FHA Mortgage Expert - Tri-State Area - New Jersey/PA/Delaware

Can it be any worse out there?  If you haven't heard, as the credit crisis continues, there are tens of thousands of jobs being lost just on Wall Street alone. And with a few mergers in the near future, there will be more jobs lost.

Is consumer confidence down?  You betcha !!  The Dow Jones is down over 500 points just today, the most since 9/11 in 2001. This is because of fear of a deepening of a year long credit rout caused by hundreds of billions of dollars from write downs and losses worldwide. Mortgage rates are dropping like crazy, which is good. But without jobs and less money flowing through the economy, this will hurt everyone, especially the real estate market.

 

 

I have spoken to several respected people in the industry in the last week and most of them all have some major fears. I had the chance to speak to our own Brian Brady today, who told me his fears. He made some excellent points and what our economy will be going through in the near future. And I could hear the fear in his voice. But I basically told him that I try not to think about it.  That might sound shocking and possibly irresponsible. I should care, right?  The matter of fact, I do care, a lot. Hence why I love my job and why I am so passionate helping people to achieve the American Dream. But my thinking is that even though this could really affect our business, mortgages and real estate, that if the economy goes into the tank, we'll all be in the poor house.  That might sound harsh, but it's the facts.

 

 

My complaint and argument about all of this is the misleading media and those on Wall Street or those so-called financial analysts. Many people have been saying that we could be nearing a recession. My reaction to that?  "Horse feathers" !!!  For those that know me, I have been saying that we have been in a slight recession for over 2 1/2 years. Do you know what recession even means?  From Wikipedia, (NBER) defines it more broadly as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."^[ a recession occurs when real gross domestic product (GDP) growth is negative for two or more consecutive quarters. Gee, 2 or more consecutive quarters. We have seen some major price changes in the last year, covering more than a few months or even a few quarters. Who controls these numbers?  Why do we keep hearing that we might be heading towards a recession, when in my honest opinion, we are in one.

 

 

Irrelevant to my opinions, the bottom line is that it will continue to get worse before it gets better.  Many of us should be saving our money, stashing out 'nuts', and not just for a rainy day. But for emergencies... This has been a big argument of mine in the past, to why we have so many foreclosures. It starts with the job losses or reduction in family income. But also from not saving and just spending like money grows on trees.

What I am telling you not to do is to not to not buy a house. If you can afford a home, this is one of the best times to buy. A home should be considered a long term investment. Another reason why this all became a mess. We either used our homes as ATM machines or used those types of mortgage programs that allowed us to fudge our income so we could keep up with the Joneses.

 

 

- FHA Loans - FHA Mortgages - Conventional Loans - VA Loans -

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 click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger

Are you a savvy shopper? Are you an educated shopper? How about sloppy? Cheap?  Risky?  Are you one that shops yourself right out of the market?

Are you one that jumps at any deal just because it says sale?  Or when someone advertises "guarantee lowest rates" or "no fees"? 

I have no problem with consumers looking for deals. Not at all, because I am one of them.  I love bargains and steals.  But how do you know when you have a deal that you have stolen at cost?  What can it cost you short term or long term if it isn't such a great deal as advertised?

 

 

 

How about customer service?  I think most of us want this all the time and expect it. It's just human nature. But what about sacrificing customer service for price?  Can you have your cake and eat it to?  Yes and no..... at least this is my opinion.

I have been in the mortgage industry for over 16 years. Just the other day, I read a blog from a realtor asking for a great deal, with no junk fees and someone that will give great service. In an exchange for a possibly business relationship also. We won't touch on the second comment. But some of the comments by other professionals was just sad.  

 

 

I talk to many realtors and loan officers on a weekly business. Many of us care about our clients. And we don't have a problem giving a consumer a good deal. Defining a great deal in my opinion could mean trouble for that consumer shopping. Shopping for a mortgage is not like shopping for a new HDTV. The same exact tv, same make and model, that can be found at 3 different stores.  Yes, you can shop for the best price. You just hope that it turns on when you get home. If not, that's what warranties are for.  And yes, you hope that the customer service is reasonable, so that you can get a new tv that works. But this is not the same in the world of mortgages.

A Mortgage Professional is different than an order taker. Some loan officers use "best rate", "guaranteed lowest rates", and or "no fees" to their advantage, to get you into the door. My advice, anyone ever advertising this, you should look elsewhere. Just my opinion....  Many of us agree that you just won't get great service if we gave you the best price. Don't get me wrong, I won't bait and switch you. Never have and never will. But if you want to call me at 8 pm at night, on the weekends, or almost once a day?  What do you think?  I take a lot of pride in what I do and I will get back to you.  But at what time frame will someone get back to you if they aren't making much on the deal?  Just use your common sense here.

 

Overall, in the world of mortgages, each and every lender has a profit margin. Most loan officers have a certain margin that they need to meet in order to make a living. I am not talking about a plush living, but enough to live at ease.... comfortable.  But here is a little secret. When it comes to the cost of a mortgage, no matter if you go with a banker or a broker, we all get our money from the same place. It's called Wall Street. Yes, there are different investors with slightly different pricing. But don't let that sales person fool you. It's enough to save you anywhere from $250 to $750 on a $200,000 mortgage. But again, are you willing to sacrifice service, which would include : follow up, honest communication, and availability?

