fha mortgages: Realtors should know basics about Mortgages in New Jersey – Especially FHA Mortgages - 09/02/11 02:26 AM
Realtors should know basics about Mortgages in New Jersey– Especially FHA Mortgages  
When it comes to realtors giving in depth advice about mortgages, it does crawl under my skin. Some of you know this, and some of you disagree with me.  Some realtors think a realtor should go as far as to pre-qualify a buyer. One reason from a realtor was that he could do it better than many of the loan officers. Sure, there are bad loan officers and good loan officers. I can make the same statement in regards to realtors, and in most other professions. But lets … (4 comments)

fha mortgages: Lions, Tigers, & Bears..oh My - FHA raised mortgage insurance & now Fannie Mae raising fees?? - 01/15/11 11:20 AM

Many of us know that FHA raised their monthly mortgage insurance rates in October 2010. For the most part, this made FHA loans more expensive on a monthly basis once it went into effect. You can see the changes and see how it affected the monthly mortgage payments. 3 quick examples regarding the change in FHA mortgage insurance
Now, Fannie Mae will be increasing their fees on specific credit scores and depending on your down payment. It's all shown in this post, Pricing hikes for Conventional loans - April 1st, 2011
So.. are waiting for the new … (21 comments)

fha mortgages: FHA loans aren’t just for First Time Home Buyers in New Jersey - 12/08/10 02:53 PM

This will be specifically about FHA loans, but when it comes to mortgages in general, you really need to speak to a qualified loan officer. This is not to throw realtors or anyone else under the bus, but you should be very careful in where you get your answers. Even if that realtor or someone other than a loan officer says, “well, this is what I heard from my loan officer.” Still, speak to that loan officer directly. Things can still get twisted or confused when passing along information. And yes, there can be an argument that some … (3 comments)

fha mortgages: Misleading FHA Rumors & FHA Myths - Information needed to be properly armed - 10/12/10 02:54 AM

FHA loans are not dead and shouldn't be going any where soon.
The other day a loan officer sent me an e-mail asking me if FHA loans are going away anytime soon.  I asked, where did you hear this nonsense.  The loan officer replied, “from 3 realtors in my area.”  Sounds like water cooler talk to me.
My Common sense – If FHA loans disappear, so will our economy, right off the map. Here is why..
Positives with FHA loans -
FHA still allows you to put 3.5 percent down as your down payment, even with a credit … (35 comments)

fha mortgages: Buying a home vs Renting - Understanding & knowing the difference - Part 1 of 3 - 09/23/10 03:15 AM

In today's economy, you will hear many different rhymes of reason why to rent now or why to buy a new home now.  Ultimately it comes down to your own decision and you should only use such news with caution.
You might have heard some say, don't buy now because home values will decrease another 5% to 20%. Remember, real estate is local. In some areas, home values have already increased by 10%.  So get to know your area and speak to a qualified realtor about this. Here is a good post showing you even if home values dropped, … (14 comments)

fha mortgages: Mortgage Pro Week in Review -- 09/13/10 through 09/19/10 -- Good Mortgage info is important - 09/20/10 10:36 AM
The MORTGAGE PRO Week in Review is back. This weekly review has been away the last 18 months due to the lack of volunteers, in helping to get mortgage related information out to the public and to help keep realtors up to date on the ever changing topics of mortgages. This review will appear every Sunday eevning, once a week. There will be a post in a few days about this group and how you can volunteer.
Onto Mortgages and Real Estate.  Below is some very good mortgage posts that tell you what you need to apply for a … (14 comments)

fha mortgages: FHA Streamline Refinances & FHA loans in general in New Jersey - You need to know the facts - - 09/16/10 03:28 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 … (7 comments)

fha mortgages: FHA Loans with FHA credit scores - Understanding what is allowed & what can be done - Part 1 of 3 - 09/14/10 12:15 AM

There has been a lot of talk regarding Credit Scores in the last week after FHA came out with Mortgagee Letter 2010-29 on FHA Loans. Here was my post showing such changes with an explanation. Jeff Belonger's cheat sheet for ML 2010-29.
In my opinion, some of the confussion and or arguement with the new FHA loan changes is that FHA says that you can go down to a 500 credit score with 10% down. FHA even says that you can put the minimum down of 3.5% with credit scores of 580 and above.
Here is the problem … (23 comments)

fha mortgages: New updates for FHA Mortgages - Changes in LTV & credit scores - seller concessions? - 09/05/10 05:29 AM

