ocean county: Condos & Financing - FHA approvals
- 12/10/12 10:44 AM
CONDO APPROVALS If you own or are looking to buy a Condo/Townhome with an association or management fee collected, you will want to be aware of a potential issue regarding financing. The majority of lenders will require that the condo association provide proof of financial stability and other reporting before you can obtain mortgage financing. FHA maintains a list of approved associations, but the list contains only about 25% of all condos! Many of the previously approved condos had their approvals revoked or expired in 2011 & they failed to re-apply, or could not qualify. Realtors & owners/buyers can look here … (2 comments)
ocean county: Asset Documentation Tips for Home Buyers
- 06/22/12 04:41 AM
FOR BUYERS & REALTORS One of the biggest obstacles we face today in processing mortgage applications is obtaining proof of assets for funds to close the deal.
Many buyers have multiple bank accounts, stocks, bonds, CD’s, Gifts, etc. They often make large deposits, transfer money, and sometimes they even want to use cash when buying a home. This is often the biggest issue we have when trying to complete a file on time- documenting all the money!
Underwriting guidelines strictly require a full paper trail of any & all assets to be used to fund the purchase of a … (0 comments)
ocean county: Do you know what an energy efficient mortgage is?
- 07/01/11 05:37 AM
Do you know what an energy efficient mortgage is? Perhaps you've been at a closing and heard the attorney mention this odd form the buyer had to sign....or heard a mortgage rep mention this program before. If you are showing a home that is need of new windows, or has an outdated or old furnace or Central A/C unit for example, then you may want to know about these options for the buyer's loan. A buyer can add the cost of the replacement items to the loan, without affecting the qualifying ratios. This allows the buyer to stick with a low … (0 comments)
ocean county: Seller Concessions- When/How/Why/How Much?
- 05/04/11 07:20 AM
Seller Concessions- How & when to use them, and what are the limits? When I am working with a buyer, I like to look at their big picture, it helps me to understand what they want, what is important to them, and it will help me structure a mortgage scenario that leaves them with the best possible mix of affordable payment, cash investment, rate/term & reserves. In this post, reserves & cash out of pocket is what we are talking about when it comes to seller concessions. I think it is dangerous, especially for first time buyers, or one income families … (4 comments)
ocean county: FHA fee hike: more news
- 02/23/11 02:45 AM
The FHA commissioner, David Stevens just released this letter in an attempt to 'explain' the recent adjustment to the FHA mortgage insurance annual premium- this is the part of the MIP that is paid monthly in a mortgage payment. February 18, 2011 On February 14, I announced a new premium structure for FHA single-family mortgages, increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans. It is important for everyone in the industry to understand the reason for this action. After careful consideration and analysis, we determined it was … (0 comments)
ocean county: Top 5 Reasons Why Agents need a Lender Relationship
- 01/03/11 04:01 AM
As a Real Estate Agent, one of the best things you can provide to your clients is advice. Most buyers ( and sellers for that matter ) look to their agents as a source for information to help guide them through a very complex process to buy/sell a home. During the course of your career you will undoubtedly have the experience of working with numerous local professional service providers with varying results. As a trusted advisor, you are in a clear position to provide insight as to which providers may be best suited to work with your clients. Realtors are often asked to … (3 comments)
Monmouth County Real Estate Agents & Home Buyers Take Notice! Freedom Mortgage Corporation, located at 1800 Route 34 North in Wall Twp, NJ specializes in residential purchase loans, from pre-approval to closing. Here are some things we offer: Free Mortgage Pre-Approval, credit report review, & instant automated Fannie Mae & FHA underwriting via desktop underwriting. Shop with confidence! Unlimited quotes on homes of interest, & we will help structure your offer to get you the best result! Easy … (0 comments)
CONDO APPROVALS
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