Posts By Tony Croft
Location
534 Hudson Street,
Hoboken, New Jersey 07030
Phone: 201-943-6800
Posts
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 [...]
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 [...]
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 [...]
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 [...]
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 – [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
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