The FHA has made the dream of home ownership a reality for millions of people nationwide and thousands in Bergen County.
Posts Tagged: mortgage
I’m quite serious – mortgage rates don’t count at all when you’re shopping for a house. In fact, when you are buying a home and you go to those wonderful websites that promise you everything in 30 seconds or less, you can easily damage your credit. Let me explain why mortgage rates don’t count… Read more »
Keeping you stroked to get your business is not how you sail the mortgage waters to success. There is no mortgage calculator or Happy Banker that can tell you what you can afford in a mortgage on a house.
New FHA mortgage rules are coming that will completely change the way mortgages are processed. If you own a home in Bergenfield, Dumont, New Milford, the west side of Englewood, most of Teaneck, Bogota, Ridgefield Park, Hackensack, Lodi or a host of other areas in Bergen County and are thinking of selling your home, get on the… Read more »
Taking a lot of tax deductions can ruin a mortgage. No doubt about it. It happens a lot. Tax returns are often done very well by tax professionals. As a result, your documented income is lower than what you actually take home. That’s great until you decide to buy a house. Your banker tells you one… Read more »
Don’t allow yourself to be sucked into a feel good no commitment approach. Don’t allow your fear to put you in a precarious position. Buy a home the right way so your home buying experience is fun, rewarding and successful.
When the financial crisis exploded in 2008, new construction financing ended. Actually, most credit was taken off the table then and for good reason. On new homes being built, many banks pulled existing mortgage loans creating havoc for builders. This also hurt individuals who were in the middle of new construction projects. Since then, getting… Read more »
FHA mortgage loans are extremely important to the real estate industry. The FHA insures, on average, 30% of all mortgages in the US. Something like 70% of all first time home buyers use FHA loans. As a result any change, no matter how slight, in FHA policy is big news. The FHA announced new credit requirements for… Read more »
Qualifying for a mortgage loan requires a good credit history. Banks want a proven record of responsible financial behavior and lines of credit answer this requirement. It’s not enough to use a mortgage loan calculator to figure your mortgage payment amount, you need to demonstrate that you can handle credit successfully. What is a line of credit? A… Read more »
June began a new requirement from Fannie Mae. Mortgage applicants must now have their credit checked 3 days before closing. If there are any significant changes, the terms may be adjusted or the mortgage may actually be cancelled. While this may sound harsh, it also makes sense. When you apply for a mortgage, your credit, debt and assets are checked. The bank wants… Read more »