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

IT's still a great time to purchase a home or to refinance !!!!

Lenders still have money to lend. WARNING... WARNING.... buyers can still buy with little money out of pocket, all thanks to FHA mortgages.

There has been a lot of doom and gloom out there in recent months. It's not even the media that is spreading the negative news. Realtors, loan officers, and even many of the consumers are telling others that there is no money to be lent. If not, many are asking questions if there is any money to lend.

With all the news mentioned above, not once have I heard that there are some lenders still lending money. And it's really not that hard. You still don't need stellar credit. In regards to FHA loans, you can still have a FICO score of 550 or higher, as long as the credit meets FHA standards. And even if you don't, if you are working with a mortgage professional or a FHA loan officerthat is very knowledgeable, then he/she could have you buying in less than a year.

FHA Loans and FHA Mortgages have so many options to offer, making it very easy to purchase a home or to refinance your current mortgage. Many loan officers just don't know the basics or the type of FHA loan programs that are out there. Part of the reason why was because in the past, it was easier for them to do a subprime mortgage. And in some cases, it didn't take a rocket scientist to input your info into a system to get a conventional approval. Even if someone approved you for a conventional loan now, instead of a FHA loan, you might not be getting the best deal. Even if you have 5% or 10% down. Here is the proof... the proof is in the numbers.

So, what can still be done with FHA mortgages?  Here are a few details.....

    --  You can still buy a home with 3% out of pocket. But this will change as of January 1, 2009. You will need 3.5% down. But it's still the cheapest way to get into a home.  Please read this for the new FHA down payment guidelines. >> FHA down payment

    --  You can still do a FHA refinance up to 97.75% of the value of your home. And you can still include closing costs in the new loan. When it comes to a conventional loan, you need 10% equity.

    --  You can do a FHA cash-out up to 95% of the value of your property. Most conventional loans will only allow you to go up to 85% ltv.

    --  You can still use a co-signor to purchase or to refinance your home. This is called a non-occupant co-borrower.

    --  As mentioned, I can still go down to 550 credit scores. Most lenders can only go down to 580. And depending on your deal, there have been cases to where I can still go down to 500.

Overall, this has been one of the best times to buy a home since 2003.  Why?  Home values are down and interest rates are still in the high 5's to mid 6's. And these programs mentioned are not just for first time homebuyers. You need to understand what can be done with FHA loans, and you need a trusted professional to help you with this.  Please read more on FHA loans aren't just for first time homebuyers.  One word of advice... I don't have a crystal ball, but don't wait if you can buy, hoping that home values will come down even more. Or thinking that rates will come down more, since we are in an election period. To the contrary, mortgage interest rates have actually gone up in the last few days, even though the FED rate was lowered.

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Experience & Knowledge at its BEST !!!

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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