With the housing market flooded by foreclosures and short sales a lot of potential clients can find a great deal and get the property rehabbed just the way they want it rather then having an investor come in and do it the cost efficient way. Now is the time to get that process started. Planning your product is crucial to it's success. If you're hoping to start construction by mid March or April, you do not want to wait much longer. pre-construction is often overlooked by home buyers mainly because they not construction professionals.  services are very important and can be time consuming for you as a new home buyer if you are not prepared. Below is a outline of what is involved in what we call the pre-construction phase; Product Selection Architectural Plans Reviewing authority approval... 01/11/2011

You will find that one of the hardest tasks involved with getting an FHA 203K loan is locating a lender who has experiance and who understands what it takes to get your loan done. From my experiance with doing FHA 203K loans is that there is a ton of consumer interest in this loan but to find a qualified FHA 203K lender is very difficult. Many lenders out there today have sat through a short training class on the product but have actually never been through an actual transaction. This is a different process and expectations should be set. I can understand why lenders are out there trying to market this product in hopes of finding a new niche in order to stay a-float in today's real estate market. However these are not the people that you want to be working with to get an FHA 203k deal d... 01/10/2011

I must confess to getting some fatigue of trying to think of a creative new mortgage/real estate blog post tonight so I wanted to open you guys up to my day today. We got a few inches of snow here in South Jersey today so it was a fun day to make a fire and hang out inside. I was able to head out side with my son to play in the snow for a bit this afternoon to keep from getting cabin fever.      After playing outside for a little while we settled inside and got ready to watch some football! There is nothing like the NFL play offs! I hope every one is enjoying their weekend! We are off to the Eagles/Packers play off game tomorrow! Some much needed rest is going to be needed before a long day outside in the cold to hopefully watch the Eagles get a big win! E-A-G-L-E-S EAGLES!! :) 01/08/2011

When working with a first time home buyer today I really feel it is very important to make sure that they are aware of any and every option that is available to them. This past year I have been asked a lot about Down Payment AssistancePrograms ( a.k.a. DPA's ). This option may or may not work to benefit you. A lot of them are through the county that you are looking to buy in and it can vary on how much the county has left in it's budget to offer. I would say that 99.99% of these grants are applied to FHA loans. It is possible to get the grant and still have some out of pocket expenses when you consider FHA's 3.5% down payment requirement and closing costs. My other options that do not have a down payment requirement would allow you to use Down Payment Assistance towards your closing co... 01/05/2011

FHA ISSUES GUIDANCE FOR REVERSE MORTGAGE BORROWERS AND LENDERS DEALING WITH OUTSTANDING PROPERTY TAX AND INSURANCE DEBTSNew protocol designed to help seniors avoid foreclosure FHA announced today to homeowners and lenders that use the reverse mortgage or Home Equity Conversion Mortgage (HECM) program and are dealing with outstanding property taxes and unpaid hazard insurance premiums. FHA's intention is to assist elderly borrowers who have neglected to pay these expenses and may be facing foreclosure. HUD currently allows lenders to make tax and insurance payments on behalf of their elderly clients from the borrrower's available mortgage funds. However, once those resources are exhausted, the lender must advance funds to protect FHA's interest and obtain reimbursement from the borrower.... 01/04/2011

Congress has once again extended legislation that makes mortgage insurance tax deductible for many Americans. The new legislation ensures the tax deductibility of mortgage insurance on purchase and refinance loans for qualified borrowers through 2011. The legislation itself is no different than what was passed in 2007. MI premiums are still fully deductible for taxpayers earning up to $100,000, and partially deductible for those with incomes between $100,000 and $109,000. The only difference is that the deduction now applies to policies written through the 2011 calendar year.Extending MI tax deductibility is an important win for many reasons: Tax relief is much needed in a time of struggling economic recovery, and continues to help protect the dream of homeownership for many. Mortgage ... 01/04/2011

As of January 1, 2011 your loan officer needs to be in approved status to originate your mortgage loan. This is the National Mortgage Licensing System. He will also need to be licensed in the individual state the property is located in as well. It is important to know who exactly you are working with. Click here to search your loan officers name to make sure he is in the proper status with the NMLS. As a loan officer I think it is long over due for a system like this. It helps bring validity to our job. In the past any one who sounded good on the phone would be able to be a loan originator. We are helping people make the largest purchase of their lives and there should be at the very least a test to pass to prove we are qualified to handle such a large transaction. I understand it to be... 01/03/2011

Most buyers just leave it up to the real estate agent to negotiate closing costs with the seller.  And this can be a mistake that can cost you thousands if you don't provide your agent with the proper information about the No Down Payment Home Loan and the rules regarding seller concessions. If you do have the correct information for your agent about the No Down Payment Home Loan then they can do a proper analysis for you in order to prepare your best offer which would take into consideration several things including the potential price, the amount of money you ask the seller to contribute towards your closing costs, and any down payment.  Closing costs encompass all the expenses tied with buying a home.  Here is a partial list of closing costs for various loan types: Title Escrow Appra... 01/03/2011

This article is meant to breakdown some of the most common objections regarding FHA loans being used to finance a home purchase in New Jersey and Pennsylvania. FHA loans require too much paperwork. In prior years dating back to 2000 and before, FHA loans required much more paperwork and documentation than conventional loans. Now, there are only about seven additional application documents, when compared to a conventional home loan, which a buyer needs to sign. FHA loans are too expensive for the seller. While this was also true in years past, it is outdated with today's FHA loans. There used to be substantial costs involved that the buyer was not allowed to pay.  New Jersey and Pennsylvania FHA rates are higher. With tiered FICO pricing on conventional loans, FHA loan rates can actually... 01/02/2011

