Posts By Tony Croft
Location
534 Hudson Street,
Hoboken, New Jersey 07030
Phone: 201-943-6800
Posts
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
First time home buyers are not the only ones with reason to celebrate. The American Recovery and Reinvestment Act of 2009, which was recently extended through 2010, includes the $8,000 credit for first time home buyers through April 2010 and includes a provision which allows current homeowners shopping for a new primary residence to apply for a $6,500 tax credit if they [...]
First time home buyers rejoice!!!! Congress has officially extended the deadline for the $8,000 first time home buyer tax credit to April 30, 2010. Under the extension, the deadline of April 30 refers to the contract date. This means that the 1st time buyer must have a sales contract on a house by April 30 [...]
Is the phrase “FHA Jumbo Loan” an oxymoron? In order to answer that question, you have to understand the history of FHA loans. 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 [...]
Last week the U.S. Congress passed a congressional resolution extending the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. This extends the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in New Jersey. The conforming loan limit determines the maximum [...]
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