The Obama administration wants to raise fees for borrowers and require larger down payments for home loans as part of a long-term effort to restructure the nation’s housing market. These measures could raise mortgage rates and make it harder for home buyers to secure a 30-year fixed-rate mortgage. The administration’s intention to wind down the [...]
Many people don’t understand the difference between conventional and FHA loans. The prospect of taking on a big mortgage can make you feel like you are going over the edge!! Here is a quick and easy “cheat sheet” to help you decide which is right for you. Qualifying Standards Generally, it is easier to qualify [...]
Now is the time to Refinance! Especially if you have a FHA Mortgage in New Jersey or New York! Hope you liked the video! Now is truly a great time to refinance. Rates are at historical lows. If you live in New Jersey or New York we have a FHA Refinance program with NO APPRAISAL!! [...]
Visit our Home Buyer University Free Online Workshops! FreeOnlineWorkshops.com Here you will find a growing library of workshops that you may view completely free of charge which will provide valuable information that you will need as you prepare for your home purchase in New Jersey. Tony Croft has created a series of workshops designed [...]
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 [...]
An eligible New Jersey homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home for First Time Home Buyers or up to $6500 for repeat buyers.
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 – [...]
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