In the last 10 months or so, FHA has announced some proposals and these proposals are now becoming reality for FHA Mortgages.  Just last week, FHA increased the monthly mortgage insurance and reduced the upfront mortgage insurance. If you missed this one, you must familiarize yourself with these changes, because it could increase the borrower's monthly mortgage payments from $20 to $120 a month, depending on the purchase price.
Changes in FHA mortgages for the monthly mortgage insurance & UFMIP
The newest change, as of September 3rd, 2010, has officially set credit scores for all FHA loans now. Previously, FHA never had … (8 comments)

fha mortgages: It's official - FHA has formally announced the mortgage insurance changes for FHA loans - 09/02/10 08:04 AM
FHA first shared these changes on August 4th, after it had been approved by Congress and then the President signed off on it on August 11th. FHA has finally come out with the mortgagee letter, ML 2010-28, which puts it officially in writing now.
This mortgagee letter is effective on FHA loans in which the case number is assigned on or after October 4th, 2010. This policy will increase the monthly mortgage insurance and decrease the mortgage insurance premiums for purchase money and refinance transactions, to include FHA streamline refinances.
So what are the major FHA changes … (13 comments)

fha mortgages: Rumors must stop - FHA loans in New Jersey will be increasing their mortgage insurance plans by October 4th, 2010 - 08/27/10 11:16 AM

The President officially signed Bill H.R. 5981 on August 11th, 2010 which became public law.  I wrote about the actual changes to FHA loans and how it will affect borrowers as of October 4th, 2010.  Please read :  Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium 
There has been a main problem in regards to the information being supplied since this bill was passed by the Senate, which was on August 4th, 2010. I have read several blogs out on the internet both by AR members and the news media stating that the … (12 comments)

fha mortgages: STOP TAXATION? - The new changes for FHA loans are being called : The New Homebuyer Tax - 08/10/10 01:40 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 … (19 comments)

fha mortgages: Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium - 08/06/10 03:43 AM

FHA first proposed the monthly mortgage insurance changes in the beginning of 2010. Bill H.R. 5981 was first passed by the House in the spring and was just passed by the Senate the other day.  What does this bill do for FHA mortgages? They have projected that it will yield approximately $300 million per month to the FHA insurance fund.
So what are the new FHA changes? - For terms greater than 15 years -
LTV's <= 95% will increase the monthly fee to 85 bps
LTV's >   95% will increase the monthly fee to 90 bps
And … (63 comments)

fha mortgages: The Mortgage Hype that seller concessions on Conventional loans could be the better play than on FHA loans - Facts & Numbers vs Assumptions - Part2 - 08/05/10 09:00 AM
Facts & Numbers vs Assumptions - Part 2


I love what I do and I love crunching numbers, sometimes being creative and finding a way to maximize my clients cash assets, putting them in a good financial position for years to come. Meaning that I like to act like a financial planner, making sure that the borrower doesn't always use all of their assets, especially in today's market.
Before you continue with this post, you will need to read part 1, Planting Seeds in the Borrower's Head. If you want the cliff notes version, read the … (12 comments)

fha mortgages: The Mortgage Hype that seller concessions on Conventional loans could be the better play than on FHA loans - Part 1 - 08/03/10 01:16 AM
Planting Seeds in the Borrower's Head - Part 1


In regards to the world of mortgages, can one be more confused now then ever before? You betcha...  As many of us know, FHA is now trying to reduce the seller concession from 6% to 3%. I wrote about it here : HUD seeks public comment on 3 issues for FHA loans & Solutions for these FHA loan changes.
Let's take this up a notch now. Just the other day, I wrote a post about some listing agents not accepting offers for FHA loans and or VA loans … (31 comments)

fha mortgages: As a seller, do you listen to your listing agent's advice about potential buyer's financing offers with FHA Loans? - 08/01/10 03:29 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)

fha mortgages: Compensating Factors for FHA Home Loans in New Jersey - 07/29/10 05:52 PM

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)

fha mortgages: FHA Loans Myth - FHA Home Loans are more expensive in New Jersey with 5% down because of mortgage insurance - 07/27/10 12:20 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 … (7 comments)

fha mortgages: Our Declaration of FHA Financing !!! - Issues regarding the 3% seller concession proposal - Can we fight FHA Loans with solutions?? - YES !!! - 07/17/10 06:03 AM
IMPORTANT CALL TO ACTION - Hot topic - Reduction of seller concessions on FHA loans to 3% max
I wrote this article the other day, HUD seeks public comment on three main issues for FHA loans. - The main issue and focal point is that FHA wants to reduce the seller concession from 6% to 3%. I can understand why. Two reasons I can think of :
1. The real estate market has crashed and home values have dropped significanly in some areas, that homes are upside down. Some feel that with a FHA mortgage, that you basically … (43 comments)

fha mortgages: Get out your permanent markers, HUD seeks public comment on three main issues for FHA loans - 07/15/10 03:22 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.  … (91 comments)

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

Jeff Belonger

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

Cherry Hill, NJ

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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.
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