Okay, when is the government when are we spending the next hundred billion? Maybe the next trillion.  If anyone is a true money geek, they will see that the major spending on mortgage backed securities has lowered interest rates and kept them low. But..... they have gone up since last week, at least by 3/4 of a point. My point on this, is that mortgage interest rates are still very low. Anything in the 5's should be very good, compared to the 6's that we had in 2008. What about the other spending that has taken place in 2009?  What about the stimulus bill that was rushed into congress and needed to be signed by the President or we would be in an economic catastrophe. And that came directly from President Obama. But wait, what are we in now? Just food for thought.....       What did Sh... 03/27/2009

7 N Kings Hwy N Cherry Hill, NJ 08034 MARCH 24th, 11am to 1PM Broker's Open Tour and FREE Lunch! The Seller Would Love Your Feedback! Brokers Open You'll be quite pleased with how well this property has been taken care of. Settle into this ranch 3-bedroom/2.1-bath home. This distinctive floor plan delivers a striking gathering room with marble floors, fireplace, built-in bookcases, first-rate kitchen with breakfast area, custom countertops, dishwasher, custom cabinets, pantry, large laundry, hobby room, large yard, lush garden, deck, 1-car garage, detailed woodwork, professional decor. New garbage disposal, all stainless steel appliances, with new 2-drawer dishwasher and new microwave; glass-top stove; new hardwood floors in kitchen, dining room and office, new carpeting in master bedro... 03/23/2009

    All About Mortgages & Real Estate -  Please join me live, Jeff Belonger, on my radio show tomorrow. Topics of Discussion : Thoughts & Opinions about the 2009 Stimulus Package & the latest episode about AIG. A brief overlay in regards to the changes in credit scores for FHA loans and what is still available. Guest Speaker - Scott Syphax - Updates on the seller-funded down payment assistance programs. Ideas of what you can do to help and thoughts & opinions on the current market and the housing crisis.                             For more information about this radio show, please go to Blog Talk Radio - Live Show - 3/5-2009 (click link) This show will be taped and will have a link to listen to it if you can't make it live.  thanks   FYI -  This will be a weekly show every Thursday at ... 03/04/2009

       A few days ago, a friend of mine ask me to help him look for a good real estate agent. I just joint the real estate world about 6 six months ago as a loan officer. I'm looking to establish new relationships with new real estate agents. I told my friend that I could get him a decent one because he is anxious of selling his home. About once a month, I get a postcard from all local agents announcing their recent sales in the neighborhood. Since I'm helping my friend sale his home, I'm hand picking the agent for him. I chose this particular agent because she is very serious and dedicated about her work, though I never met this person. I call her up and introduced myself explaining to her what I'm doing and who I'm. After five minutes of talking, she told me to email her the info of t... 02/26/2009

  My House Is Listed For Sale.  Why Won't It Sell?  Can  You Say OUCH??  Your house has been listed for sale for months and there have been no offers.  In the beginning, there were a few scheduled showings, and a few neighbors stopped by at the open house.  Carol your next door neighbor gave you some advice.  She reminded you not to settle for anything under $X00, 000 because that's what homes are selling for in this neighborhood.  Another neighbor Bob congratulated you on all of the fine improvements that you made to the home.    So Why Won't It Sell??  If you are reading this, chances are that you have a home that won't sell.  What I am going to say next might sting a little.....but SOMEONE has got to tell you the truth.....so here goes.  Say OUCH  O is for Overpriced  You got it over... 02/03/2009

  What do you usually think of when you hear the words "ECO" and "Green"?  For many, the first things that would come to mind are saving the trees, light bulbs, plastics, and overall, our environment to include electric cars and waste. Just in the last year or so, many more have been looking into ECO friendly buildings and homes. I know that we have many faults from the past, that we really need to pay attention to this now. I believe that it starts with the land around us and global warning. We must understand this first, as we venture out into own cities, towns, and local neighborhoods with ECO friendly homes. I wrote about the land around us 2 years ago and this has become more prevalent now than ever before. Please read : What's happening to the land around us.... (the basics) So ho... 01/28/2009

David Burns | Keller Williams Realty | 856 321 1212 9 Imperial Dr, Cherry Hill, NJ 5 Bedroom on Spectacular Lot. 5BR/2.5BA Single Family House offered at $275,000 Year Built 1963 Sq Footage Unspecified Bedrooms 5 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size .67 acres HOA/Maint $0 per month DESCRIPTION Impressive, surprisingly large home on spectacular lot in exclusive "Volken Tract" of Cherry Hill. 3/4 acre lot is located on cul-de-sac street & backs up to 100 acres of wooded open space. Gleaming hardwood floors in all 5 bedrooms, family and living rooms. Oversized brick fireplace in family room. Spacious remodeled eat in kitchen waiting for a chef's touch. Finished basement with direct access to rear Yard. Newer roof. All bedrooms have spacious closets and window... 01/13/2009

