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Here you will find a growing library of workshops that you may view completely free of charge which will provide valuable information that you will need as you prepare for your home purchase in New Jersey.
Tony Croft has created a series of workshops designed for home buyers of all [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
How can an FHA loan be a jumbo?
A little history lesson may help you understand. In 1965 the Department of Housing and Urban Development (HUD) was formed. Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
But Were Afraid to Ask!
You may have heard that building up equity in your home can be a valuable asset. But how can staring at your walls help you take that long needed vacation, send your child to college, or pay your bills? The answer, refinancing.
FHA offers several different options to homeowners who [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
You may have heard that in 2010, getting approved for the popular FHA-to-FHA refinance program became much more difficult than in the prior year.
Here are the main areas where the FHA has toughened up!
97.75% max LTV
Income verified
Must be employed at the time of application
Must verify cash needed at closing
FHA homeowners must commission a full appraisal in order to [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
It is commonly known that FHA loans are more readily available to those with less than perfect credit than conventional loans. So why would FHA lend those with a blemish or two on their credit history “jumbo” amounts of money? Well, the answer has little to do with the borrower’s credit score and everything to [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
As the old saying goes, everything old is new again.
The same can be said for the changes to FHA streamline refinance guidelines which went into effect November 18, 2009. The changes really just took us back to where we were in 2003, the biggest change being to the formula to determine the loan amount:
Outstanding Principal Balance
- Upfront Mortgage Insurance [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
Let’s Get Ready To Rumble!
Qualifying Standards
Generally, it is easier to qualify for an FHA than a conventional loan. The guidelines are not as strict regarding past bankruptcies and foreclosures . Also, FHA loans generally allow higher debt to income ratios and will approve people with a minimum credit score of about 620.
Round 1 – FHA
Down Payment Amounts
Generally a [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
The FHA mortgage loan guidelines for loan qualification are the most flexible of all mortgage loans (OK, maybe not as flexible as this guy) that require less than 5% down payment. Although some of the guidelines have gotten more stringent, they are still the easiest loans on the market to qualify for today.
Following are the [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
You don’t need to be a 5 year old to believe in fairy tales. Ask Andrew and Cara, first time home buyers who thought their dream of owning a multi-unit home in New Jersey, would remain that – just a dream. This is because an evil ogre, also known as an ill-informed mortgage banker, gave [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
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