Author Archive
Will I Qualify for an FHA Loan?
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 [...]
Fairy Tales Can Come True, It Can Happen to You- Another Happy NJ FHA Mortgage Client
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 [...]
FHA Loan Limits in all New Jersey Counties
The Federal Government recognized that home prices vary across the county, even within each state. Therefore, it allows for greater amounts to be borrowed in areas where the home prices are higher. Below is an easy reference chart for you to find the current maximum FHA loan amount for your NJ county. Keep in mind [...]
New Jersey First Time Home Buyer Tax Credit – Questions & Answers
New Jersey
First Time
Home Buyer
Tax Credit
Questions
&
Answers
How Much Time Is Left? – It is time to get moving!!!! The credit applied to homes purchased before May 1, 2010 (and on or after November 7, 2009). New Jersey home purchases which have a binding contract before May 1, 2010 will qualify as long as the closing occurs by [...]
FHA Waives 90 Day Seasoning “Flip Rule” for New Jersey
Have you heard the news?
Last week FHA announced that it is waiving the 90-day seasoning required for sellers. This is truly great news for First Time Home Buyers and Real Estate Investors in New Jersey.
This change will allow buyers in New Jersey to use a FHA Mortgage when purchasing investor and bank owned properties that [...]
New Jersey FHA Streamline Refinancing – Changes for 2010
Given the need for the Federal Housing Administration (FHA) to assure solvency of their insurance fund, they continue to implement changes to protect themselves. The changes that affect borrowers most directly for 2010 are highlighted below:
The loan being refinanced must be in existence for at least 6 months.
For loans outstanding for 6-12 months, no 30-day [...]
New Jersey FHA Mortgage and Multi-Unit Properties for First Time Home Buyers
The majority of FHA mortgages in New Jersey and elsewhere are issued for single family residence properties. However, a lesser known fact is that FHA mortgages are available for multiple unit properties, as long as the property has no more than 4 units. In keeping with the principal residence guidelines, one of the units must [...]
New Jersey, NJ First-Time Home Buyer Tax Credits – Special Rules for the Military
We all know what great sacrafices the members of our U.S. military make each day. Missing out on the first-time home buyer tax credit should not be one of them. Thankfully, Congress has acknowledged the unique circumstances affecting qualified service members*, by allowing the following exceptions that apply to both the $8,000 tax credit for [...]
USDA Loans in NJ? It’s Not a FHA Mortgage, But It May Better – Zero Down Payment
While FHA has been hogging all the headlines
(no pun intended) another little known loan program has been gaining in popularity. For over 60 years, the USDA (Unites States Department of Agriculture) has been guaranteeing loans for farms and rural communities. Recently, however, the definition of rural has expanded to include any communities with a population [...]
Northern NJ First Time Home Buyers Questions About the $8k Tax Credit
The American Recovery and Reinvestment Act of 2009 has had many New Jersey First Time Home Buyers asking questions about how to qualify.
Here are the Top 10 questions and answers all in one place:
1. Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing a new or resold home are eligible. To qualify [...]