 

I want to end with this.  If I had to outline how I feel about all of this? 

Those in the real estate & mortgage industry that tend to ask more questions than the average professional or spend more time with you, usually bring more to the table than just figures or promises to rope you in..... They bring knowledge, passion, years of experience (but not always the case, they needed to start some where), a caring heart, and a dedication not only to their client, but to themselves. Wanting to be the best and providing not only great service, but delivering as promised and not what you want to hear.

 

 

- FHA Loans - FHA Mortgages - Conventional Loans - VA Loans -

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 click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger

Do you remember where you were when first hearing the news? What was your first thoughts?  I still remember to this day, exactly where I was. I was at a red light, just about to make a left turn, about 500 yards from my office. My first thought was what kind of idiot would fly that close and hit a building. Was it a mistake?  Did the pilot fall asleep?  My mind was racing. As I drove up to the parking lot, there was another news flash that another plane just flew into the South Tower.  At this time, I knew it wasn't an accident and my adrenaline was rushing strong.

I ran into the office, a few of my co-workers just settling into their seats, not knowing what happened. I ran into my bosses office and turned on the tv. We sat there watching for about 45 minutes. It wasn't more than about 10 minutes later, when two of our processors went back to their desks to work, when I yelled out, "OMG, OMG...  one of the towers is collapsing. Just after watching the South Tower to fall first, I just sat there with my hands in my face, tears streaming down. I just didn't know what to think.

 

 

 

I was just telling a friend of mine tonight that I felt semi guilty tonight, because I haven't really thought about today, as 9/11. I was just busy today. besides being tired from traveling yesterday because of this - My travels to Washington DC.  I also ran out of the house with no red, white, and blue on, without my little American Flag pin, or any thoughts on my mind. She told me not to dwell on. But how can I not now.... just thinking about all of those families and how they lost their loved ones, just because of some group that has hatred for all that are alive. It just makes me sick to my stomach.

 

 

All I know and remember after 9/11 was watching the news coverage 6 to 8 hours a day. Mainly into the wee hours of the morning. Sometimes going to sleep at 3 am or 4 am. Just watching so many families asking for help, to find those loved ones that haven't called home yet. I was so fortunate because I didn't know anyone that was killed in these attacks. But I did have a few friends that lost others. My only concern was when the attacks first took place was to make sure that my brother-in-law was okay. He worked in Manhattan and use to work in the South Tower a year previously. He was moved to midtown, which was like 20 to 30 blocks away, and I am so grateful for that.

I can also remember when we first invaded Afghanistan and Iraq, that maybe I should go back into the Army. See, I served from 1986 to 1988, and I am proud to be an American. And I was very close to the cut off date to enlist. There was a part of me that wanted to give back and help. Just as those 411 emergency workers who lost their lives trying to help and save those that were trapped in the Towers. We need to remember all that were involved and those still struggling with their losses.

 

The Sphere, which is symbol of what happened on 9/11/01.  I got to vist that Sphere -  The Sphere  

And for those of you who might have missed this, Yvette Smith tells her story. 9-11 A Day I won't forget  This is a must read.  Just have a tissue handy.

 

 

9/11 -  REMEMBER IT FOREVER 

 

Well, maybe your voice has been heard.  Maybe it was the shot heard around the world. As news broke earlier today, in which there has been speculation that bill HR 3221, the "Housing and Economic Recovery Act of 2008, would be overturned, bill HR 6694 made strides today. 

There are good signs stating that the down payment assistance programs, such as Nehemiah, AmeriDream, Genesis, and so many others, will be voted back in. It's not a done deal as of yet, but with the strong support from Congressman Barney Frank, who is the chairman of the House Financial Services Committee, has some promises on the table.  One such promise on the table is that HR 6694 would allow all borrowers with credit scores 680 and above, to be able to use the seller-funded DPA programs.  This is a huge start and a lot of this is from the support from people like you and I.

 

 

 This kind of news won't keep me from taking back Down Payment Assistance Programs in Washington D.C. tomorrow afternoon. We still need everyone's support, to make the Senate aware of the ramifications of eliminating such down payment assistance programs. 

Such elimination, in my opinion,  would put another severe strain on the already strained housing market. And it could add a ripple affect to those houses on the market, adding more days not sold. If you think about it, if you are moving up, someone needs to buy your home and that is usually a first time homebuyer. 

 

 

Conclusion :Some other things that HUD supports as a compromise to bill HR 6694 are :

• Borrowers with credit scores from 620 to 680 could be subject to higher insurance premiums. (I personally wouldn't have a problem with this)
• Borrowers with credit scores below 620 would be banned from using the down payment assistance program until mid 2009. ( I truly think that we could improve on this one. First off, why down to 620?  Secondly, even people with credit scores of 570 or such can still have decent credit, under FHA's credit guidelines.

 

For more on this story, you can read about it here, at Inman News. http://www.inman.com/news/2008/09/10/congress-weighs-reprieve-seller-funded-gifts

 

 

UPDATE as of 9/11 -   Mr. Belonger goes to Washington DC.

