Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Hey all.... I first started on Active Rain on October 3rd 2006... I haven't been around in the last 10 months or so like I use to. Been very busy on my new project, MyPhillyAlive .... And from day one, AR has been like a 2nd family to me and still think of them as that, plus all the friendships that I have made over the years.

We have had a few members over the last several months experience some family member woes. Not sure how to put it in words, but my thoughts and prayers go out to their families, especially Missy Caulk and her family. But I like to think fo December as a joyous month, a rebirth, giving back to so many that are struggling. I am sure many of us have been struggling over the years, but there are less fortunate.

Anyhoo... I am rambling, as usual. I am just looking for some support for my nephew Johnny and his 6th grade class. They are now semi-finalists for B-101's Christmas Choir competition and voting ends tonight.B 101 is a local radio station in Philadelphia.

Johnny's class song is "Christmas List 2011" for St. Mary of the Lakes.

There are 3 classes competiting and even though Johnny is my nephew, family, I think their singing is the best out of the three classes.

A few important pieces of information :

• Johnny's class song is original. The class with the help of the teacher, wrote their own song. If you listen to the part about legos, that was added by my nephew.

• The other two songs are from other artists.

• Yes, "Blitzen's Boogie" song has a beat to it, but... remember, you are picking the class that has the better voices. Yet, give credit to the class that actually wrote their own song. That is also talent. (just my opinion)

• The class that sang "Blitzen's Boogie" has 275 more kids than my nephew's school. So more chances for more votes.

• Lastly, I always try to be bias and I listened to all 3 songs twice. And I actually think my nephew's class did the best job. And to add in there again, that their song is an original.

Food for thought - Please 'like' and vote. You can only like the song once, but you can vote as many times as you want. Just remember, look for the song, because it changes in the rotation. "Christmas List 2011"

Anyhoo... just wanted to share this with you all. And to get into the holiday spirit. To also remember to thank those men and women that help protect our country. Thank them in person, buy them a cup of coffee or better yet, buy them a lunch. We had an AR member a few years ago buy 5 or so service people their lunch in the airport. A touching story. And believe me when I say they really just appreciate a thanks.

Happy Holidays

"Christmas List 2011" - Johnny's class song

Thanks for voting

Halloween in Philadelphia is fun, yet can be a frightening times. The history in Philadelphia is intriguing enough, but did you know all the spooky and scary stories that involve Philadelphia's history? I found it very interesting when researching that information.The Spirits of '76 Ghost Tour tells you such scary stories surrounding the Liberty Bell and Independence Hall. You also have the Ghost Tour of Philadelphia that not only takes you on ghostly tours throughout the City of Philadelphia, but which explores several graveyards with some Philly history.

With so many different attractions and events surrounding Halloween in Philadelphia, it can be hard to choose from. So many attractions such as Terror Behind the Walls at the Eastern State Penitentiary, to the Fright Factory, or even the Bates Motel that has one of the scariest hayrides in America.

Do you dare?

MyPhillyAlive

For information on Philadelphia

The History of Philadelphia can be so amazing and intriguing. Learning about the Liberty Bell in Philadelphia, Pennsylvania can be an eye opener, because stories can get twisted as they are passed through generations. As I have gotten older, I really enjoy learning about American History and anything to do with or surrounding World War II. Living near the city of Philadelphia, and able to go see such sites as the Liberty Bell, which has been the symbol for American Independence for centuries, can be exciting.

History of the Liberty Bell

The original Bell was founded by William Penn. The city’s bell was used to alert the public to proclamations or civic danger ever since Philadelphia was founded in 1682. As the bell tower was being built in 1751, civic authorities wanted a better bell of quality, so it could be heard from a further distance as the city of Philadelphia grew. So they had the bell built in England and it was delivered in Philadelphia by August of 1752. The bell needed to be tested so .............

Do you know the actual stories of how the bell was cracked? Take a guess. You can find your answers here with some quick facts.

~ How was the Liberty Bell cracked & some quick Facts ~

Active Rain has changed so much since I first started in October of 2006. I remember the membership to be around 6,000 or so. Now it's up over 213,000 people. Many of you might not know who I am because my blogging has slowed down considerably in 2011 and so has my overall participation. Several reasons... I have been writing for 4 1/2 years. My first 2 years, I was writing like 30 blog posts a month. And as many of you know, it can be time consuming when writing, reading, and commenting. Also, I love mortgages, helping those with questions, and to educate them. But mortgages in general are just boring. I just hit my 19 year anniversary 3 weeks ago. I love comments like the next one, but I have to be on here like 24/7, paying it forward, writing good stuff, and so much more. I just got burnt out.

