations under HUD's regulations. This is directly from the press release....."The 3 mentioned … (9 comments)

fha loans: Call to Action - We must fix the real estate market ourselves !!! - 06/17/09 12:43 AM
 
If the public and government ever needs to hear our voice, it's NOW !!! I never like to sound negative in my blogs, but we need to face reality. Yes, there are some reports saying that the economy is turning around. There are some reports that say that people are spending money.  And even some realtors are saying that they are busier than ever before, in the last 4 months or year. But let's break down some of the reasons why it might seem positive, when overall, I believe that it's really bad out there. This is just my opinion.
(57 comments)

fha loans: FHA Origination Fees or Origination Fees - FHA Fees - FHA loans - What does it all mean? - 06/13/09 12:34 PM

 
 
It's time to have a quick class on FHA loans, the fees for FHA mortgages, and just a basic understanding on how all of this works. This is truly frustration on my part from some loan officers blatantly lying to borrowers, just to justify their fees and such. It's total BS and it needs to be talked about.
Just today, I spoke to a borrower that is having a concern with their 2nd lender, after the first lender failed them miserably.  This lender is charging them 6.00% with 1 1/2 points as an origination fee.  His credit scores are above … (19 comments)

fha loans: I feel lifeless!!! Are you paid your worth? - 06/07/09 12:15 PM
 

Do you put 110% into your clients, yet you don't feel appreciated at times? Do you get beat up in this business?  Do you feel like you spin your wheels, especially in today's market place? Overall, does your pain show, even when you think you have your happy face on? 
Well, in the last 2 weeks, this has all happened to me one way or another.  This post is not to brag about my ethics, how I treat clients, and that I feel that I am better than most when it comes to mortgages. But more so a form of … (31 comments)

fha loans: Good Faith Estimates - Knowing & Understanding the Power of the paper!!! - 05/19/09 03:58 AM
 
 
Good Faith Estimates  - Extremely important message below!!!
 

If you are a consumer looking to purchase or refinance, this is a must read. It could cost you thousands if you don't pay attention. This is not a threat, but a warning from someone that has over 16 years of experience in the mortgage industry.
When shopping for a mortgage, even if shopping with more than 2 lenders, you want to get a good faith estimate from everyone that you speak to.
 
 

So, here is my pet peeve.  This is a major red flag -  if you … (64 comments)

fha loans: Which came first, the Chicken or the Egg? - Is pre-qualifying a borrower like rocket science??? - 05/18/09 05:54 AM
 

 
How hard it is to pre-qualify or pre-approve a borrower now than it was 2 years ago?  Some would say much harder. I would agree and disagree. Here is why....
Let's put aside the appraisal issues, the mortgage insurance issues, credit scores, and several other factors, because those would be some of the main reasons why it is harder to approve someone. I just wanted to dwell on the basics that so many seem to forget or overlook. I bring this up because Lenn Harley wrote a blog last week, Qualifying borrowers is not rocket science, which has received … (27 comments)

fha loans: The $8,000 tax credit for First Time Homebuyers - How & when to get it legally - 05/17/09 03:42 AM
 

 
Topic : $8,000 tax credit for first time homebuyers - And no, I am not trying to beat a dead horse. This post is timely and very important because of the comments and e-mails that I have been receiving. I want to share with you a list, the legal ways that the borrower can receive these monies.
As many of us know, you can't use the actual $8,000 tax credit for your downpayment. The IRS even lists this in their instructions. Please read what happened to the Tax Credit : The $8,000 tax credit as a downpayment - GONE - 
The … (18 comments)

fha loans: FRAUD ALERT - Advice on the $8,000 first time homebuyers Tax Credit - Do you chance it??? - 05/16/09 05:44 AM
 
 
Clarification before you read : Yes, you can use the tax credit as part of your downpayment. I have stated this before. If it comes from non-profit organizations or Federal, local, or state agencies. I mentioned this in my other blog, in the bullet points . But just from the few comments and some on facebook, you are missing the POINT. It’s fraud to apply for this tax credit through the IRS, prior to actually buying your home, if you receive the monies from the IRS DIRECTLY.  Please stop reading into HUD, downpayments, etc, etc and understand what is … (75 comments)

fha loans: Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit - 05/14/09 03:46 AM

