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 market now. Do you want to buy a Bergen County home this year under $500,000? …
Posts Tagged: FHA
You’ll Need Better Credit for a FHA Mortgage
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 mortgages on October 4th. The bar has been raised for home buyers. Buyers must have at…
Bergen County Homes Sales Data from the New Jersey MLS
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…
A FHA Tax Credit for Home Buyers
A FHA tax credit for home buyers has just been announced. This is truly great news for the real estate market. U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced yesterday, May 29th, that the Federal Housing Administration (FHA) will allow home buyers to apply the Obama Administration’s new $8,000 first-time home buyer tax credit on FHA mortgage loans. Previously the tax credit only applied to conventional mortgages. The…
Tenafly Real Estate – 1st Quarter Report
What Can We Expect in 2009 and for Tenafly real estate in particular? I can answer this with one word – improvement. I had projected 10% depreciation but that was before the stunning sub prime mess was revealed. While we have “Monday Morning Quarterbacks,” the truth is virtually no one knew of this growing menace. The Tenafly market for homes in 2008 ended with 25% fewer sales and 18% depreciation….
Bergen County Real Estate – How’s the 1st quarter looking?
The figures are in and the real estate market in Bergen County is doing OK. It’s still a buyer’s market for homes but you can see some signs of improvement with Bergen County real estate. In January I had written that the real estate market in Bergen County would shift during the 4th quarter of 2009 and stabilize. From then on for a few years we would be working in…
Mortgage Rate Madness
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…
