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

2009 is a new year with more twists than ever before.....

    CHANGE - thinks are changing in the real estate world.  Mortgages are changing still... the guidelines are changing weekly in some cases.

You need to make sure that you find a better than average loan officer in today's world of mortgages. If not, it could cost you thousands.

Just a FYI on rate blogs :  Those blogs or things found online that mention, mortgage rate reports, daily mortgage interest advisory, interest rate reports, and interest rate advisory reports.... this is just my opinion, but many of these are written from those that belong to a few different types of services. Many of them will tell you when to float and when to lock. A word to the wise, I am finding many of them to be misleading or way off as of lately and wouldn't recommend listening to these. The market is so crazy, that rates could move in a moments time. This is my opinion in regards to these types of posts, but I wouldn't put much value into the author. A lot of the information that they give out, in most cases, are from specific types of services. And these services aren't as reliable as they use to be. Again, just a word to the wise and based on my opinion.

Onto the Mortgage Pro Week in Review...  This one is a little long, because it covers the last month of mortgage related blogs.... and many are about some major changes taking place now, in today's market, that we need to be aware of.  And today's review is jammed packed with some very good loan officers. Other posts give you the basics, almost like a quick education on what you need to be aware of in today's lending industry.

Waiting for 4.5% Money? It Could Cost You the Buy of a Lifetime! By : Mike Jones

This post should be a wake up call. This is short, yet great advice. Rates are about the same now then when Mike wrote this. From around 4.75% with 3 pts or so to 5.50%. Your cheapest rates?5.0% to 5.5% 

What is "PAR" rate and how can I meet or beat it? (Using golf as an example.)  by : Ken Cook

And what a great way to lead into how rates are bought and paid for. A great explanation...

Why I'm Stressing Over Someone Else's Credit  by : Steve Kappre

And how do you get good rates? You need to understand about your credit & credit scores. I have seen some loan officers take advantage of clients, making them think their rate should be worse.

To Pay or Not To Pay... That's the Point!!!   by : Tom Burris

A must read, because ZERO points doesn't mean it will always be the cheapest for you. It could cost you more money in the long run. You need to understand this.

FHA Streamlined 203(k) Program  by : Joan Rusco

Since money is so hard to come by and some houses need to be fixed up, this is a great program. Joan gives a description of what you can do and can't do. Keep in mind, the regular 203-k loan allows you to do everything else and there is no cap on the monies allowed. Just that you can't go above the maximum mortgage amount set by HUD.

The FYI with FHA   By : Jason Sardi

Here is a good post giving some insight to what is out there in the FHA world. Yes, there is more, but it's a very good start. Things to remember.

Rent to Own....an option but not always the best solution by : Neal Bloom

Neal is a realtor with some good insight on this topic. Good things to know in todays' market, explaining that this was a better solution in previous years, but maybe you need to be more careful today.

And now homebuyer's ... It's Time to Play the Home Version of ... DEAL, NO DEAL! ... (AKA)... Cash to Close!  by : Ron Withers

Check this post out... very creative in explanation, but Ron explains in detail the specific ways to use your cash or other peoples cash to buy a home.

The Rate/Waiting Game  by : Jason Sardi

Yes, this has been mentioned again. Rates have increased slightly. Get off that fence and if not, as Jason stated, be prepared.

Mortgage tools for those buying or refinancing....... Understanding Mortgages  by : Jeff Belonger

This is basically the mortgage toolkit to help you with your financing needs. Everything from buying to refinancing. Some major red flags and concerns that all borrowers need to know.

late payments and fico scores  by : John Cashion 

John talks about the difference about credit and credit scores in more detail, while giving you examples.  A must read !!!

100% Financing in New Jersey: VA Loan Program  by : Michael Byrne

If you aren't familiar with VA financing, this will fill you in with specific details.

Protecting yourself against predatory lenders, mortgage scams, and Bad Loan Officers  by : Joseph Metzler

This is packed with some good information. One thing that stuck out to me, is that Joe states that there is no such thing as a 'no cost' mortgage or a 'no closing cost' mortgage. Sure, you can charge no costs, but your rate will be much higher.

I am a genius! I have solved the housing crisis!  by : Beth Forbes

Bravo Beth for trying to come up with an idea of selling off the inventory of foreclosed homes just sitting around. Sure, this might not be perfect, but it's the best start to an idea that I have heard of.

Avoiding Loan Modification Scams - part V   by : Gwenn Tanvas

Here is a very good series about loan modifications and what to look for. Too many scammers out there, so this is a must read.

HR 600: Congress Introduces Bill to Reinstate Downpayment Assistance Programs  by : Kevin Sandridge

Well, the downpayment assistance program is back on the table. Please follow this link to GroundSwell2 to show your support... Support Bill H.R.600   compose a message, it counts.

Breaking news- Rural Development income limits are NOT changing on January 20th!  by : Gerry Suarez Jr

Just an excellent FYI for those that use USDA loans or who might be inquiring about one.

NAHB Wants to Keep Their In House Lender? WOW!  by : Eleanor Thorne

This is a great update. If you are having a home built and the builder is demanding that you use their lender in order to get the upgrades or to pay for closing costs, think again.  Common sense, why would I give you stuff for free?  You are just allowing me to make more money off of you, usually.

"Professionals" Who Step OVER the Line & Into Liability Issues  by : Sally Cheeseman

Sally, a realtor with common sense, makes an excellent statement within this blog. Stick with the real & true experts that practice in that specific industry. Beware of those that wear many hats per se...

5 Reasons YOUR buyers should Buy NOW  by : Robert Rauf

Here is a post that I wanted to end with, because these are great reasons to why you should buy now. It's not for us, but for the consumer.

The next  2 members for the Mortgage Pro Week in Review : 

1.       Tom Burris       01/26/2009    through    02/01/2009

2.       Jason Sardi      02/02/2009    through    02/08/2009

Mortgage blogs by loan officers   Here is a list of Loan Officers.  If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!  Update : 1/23/09 - The AR groups only show about 35 people, but hold an unlimited number. So just ask...

All About Mortgages/Mortgage Networking   Here is a group that many loan officers post their mortgage related blogs in.  A good place to learn more about the type of programs, new industry news, and sometimes some inside tips. Don't hesitate to join.

The FHA Mortgage Group - Here is a group that specifically talks about FHA, FHA updates, and what FHA can do for your buyers and sellers.

Mortgages - Another group with anything and everything about mortgages. A diversified group.

We really could use some new volunteers for the Mortgage Pro Week in Review. Even if you are a realtor, a title person, or someone else that is related to the mortgage/real estate industry..... please read below.

MORTGAGE PRO Week in Review    A repository for the Mortgage Week in Review.  Please don't hesitate in joining this group. And any volunteers for the mortgage week in review, please e-mail Jeff Belonger at   jbelonger@ihmci.com

There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder

Mortgage Pro Week In Review - Copyright 2009^©

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For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2008-2009 Tax Credit for First Time Homebuyers : 2008 Tax Credit

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

Copyright © 2009 by Jeff Belonger