Just the other day, I had a consumer call me from California who found me online and said, "you write some very good stuff. I have been reading your posts on The FHA Expert and a few on Active Rain." He then asks me a question and told me that 3 other lenders said it can't be done. I said that they are wrong, that it's allowed by HUD/FHA. Hey, I just always prided myself in putting good quality content out there that is easy to understand. But I just haven't done as well in recent years for several reasons.

Good news though.... I can take what I have learned in blogging, thanks partially to Active Rain and several of its members, and put it too good use. I have been working on a project for myself, a web site all About Philadelphia.

The general description :

At MyPhillyAlive, I want to share the excitement that the City of Philadelphia resonates. Sharing the passion within, from the people of Philadelphia. At MyPhillyAlive, I'll be talking about restaurants, fun bars & the city night life, the history of Philadelphia, Philly attractions & events, the arts, sports, and much more. I want people to add their experiences regarding Philadelphia, even if they are from out of town.

On top of it all, I will also be doing social media. Teaching those the basics, about blogging, the major social media platforms, how to engage, some tools, and reviewing the business's or individual's social media plan. I will also be doing this for my current company regarding mortgages. And I will still help regarding mortgages, but I am excited about keeping my passion going in blog posts when it comes to Philadelphia, especially the history of Philadelphia.

So... this is where I have been, since I haven't been on Active Rain in the last 3 months or so. Here is a link to my facebook fan page : MyPhillyAlive - My web site will be live in about a week.You can also find me on Twitter @MyPhillyAlive .

Thanks, Jeff

Realtors should know basics about Mortgages in New Jersey– Especially FHA Mortgages

When it comes to realtors giving in depth advice about mortgages, it does crawl under my skin. Some of you know this, and some of you disagree with me. Some realtors think a realtor should go as far as to pre-qualify a buyer. One reason from a realtor was that he could do it better than many of the loan officers. Sure, there are bad loan officers and good loan officers. I can make the same statement in regards to realtors, and in most other professions. But lets put all of that aside, because that is not what this post is about.

So why do I bring this up then? I will say that a realtor needs to know the basics when it comes to mortgages. They are suppose to be knowledgeable when showing homes, right? How does one usually buy a home? Usually with a mortgage. And in today’s mortgage arena, there are really only four types of mortgages.

Conventional Loans – easiest of all appraisals and what is required.

FHA Loans – appraisal issues are not as strict as the rumors that say FHA is harsh. Maybe back in the day, prior to 2002. The VC sheet was even dropped from the appraisal almost a decade ago. Broken doors, cracked windows, cracks in the foundation, chipping and pealing paint, and mold are usually the biggies.

USDA Loans – people need to be aware that not only does the lender underwrite the appraisal, but that the USDA needs to review the appraisal.

VA Loans – in between conventional and FHA requirements.

Each mortgage is different, and some are more lenient than others when it comes to appraisals. But here is the part that a realtor should focus on. Many sellers and listing agents want at least a pre-qualification letter from the buyers mortgage company. It makes total sense and is not unreasonable. The pre-qual letter should state what kind of mortgage it is, right? Well, if my pre-qualification letter says that the buyer has been pre-qualified up to x,y,z; with a FHA mortgage, then that means that buyer is getting a FHA mortgage.

Here is the dilemma or issue at hand. I know of a buyer getting a home with a FHA mortgage and the sales agreement was written as an ”as is” purchase. Which means that the seller will do no repairs. Well, the house is not only a mess, but several things are wrong with it. The main issue is that it has mold, and they knew about this because there was a previous buyer, in which that transaction fell a part. Secondly, there are like eight electrical outlets that needs covering and an electrical box. Anyone with little experience regarding FHA mortgages would know that this would need to be addressed and fixed prior to settlement. Regarding the mold issue, the realtor said FHA doesn’t get worried about mold issues. The other issue is that the buyer is using a friend as their realtor who really only does commercial deals. So you can see why that realtor didn’t even pick up on these “red flags”, even though the house is being sold “as is”.

Here is a picture showing you one of the outlets. You tell me what you think.

As you can see, not only does the box have to be covered, but that the wires are exposed.

Conclusion : Realtors should know the basics about mortgages, especially FHA mortgages, since this is about 40% of all mortgages in today’s real estate transactions. In some areas, FHA mortgages are even 50% or higher in specific markets.

Let’s try to look at this another way. Would a buyer really want to buy the property if it has some major issues? Shouldn’t a realtor be focused on the condition of the property prior to listing it? If the realtor sees some potential “red flags”, and they aren’t sure, wouldn’t it be wise to call a few lenders to find out. As a sales person, shouldn’t that person know his or her product? If selling a home, not only knowing the condition of the home, but understanding the basic appraisal requirements for the basic mortgages? Just some food for thought. Because I have always said, “the stupid question is the question not asked if it has been thought about.”

So in my honest opinion, realtors should know the prime basics of mortgages in New Jersey. The primary focus should be on appraisal issues.