FHA jumbo loans are great for home buyers in New Jersey and buyers who have less than a perfect credit history. The government has come to realize that in certain areas of the country, Northern New Jersey being one, that many homes cannot be purchased for the previous maximum FHA loan amount of $362,790. That is [...]
Mortgage interest rates fell to the lowest levels on record last week in New Jersey and New York! That goes for FHA and Conventional mortgage loans in the New York metropolitan area. The fall in rates in recent weeks is in response to turmoil on Wall Street which makes this a great time to purchase a home [...]
Super Conforming Loan Limits are set to expire on September 30th!
So you want to buy a condo in New Jersey using a FHA loan. Is it allowed? You bet! You can get a FHA mortgage to buy a condo in NJ. HUD Section 234(c) allows the insurance of any mortgage covering a one-family unit in a development which is coupled with an undivided interest in the common areas and facilities of the development. This may include dwelling units in detached, semi-detached, row, garden-type, low- or high-rise buildings.
On August 11, 2010, bill HR 5981 was signed into law. What are the effects on prospective home buyers? Here is a brief summary: Hip Hip hooray!!! – If you are currently looking at an FHA loan with a value of $250,000, your closing costs will go down due to a decrease in the Upfront [...]
April 18th is the last day to file your 2010 Taxes without a penalty and also, FHA is increasing the Annual Mortgage Insurance Premium in New Jersey and across the country effective April 18th.
The Obama administration and HUD have two main goals several goals to improve the credibility of the FHA home loan programs. The first is to increase FHA loan reserves and the second is to reduce loan defaults and foreclosures. In order to do so, loan eligibility has been more closely linked to credit scores as outlined in the following FHA [...]
The Federal Housing Administration released approved loan limits on mortgages it would insure in 2011, leaving the ceiling unchanged at $729,750. The Economic Stimulus Act of 2008 and the Housing and Economic Recovery Act of 2008 raised the FHA loan-limit ceiling to help stabilize a shaky housing market. The national floor remains unchanged as well [...]
The Federal Housing Authority (FHA), did not take long to initiate an increase again to the Mortgage Insurance Premium (MIP) in New Jersey and across the country. The annual MIP will increase .25% on all 30 and 15 year loans effective April 18th,2011. On average, the increase will amount to approximately $30 more monthly for all new FHA borrowers. Existing FHA loans are not impacted by the price change.
HUD’s 203(k) program can help you and allow you to purchase or even refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is is only available to persons planning to occupy the home as their primary residence.
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