    I will be speaking today at 3:00 pm EST on Blog Talk Radio. You can follow or listen by clicking this link. Basic discussion of FHA loans / FHA mortgages - (sorry for the last minute notice - I will include the link to the show after it's completion)     The topics of discussion : How FHA loans will play a vital role in 2009 What do you need to do prior to obtaining a FHA mortgage Understanding the basic concepts and principals               - FHA Loans - USDA Loans - Conventional Loans - VA Loans - Mortgages - Experience & Knowledge at its BEST !!!     ________________________________________________________________________________________ For more information on FHA loans, please go to this link. The FHA Expert For more information on how you can obtain your dream home, please cli... 01/09/2009

New Jersey Real Estate Transfer Tax   One thing that I explain to my clients who are selling their New Jersey Home is that the State of New Jersey imposes a Real Estate transfer tax.  This is a tax imposed on Sellers by the State of New Jersey pursuant to N.J.S.A. 46:15-5 et seq.  This tax was first enacted in 1968.  A reduced Realty Transfer Fee is available to senior citizens, blind persons, and disabled persons on the sale of one-or two-family residences which they own and occupy, and on the sale of low and moderate income housing.  The calculation is a little complicated, so I have compiled the table below.  This law has been amended several times and I am not a lawyer.  Therefore please note that the actual amount due will be calculated by the title clerk.  The table below is to be... 01/09/2009

  FHA loans usually offer the best cash-out options depending on how much you want to borrow from your home. Besides, with the ever changing guidelines to conventional loans, in many cases, it's a no brainer.   FHA loans update for cash-out mortgages - As of December 15th, in mortgagee letter 2008-40, you are now required to have 2 appraisals if the LTV is over 85%. It use to be that you only needed 2 appraisals if you met all 3 of these things : If the loan amount was over $417,000.00 If you loan amount equaled or exceed 95% and The property was in a declining market. But as mentioned, this has changed now. You still need a 2nd appraisal if you do meet the 3 mentioned above.       FHA cash-outs vs conventional cash-outs : As many of us know, if you have credit scores under 720, there w... 01/03/2009

  The holidays.... I just love them. Especially being around my family. For many that know, I am not married nor do I have any kids. But I have 3 nieces and 3 nephews. All with a unique story and each with a different personality. My sister, about 12 years ago, was diagnosed with cancer and was told that she couldn't have kids. After trying every possible method, they ended up adopting. They decided to adopt a boy and girl, who are now 9 years old. After they came back from Kazakhstan, where they adopted, she found out that she was actually pregnant. Then they felt bad 6 months later for my oldest niece, because there were now two boys, so they adopted another girl, who is now almost 5. Well, we thought all was quiet on the home front, until I got a call last November. "Hey, guess what,... 12/29/2008

  Disclosure, disclosure, disclosure.....   such a hot topic. Why is that?  Well, HUD has decided to make some new changes to the Good Faith Estimate and to the HUD-1. HUD is stating that these are the first changes in over 30 years. HUD goes on to say that this new regulation should save borrowers $700 at the closing table.  Huh?  I don't consider myself to be naive or stupid when it comes to trying to understand the government's thinking. But how do you come up with $700? Here is my problem with this new regulation. Not only is it more paperwork, that I think it will actually add more confusion, but that HUD is using a lame excuse so late into a problem that should have been corrected a decade ago. Below are the two new changes, please take a look. New HUD changes - Good Faith Estimat... 12/20/2008

David Burns | Keller Williams Realty | 856 321 1212 2B Donahue, Cherry Hill, NJ Priced Like Bank Owned Property! 3BR/2.5BA Townhouse offered at $300,000 Year Built 2007 Sq Footage 2,700 Bedrooms 3 Bathrooms 2 full, 2 partial Floors 3 Parking 2 Car garage Lot Size Unspecified HOA/Maint $0 per month DESCRIPTION LEASE to PURCHASE OPTION AVAILABLE - New luxury townhome ready for immediate delivery. 3BR, 2 Full/2 Half Baths, open flowing and beautifully lit floor plan. 100% convenient to downtown Philadelphia, 1 block to Cooper River Park and easy access to all of South Jersey. 2,700 SF of open living space with quality workmanship and top of the line amenities. Two zone heating and air. Sound dampening construction for quiet living. Kitchen includes granite countertops, full stainless stee... 12/04/2008