 

- FHA Loans - FHA Mortgages - Conventional Loans - VA Loans -

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 click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger

 

Well, my mom always said that I should have been a politician. I said mom, I need money and I need to stretch the truth. So I turned the other way and now I am a loan officer of 16 years. I love every minute of it and...okay, most days...  But I soooo love helping people and helping people to experience the American Dream !!!  And now???  I want to play with the big boys.

Wait, what is this Jeff character talking about? Do you know that congress and HUD have turned down the down payment assistance programs?  Yes, it will be official as of October 1st, 2008. Now, some lenders have stopped sooner for the main purpose of hoping to sell that loan and to guarantee FHA funding of that loan. But some of us can still do the down payment assistance programs (DPA) until the cutoff date.

 

 

So, what's all the hoopla??  Well, there is a rally down at Upper Senate Park in Washington D.C. on September 10th at noon to support the down payment assistance programs.  There have been many that have opposed this program for several reasons and some that I understand and semi agree about. But there are so many more positives than negatives. And some of us want you, the public, to hear our opinion, and not just misleading, construed facts that have tainted these programs.

Now, don't misunderstand the fact that there are still down payment assistance programs that are still allowed. These are from your local townships, counties, and state funded programs. But many of them have some sort of restriction such as income limits, areas of approval (meaning some counties allow them and some don't), and many have some sort of repayment penalty.

 

What is this rally about?  Awareness.....  education... opinions.... and facts.   And this is a way for us, as Americans, to show our support and to tell the government and HUD that these such programs can still work. These programs that are sponsored by such companies as Nehemiah, AmeriDream, and so many others.  And it's a line up that you won't want to miss......

DPA Rally Program Agenda

12:00 noon: Welcome by Jeff Johnson

12:05 p.m.: Remarks by Congressman Al Green (D-TX)

12:15 p.m.: Remarks by Scott Syphax, Nehemiah Corporation of America

12:30 p.m.: Remarks by Real Families

12:40 p.m.: Remarks by Joy Jamison, NABMB

12:50 p.m.: Remarks by Dr. Ben Chavis, Hip-Hop Action Summit Network

1:00 p.m. : Remarks by Jeff Belonger

1:10 p.m.: Closing remarks by Jeff Johnson

1:20 p.m.: Q&A with any media outlets

1:30 p.m.: Rally concludes

 

Why is all of this important?  Well, I will give a brief outline, that is my opinion, to why we need to keep these programs up and running.

• the average person can't save much money in today's economy. High gas prices, higher food prices, and just that raising a family isn't cheap in today's economy.
• by utilizing this type of program, it can help you keep your savings in your back pocket, as an emergency fund
• fraud could run rampet if we discontinue this type of program. Come out to the rally and find out why.

 

Let's look at the Ripple affect.....  if someone needs to sell a home, but that 1st time-homebuyer can't buy it, they have to rely on someone that can. So, the house sits, the market could get a tad stale because of this. And as mentioned, the typical homebuyer that can't save the typical 5% or 10% down in today's economy???

 

Overall????   

Currently, Congressional Bill H.R. 6694has been introduced and we need our Senators to introduce a matching bill to oppose the more recent bill HR 3221. Please have your homeowners who have used DPA to obtain homes contact their National Senator's Aid on Housing or Legislature.  Sen. Lautenberg's aid is April Clark (202) 224-3224 and Sen. Menendez's aid is              Emma (202) 224-4744.

Encourage the Homeowners to share their story of how they achieve the dream of homeownership through Down payment Assistance programs.

Also, share the state and national financial impact the loss of DPA will have. The financial impact can be located at our campaign web-site: http://www.dpagroundswell.org/ .

 

So... what can be done?  Help us support this rally.  If you especially live in the Northern Virginian area, Maryland, or the D.C. area, please come out and share your support. If you are a family that has used the down payment assistance program, such as Nehemiah, AmeriDream, Genesis, or others, please come out and show your support. If you are a realtor, or a loan officer, or a lender...please come out. If I could get somewhat of a head count, even better. This will be nationally televised.  Please call me and leave a message at 888-835-1663 or e-mail me at jbelonger@ihmci.com  We need your support. And if you are someone that has benefited from these programs and you would like to speak at a future rally, which will be the 17th, please call me or e-mail me. I am very serious about this and we would love to hear your story.

For some of you that I have spoken to in the last 2 days, there will be another event 7 days from the 10th. But that will be mentioned on the 11th, so look for more information then, 

 

Support....show your support to help keep homeownership alive.....thanks

 

UPDATE as of 4:21 pm 9/7/08 - -  And for an excellent post on the details of why DPA programs are good... and a post that scraps the false statements of how bad DPA programs are and why, please read this by Ken Cook.  : Opposition of Down Payment Assistance

 

 

UPDATE as of 9/15/08    Here is a blog and a video from when I went to DC to talk about the DPA's.

Mr. Belonger goes to Washington.....               Video :  Here is a video of myself at the rally

 

 

- FHA Loans - FHA Mortgages - Conventional Loans - VA Loans -

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 click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger