usda loans: What are the real truths behind such FHA Rumors & FHA Myths in New Jersey??? - 04/11/11 01:53 PM

 
 
FHA loans in New Jersey and in all other states in the last 18 months have become the popular choice when choosing a mortgage for many different reasons.  It has been stated that FHA loans now represent about 35 percent of all financing options. And because of the popularity and usage of FHA loans, there seems to be more FHA rumors or myths circulating. Let’s review some of these so-called myths.
Before I begin, just a little quick education when it comes to mortgages. You basically have 4 types of mortgage programs.
 
FHA loans- This type of loan … (11 comments)

usda loans: Did you hear about a possible Government shutdown - Which could affect FHA loans & USDA loans - 04/07/11 06:09 AM

 
Be prepared for the worse !!!!  Not sure if many of you know, but there is a possible government shutdown looming. This would affect FHA loans and possibly other mortgages. There are still talks on Capital Hill between the Democrats and the Republicans, if not solved, could shut down many parts of the government come Friday April 7th. The government funding bill expires on Friday at midnight.
Be aware this could affect the ability to get transcripts for IRS loans as well as more importantly, FHA case numbers. Not only could this delay the lender in obtaining a FHA … (12 comments)

usda loans: USDA loans vs FHA loans – A true comparison – Part 2 of 2 - 03/11/11 01:55 AM
 
The mortgage industry keeps changing and just recently there have been new changes regarding both FHA loans and USDA loans. USDA loans were great because they had no monthly mortgage insurance, but that will be changing soon. The comparisons that I will be showing will be using the new changes for both FHA loans and USDA loans, even though these changes haven’t taken place as of yet. Here are those new changes and when they take place.
FHA loans will be increasing their monthly mortgage insurance as of April 18th, 2011 USDA loans adds monthly mortgage insurance starting October 1st, … (2 comments)

usda loans: USDA Loans in New Jersey - New Changes - Part 1 of 2 - 03/10/11 03:01 AM
 
There will be a major change regarding USDA loans in New Jersey and for all other states come the fall of 2011. USDA loans will now have annual mortgage insurance, which is also known as monthly mortgage insurance, which begins October 1st, 2011. This move was approved through Congress last year.
 
What will be collected and how much?  The charge will be .30 basis points. Example:

 
As it stands, there is no monthly mortgage insurance right now.  The monthly fee will be based on the guaranteed loan amount. You can use simple math and say for every $50,000, the … (19 comments)

usda loans: Shopping for mortgages in New Jersey – Are USDA loans the best? FHA loans? - 02/22/11 01:07 AM

 
Shopping for mortgages can be frustrating. Especially when comparing mortgages that don’t fall into the same box. Example : Comparing FHA loans to USDA loans are not in the same box per se.  Adjustable rate mortgages would be considered in the same box. And with so many questions unanswered, especially if not asked, how does one know.
 
Lately I have been reading on how people sell specific mortgages, that try to compare mortgages, yet they leave out important specifics. Or attack in their comments saying that lenders make more money on a FHA loan than a conventional loan. In my opinion, there are two important issues that aren’t mentioned when reading … (6 comments)

usda loans: Dear First Time Homebuyer, how many hands in the cookie jar??? - 09/03/10 03:32 PM
 
First homebuyer speaks to a loan officer or a real estate agent. For some reason, they decide to seek a 2nd opinion because of that gut feeling or because they have heard something different.
A buyer called me regarding some mortgage information after speaking to another loan officer. Forward ahead, skipping details of the story. I give them a totally different answer and I see some major read flags. I also have a bad feeling about how this loan officer is explaining things based on the buyers answers to me. This buyer tells me that they will get the documents … (12 comments)

usda loans: FHA Loans - USDA Loans - VA Loans - Conventional Loans - Which mortgage is best for you? - 03/28/10 02:44 AM
 
What is the best mortgage program for me?

 
When shopping for a mortgage, it can be confusing at times, depending on where you get your information.  You should not always base your information on such terms as Expert, Mortgage Expert, FHA Expert, etc, etc.  Just because someone says they are an Expert doesn't always mean that they are an expert.  There are so many variables to what mortgages are good for a borrower.
How does a borrower determine what is good for them?  What things should be important? Make sure ....
  --  you understand your finances first, … (21 comments)

usda loans: USDA Loans - Important funding information as of March 10th, 2010 - 03/10/10 12:22 PM
 
 
USDA Loans – Rural Housing Loans
 
 
The Single Family Housing Guaranteed Loan Program (USDA Loans) will likely be exhausted by the end of April, 2010. This is a message that was delivered from the National Office in Washington D.C. as of today.
 
It was then stated that once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.”  This is because the agency is not certain when additional funding will be available. And this might not be known until October, when the new budget comes out.  This is important to … (14 comments)

usda loans: Does the REALTOR have the right to even pre-qualify you as a borrower? - 02/27/10 03:22 AM
 
Mortgage 101 - How to qualify a borrower
 
 
 
Juggling is an art, wouldn't you agree? Well, so is pre-qualifying a borrower for a mortgage. In my opinion, it takes more than just basic knowledge and simple math skills.
In the last few days, there has been a growing debate out there that even the experienced realtors can pre-qualify a borrower.  It doesn't matter if you :
     --  know your borrowers credit scores
     --  know that they are putting 20% down
     --  know that they make x,y,z a year and the simple math says they … (13 comments)

usda 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)

usda 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)

usda 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)

usda loans: USDA Loans & FHA Loans - Be very careful of deceptive web sites - 04/26/09 05:14 PM
 

BEWARE
              of web sites when searching for information. Who or what you think is behind a specific site might not be what you think.  Just as the picture, 'who is the man behind the mask'. Just as in mortgage web sites, are you dealing with the government such as HUD or USDA, or lenders and lead generators pretending to be someone else.
What leads me to this blog is because someone left a comment on one of my USDA loan blogs and left a link to a web site. It was one of theirs that makes it appear as a … (29 comments)

usda loans: USDA Loans - The Rural Housing Loan - The Basics - 04/18/09 11:33 AM
 
USDA loans in many areas are becoming more popular, yet many loan officers still don't know much about them, hence why they still aren't talked about much. Just as FHA loansweren't used as much as they should have from 2000 - 2006, because subprime and some conventional loans were easier for the loan officer to give to the consumer, even though it might not have been the best loan for them. I am sure in some cases, FHA loans are given before the USDA loan because of the lack of education on the loan officers part.... just my .02.
 
Some … (82 comments)

usda loans: Advertisements - Is the grass greener on the other side? - 03/06/09 05:41 AM
 
How many times do we see advertisements that seem too good to be true. How about the small print that you don't pay attention too. How about the sales person that is more worried about telling you what you want to hear, rather than what they should be telling you. This happens more times than one would think when it comes to mortgages and real estate.
 
Hint : Just because it says sale or one puts an awesome rate and no fees on your good faith estimate, doesn't mean that this is the gospel according to the truth. Or … (16 comments)

usda loans: Mortgage programs outside of FHA loans. What are they & how can they help. - 03/03/09 01:45 AM
 

So you are looking for a mortgage to help purchase your new home or to refinance your current home. You have spoken to a loan officer and find out that you can't obtain a FHA loan for several different reasons. Some of these reasons might be ....
  You don't show enough money as income   You don't have the 3.5% down payment that is required   You are not a U.S. citizen, so what are your options?   How can I get money to fix up my home? So what are my other options out there to help … (9 comments)

usda loans: FHA Loans & FHA Mortgages - Killing the rumor mill !!! - 02/11/09 01:54 AM
 

I am always surfing the Internet and there always seems to be those blogs and informational pieces that are not just opinion, but completely misleading and wrong. And for the most part, that's how rumors start.
When it comes to FHA loans, I will state this.... I am not god, I am not perfect, and I don't know everything. But I will say this, I would think that I am very good at what I do, that I am knowledgeable, that I think outside the box, and if I don't know something... I will ask and research it first … (35 comments)

usda loans: A letter to the consumer : Do you want reality or fluff & deception? - 02/06/09 01:57 AM
 
Dear Mr. & Mrs. Borrower,
Liar Liar pants on fire....  Do I have your attention?  Well, I have been known on Active Rain and on a few outside blogs as the meanie. (just using polite words since I am speaking of myself) Also that I seem harsh and my comments come across rude and condescending. Why is this?  Please read on....
Because I give my honest opinion of 16 years in the mortgage industry about other loan officers and mortgages in general. I believe that education is a huge issue when it comes to mortgages and real estate, and there are … (25 comments)

usda loans: Credit Scores CHANGING now on FHA loans?......... Opinion OR Fact??? - 01/23/09 04:34 PM
 

The British are coming, the British are coming. Okay, so that was over 200 years ago. But now, it's the credit scores are changing, the credit scores are changing.
Just in recent days, I have been reading and hearing a lot about the mortgage industry changing the credit score requirements, AGAIN.... But didn't we hear about this about 6 to 12 months ago?  We went from most lenders doing down to a credit score of 500 to then a change of not going below 580. Now...  some lenders are changing the score to 620. Now, don't panic.
Sure, it's … (30 comments)

usda loans: Welcome Beth Forbes to the Infinity Home Mortgage Company Family !!!!! - 11/26/08 02:34 PM
 
 

Welcomes  Beth Forbes !!!!!
 
 
I wanted to welcome Beth Forbes to Infinity Home Mortgage Company as the Branch Manager of our Allentown, PA office...  what a breath of fresh air in so many ways. Not only a true professional, but very knowledgeable in regards to the mortgage industry in so many ways. Let's take a quick look at that. Beth got into the mortgage business in 2000. Here is what she has done in that time period....
  Mortgage Originations (loan officer) 2000 - present
                    Loan processor 2000 - 2001
                    Mortgage loan underwriter 2001 … (16 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

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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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