  ........ even though I really didn't care for you as a client. For many of you that know me, I would give you the shirt off my back. And I truly try to live by this fact that I don't judge others or hold things against them when it comes to business. My job in my opinion is to get it done in such a professional manner that you understood most of the mortgage process and that you got a good deal.  This is the kind of story that makes you wonder if I should still be in the mortgage industry. I do digress when thinking about this, but it will never change me, who I am, and that I love what I do in helping people to obtain a mortgage. So... the story begins. I was referred a client by another loan officer because it was a very hard deal. This person was actually a realtor. Not only were ... 12/03/2008

   I love the Thanksgiving & Christmas holidays. Not only the present times, but those times in the past, bringing back so many memories. And feeling how fortunate that I am surrounded by a loving family & some great friends, even those here on Active Rain.   I can remember coming home for Thanksgiving when I was in the Military.... Another time while staying at college one year and cooking my first Thanksgiving dinner for my best friend's roommate who was from Spain and one of the waitresses that I worked with when I bartended at a restaurant.  Again, so many memories.  But let's jump back 13 years first. For some of you, you know that I am single, never married or kids. (just never met the right one) I only have one sister who is 3 years younger than myself and 2 wonderful parents who... 11/27/2008

  Okay, not the lowest ever, but there is a point to this....   Mortgage interest rates for the most part in my 16 year career as a loan officer dropped quicker today than ever before. But they still aren't the lowest that I have seen in my 16 years. But why such a quick decrease in interest rate?  Today, the Feds announced two new programs, one of which will allow them to purchase up to up to $500 billion of mortgage-backed securities issued by Fannie, Freddie and Ginnie Mae. This is after the fact the MBS's have been more expensive in the last year or so, costing investors more money, which in some cases keeps the interest rates from coming down.  For more information about mortgage-backed securities (MBS), please read : Mortgage-backed securities.   Overall, this is excellent news fo... 11/25/2008

  I never paid much attention to my history classes while in high school and I hope not to bore you now. The CPI, which is the Consumer Price Index, fell from a record 5.2 per cent in September to 4.5 per cent in October of 2008. This was a far sharper drop than what economists were expecting. The CPI is the Government's preferred measure of inflation. What was a major cause for such a quick drop? It was driven by the plummeting cost of oil. Gas prices are extremely lower now as in many years. What does all of this mean? In short bursts, deflation can be beneficial for consumers as it brings down the cost of goods and services. But what can be scary is that deflation can be very dangerous if it were to be prolonged. This is even more true if it's combined with job loses. Anyone been pay... 11/20/2008

  Rural housing loans are not FHA loans. They do follow some of the same requirements of the FHA loans, but can be a little stricter than FHA also. Rural housing loans aka USDA loans, can be used for both purchases and refinancing. And don't be fooled by the name rural housing loans, that it just has to be rural. It's just a term, hence why these loans might have been used as much in the past. You would be surprised in some areas that these loans are allowed in.   So, what are some of the major benefits to the Rural Housing Loans?   up to 100% LTV no monthly mortgage insurance you can get up to 6% seller concessions up to 102% LTV when you finance the HUD Guarantee fee of 2% qualifying ratios of 29/41 (it could be a tad higher depending on compensating factors) FHA loans are 31/43 and c... 11/18/2008

FHA loans have been more wisely used in recent months as the choice of mortgages. What I hate hearing is that they have taken the spot of the subprime loans. This is not true by any part of the imagination. This statement is from those that are inexperienced in both the mortgage and the real estate industries. The realization has been that 30% of the subprime mortgages in the last 5 years previous to the last 2 years should have been FHA mortgages, not subprime. The subprime loan for many years could go down to a 500 credit score, depending on your equity position. But your rate was usually higher. If your score was higher, the less you needed to put down, the lower your rate. Sounds good, right?  Wrong, because the subprime rate was always higher than the FHA rates. To compound this, ... 11/15/2008

Condo vs Townhome vs House What is the difference in the costs of owning a condo or townhome compared to owning a house? The purchase price may be lower for a condo or townhome, but there are also association fees. In reality, they are just different ways of assuming the responsibilities of homeownership. It can, however, have a bearing on the mortgage amount for which you qualify. Association fees When you buy a townhome or condominium you become part of a Common Interest Community (CIC) in a Planned Unit Development (PUD), which shares some of the responsibilities and costs of homeownership. Those shared costs are usually paid by each unit owner in monthly association fees. Typically townhouse association fees include the following: Snow and lawn care Outside maintenance Sanitation (... 11/13/2008