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 [...]
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 [...]
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 [...]
Reverse mortgages can serve as an effective way to protect a homeowner from foreclosure. Now you can stop a foreclosure with a Reverse Mortgage, which is not hard money or balloon loan that someone is normally pressured to get when facing a foreclosure. But a reverse mortgage can serve as a lifeline that saves one [...]
Your credit is a crucial part of the lender’s decision on whether you get approved for a FHA mortgage or not. Your credit score will also determine the rates and point structure the lender will offer you. You may think your credit situation is hopeless. Just remember that there is always the chance to improve [...]
Tony Croft State Licensed Mortgage Loan Originator (MLO) NMLS ID #5249 FHA Direct Mortgage Lender And Broker Northstar Funding - NMLS #139369 201-943-6800 | Email Quick Links: >>FREE Home Buying Guide >>Click Here to Pre-Qualify for your FHA Mortgage >>New Jersey HomeBuying Resources About Tony Croft: Tony Croft is a Mortgage Advisor and a Certified [...]
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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