 
The $8,000 first time homebuyers TAX CREDIT - HUD has saved the day. Well, okay, it saved it for a day. It's gone now, recinded, at least for now. Everything that you have been reading about yesterday, about FHA/HUD putting out mortgagee letter 2009-15, it's no longer there. Tom Burris had noticed this yesterday and I just got off the phone this morning with the HUD office. For reasons unknown, this letter, ML 09-15, has been taken off the self. Besides, I have my reasons to this and also felt that many of the blogs posted yesterday were incorrect. Here … (132 comments)

fha loans: FHA loans - Are they the best out there? - 05/09/09 05:14 AM
                                                                                       
FHA loans seem to be the most used mortgage program of 2009. Is it because it's the best mortgage out there?  Probably not, but it does fit more borrowers profiles than most other loans, making it easier to obtain.
Which mortgage program do I think is the best out there?  VA loans, followed by USDA loans, then FHA loans, and lastly.... conventional loans.
 
 
Let's break it down very easily, so most can understand. And if your loan officer is selling against one loan or another, yet you fit the profile that I mention below, then I would … (10 comments)

fha loans: What time is it? It's COMMITMENT time!! Has your commitment letter been on time? - 05/07/09 07:38 AM
 
How Long Has This Been Going ON, that I still haven't received my commitment letter. (please click on the link for some satire)
My reasoning for that particular song?  I just received this comment the other day on another blog of mine. - "Just this week I had a mortgage guy tell me that the mortgage companies systems were down for the last 3 days. We should have had the commitment three weeks ago. Since when did, "we are busy" become an excuse that is acceptable?" 
3 Weeks ago?  That is UNACCEPTABLE and usually is a major red flag.  Why is the … (28 comments)

fha loans: A Letter to a consumer - Borrower BEWARE !!!! - 05/05/09 04:00 PM

 
Dear Borrower,
As most of us know, most of us in any business are here to make a profit, to make a living. There will be some that will try to make more on you and there will be many that will give you a very good to fair deal, depending on how you define these terms. But I don't know too many individuals that will do something for free, not unless things fall apart at the end and that person just wants to help you out. Yes, referrals also mean a lot to many of us.
 
Here … (24 comments)

fha loans: FHA Loans vs Conventional Loans - 5% down - Things you need to know !!!! - 05/02/09 07:54 AM

For several of you that read my blogs, I try and do a FHA vs Conventional purchase comparison once every few months.
FHA loans have been more wisely used in recent months as the choice of mortgages. What I hate hearing is that they have taken the spot of the subprime loans. This is not true by any part of the imagination. This statement is from those that are inexperienced in both the mortgage and the real estate industries. The realization has been that 30% of the subprime mortgages in the last 5 years previous to the last 2 years should … (49 comments)

fha loans: LARGE COMPANY vs small company - The pros & cons in today's real estate business - 04/29/09 03:37 PM

Are we larger than life just because we work for a large company or a well recognized name in the industry? Examples of this would be Wells Fargo, Bank of America, RE/MAX, or Keller Williams.
You as a consumer, when shopping for that realtor or loan officer, do you first search for that large name? A company that is recognized on tv, in the paper, or by word of mouth from friends and co-workers? 
Do you think that you will get the best deal by going to a large company?  Or is it security, in fear of the company going bankrupt, so … (57 comments)

 
Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages  - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc)

Jeff Belonger

The FHA Expert - FHA Loans - FHA mortgages - USDA...

Cherry Hill, NJ

More about me…

Social Media - Infinity Home Mortgage Company, Inc

Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033

Mobile: (609) 440-5133

Fax: (775) 361-6619




Subscribe to Mortgage Knowledge at its BEST!!!! (Jeff Belonger)


I just want to educate people about mortgages and the process. In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.







Listings

Links

Archives

RSS 2.0 Feed for this blog