New FHA Loan Rule

Posted by & filed under Buying.

The new FHA loan rule for condominiums helps first time home buyers tremendously.  Announced yesterday in a press release, the new rule takes effect on October 15th. FHA Approved Condominiums The FHA Condominium Project Approval & Processing Guide  is 95 pages long.  Requirements are strict and it’s a costly, tedious process for any condo association.  Condominium associations simply don’t apply due to the cost and aggravation. You use the FHA…

Is Your Buyer Using A FHA Mortgage Loan?

Posted by & filed under Selling.

Is your buyer using a FHA mortgage loan? FHA loans are very common.  They are also feared by sellers.  Because they are common and concerning to homeowners, I thought a blog article on this would be helpful. Chances are your buyer will use this type of mortgage if your home sells for less than $500,000.  The median sales price is $485,000 in Bergen County.  This means half of the homes sold so…

Bergen County Homes Sales Data from the New Jersey MLS

Posted by & filed under Buying, Selling.

You need Bergen County homes sales data from the New Jersey MLS so you’re on top of the market. The New Jersey MLS is the primary multiple listing service for all of Bergen County. They do a simply outstanding job in so many ways. There is comprehensive information on homes for sale as well as statistics on all aspects of the market. The sales data shows an improving market for…

Mortgage Rate Madness

Posted by & filed under Buying.

The most important first step in buying a home is financing which involves getting prequalified for a home mortgage.  It doesn’t matter if you’re buying Bergen County real estate or a home somewhere else – because your mortgage loan is so critical to your home buying process, you are naturally interested in any news about these loans.  Here is where you begin what I call Mortgage Rate Madness. People afflicted with this disease believe that…