The Credit Card Accountability, Responsibility and Disclosure Act 2009 went into effect February 22, 2010.    Basically it improves customer disclosures but doesn't help with those high interest rates. What we are seeing now is credit card companies increasing rates on existing customers (they can do this with just a 15-day notice) even if you have never had any lates!  The credit card companies are also lowering your approved limit on cards.  I had one gentlemen call and had a $25,000 limit for years and they cut it back to $5,000.00.  He was not pleased after all those years of establishing a great payment record with them. When the credit card companies lower your approved limit on your card(s) it lowers your ratio of open debt to available credit, known as the "Revolving Debt ratio"... 12/29/2010

In today's blog post I will go over how your student loans can impact you qualifying for our No Money Down Home Loan ( USDA ) When people are looking at getting a No Money Down Home Loan ( USDA ) or an FHA Loan who have existing student loans, it is important to be aware of how these loans can impact their ability to qualify. The No Money Down Home Loan ( USDA ) is extremly popular amongst recent graduates, and the reasons are because not only is this one of the only 100% financing loans out there but it is one of the easiest home loans to obtain. Because the ability to get into a home with NO MONEY DOWN the USDA has gotten very poplular over the last few years. Student Loans are classified 2 different ways: deferred and not deferred. One thing to also keep in mind when looking at the N... 12/28/2010

I moved out of Collingswood, NJ and I just put my home on the market as a rent-to-own.  It's a 3/1 row home in in Collingswood, NJ.  I'll have the complete details in a few days.  I'm asking $185K, with $5K down and $1,300/month.  I'm willing to work with credit issues.  If you have any questions before I have a chance to post the details, please feel free to give me a call. 12/13/2010

 When I speak to perspective home buyers, often I am told that they have been looking at bank owned properties. Every one looking for real estate today is looking to the deal of a life time. In certain areas of he country you can get a foreclosure property at around a 40% discount off of what would normally be considered a fair market price. I have been writing a lot about our no money down home loan and I thought I should share a way for agents to be able to find foreclosed properties that are located an eligible area. This way can not only can a home buyer can their home at a discounted price, there is no down payment required, or monthly mortgage insurance. There are 2 different types of ways to utilize this no money down home loan with foreclosures. First I recomend using the USDA p... 12/11/2010

Would you believe there are thieves out there trying to "sell" social security numbers to help people boost their credit scores?   The FBI says that quite a few of these numbers are actually Social Security numbers belonging to children.  Since children must now have their own Social Security Number, hackers are finding ways to steal them and sell them to people who want to create a new identity or are using it to apply for credit-then never paying the creditors back.  Of course, the people both buying and selling the numbers are committing fraud-but your child's credit report could be ruined-and you might not even know about it for years.   The FBI is urging parents to check your child's credit report at least once a year.     12/06/2010

There are a lot of financing options to help you buy Collingswood real estate, if you can meet the credit guidelines.  Most lenders prefer to use 30-year mortgage loans.  With a longer loan term, the lender can collect more money in interest over the life of the loan.  For those who are credit-worthy, a 15-year mortgage term may be offered.  So, what is the difference between the two?  Here are a few guidelines:  What About a 30-Year Mortgage? Thirty-year mortgages are becoming the normal term for Collingswood real estate loans.  The payments are usually more affordable and lenders are quick to recommend them.  Lenders are more likely to offer you a higher loan amount with a 30-year loan, but the trade off is usually a higher interest rate.   What Are The Benefits Of A 15-Year Mortgage?... 02/22/2010

Many putting up their home for sale on the Collingswood market don't have a lot of available cash to spruce it up.  While staging houses is a definite plus, it takes money, as does many of the other often-suggested "to-dos."  Here are a few cheap, easy ways to make your home look more inviting to buyers: 1. Put up your personal stuffNot every buyer looking at a home for sale in Collingswood appreciates the fact that someone still lives there.  Putting away the following things can help the buyers' see themselves in the home: your pet's things (toys, litter box, bowls) your medications, toothbrushes and toilet accessories any toys knick-knacks and personal pictures   2. Create more spaceSmall, closed in spaces are major turnoffs for buyers.  Create the illusion of more space by: putting ... 08/30/2009

THANK YOU My grandmother taught me to always say Please and Thank You.  Saying and meaning those magic words has gotten me far in life.  I would like to publicly say thank you to my new friend Karla at Barbs Harley-Davidson in W. Collingswood Heights, NJ.  Below is a copy of a thank you letter that I sent to Barb, the owner of the dealership.  Thank You Karla ***************************************** Dear Barb: I wanted to take a moment to express my gratitude and publicly thank your staff.   I filled out an online form indicating that I was interested in purchasing a Harley-Davidson.  I was contacted via email by Karla.  I had previously visited another dealership and no one even asked if they could help me.  When I was contacted by Karla, I was skeptical.  In my mind, I wondered if I ... 06/04/2009

Hi.  I added a couple comments to some blogs on the site. I think reading the other agents blogs is great.  I thrive with constant positive feedback.  I love to read new ideas on marketing myself, my company or my listings.  I think Active Rain will serve me well.  It is a great site and I am glad I found it!  Thanks.. 08/24/2008

In researching ways to promote myself and my business as a Realtor specializing in Collingswood NJ..I found this amazing site.  I look forward to TRYING to keep up this blog... Look me up and read my bio if you are looking to buy or sell or even rent in Collingswood.  What a great town.  I cant say enough good things about this wonderful community.  I am raising the third generation of my family to be born and bread in this town!  I dont have any plans to move from it.  It just is great.  So much to offer its residents.  Look up Collingswood.Com for the town directory and see for yourself what we have to offer.  Will write again soon! 06/14/2008