Mini Mortgage Questionaire
Posts By Tony Croft
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
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 [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
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 [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
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 [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
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 [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
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 [...]
Edgewater / Bergen County, New Jersey - 201-943-6800
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