Jamie Russen 100% Financing Specialist

I am extremely excited to announce that the Jeff Onofrio who is the Director of Renovation Lending from Annie Mac Home Mortgage,is on board with us to be a featured contributor. As a nationally known 203k renovation loan expert, Jeff will be able to provide insights to our local customers about a loan product that is under utilized and has endless potential. Jeff is a Southern New Jersey resident, Jeff knows the local market and is available to not only help customers but realtors as well.

In creating this site, I was hoping to be able to keep our readers well informed of all of the available loan options. Jeff Onofrio will be able to show you how you can take advantage of the 203k product in several different ways. The current housing market has left an abundance of distressed sales ( short sales and foreclosures ), and with Jeff Onofrio's 203k renovation lending posts we will be able to have you prepared and expectations set for this loan product.

One of the key items that you will notice Jeff Onofrio writing and talking about in his blogs is that working with experienced professionals is essential. A lot of people just end up using some one they know that is a mortgage or real estate professional but if they have zero experience working with this loan product, then that can make the whole process a lot more stressful. Bryan Vurgason from Keller Williams is a Cherry Hill, NJ based agent who is also able to represent clients in PA as well is experienced with 203k loans and will also be able to contribute to our readers about this loan product.

Let's take a look at Jeff's recent video blog on 203k loans and First Time Home Buyers:

http://www.youtube.com/watch?v=IfCgD4U5P_g

Today's home buyers or potential home buyers should understand what is impacting their credit score. It is important to also know what is on your report. I would like to start a series of blogs that will high light a customer we are working with who currently has bad credit but that does not mean that in a relatively short amount of time, can be approved to buy her first home in Sicklerville, New Jersey.

We were contacted by our customer off of the internet and she informed that she has some credit issues that she is aware of and that she has concerns that these credit items will keep her from purchasing a home in Sicklerville, New Jersey. She is currently renting in this area and has young children that she would like to keep in the same school district.

The first step I took with her was completing a mortgage application which includes pulling a new credit report for her. I was able to send her a copy of the report so she could review for accuracy. She currently has a score in the 530 range. Most lenders or real estate agents would shy away from a customer with a score in this range. We have a great working relationship with a local credit enhancement company that outlines what she will need to do in order to get her score up to an approval-able score. By following the outline she was given. in less than 6 months she will have the needed credit score.

Our potential home buyer has been eying up some local short sales in Sicklerville, New Jersey and there is no one I trust more in our local market when it comes to short sales than Cheryl Dare of Keller Williams Realty. I set up a meeting for our home buyer to come into my office and sit down with Cheryl Dare and myself. Here I was able to collect all of her income and asset documentation to make sure that she would be able to not only qualify for the short sales in Sicklerville, New Jersey that she liked but more importantly feel comfortable with where the monthly payments would be.

Cheryl Dare has extensive experience working with short sales from both the home buyers side and the sellers side. It is important to work a short sale specialist these days. Cheryl was able to explain the process and also set the proper expectations for our home buyer. Our buyer is also now set up to start receiving short sale homes in Sicklerville, New Jersey emailed to her as soon as they hit the market or there is a change in sales price.

She is receiving her first group of emails this weekend so I will continue to post with updates on our home buyer.

If you are on the fence about trying to get approved for a mortgage because of credit history, it is important to reach out and work with people that are willing to take the time with you to help you accomplish your goals.

The Federal Reserve released its June 2011 Federal Open Market Committee meeting minutes Tuesday. It contained no surprises and, as such, mortgage rates in Pennsylvania and New Jersey have idled in the hours since.

The Fed Minutes is published 8 times annually, three weeks after each scheduled Federal Open Market Committee meeting. It’s the official log of the meeting’s conversations and debates.

The Fed Minutes is the lengthier companion piece to the FOMC’s more well-known, post-meeting press release. As compared to the brief-and-focused press release,by comparison, the Fed Minutes are long and detailed.

June’s press release was 458 words long. Its minutes totaled 6,889 words.

The June minutes reveal some interesting perspectives from within the Federal Reserve, too.

• On growth : Economic recovery had been slower than the committee expected
• On housing : The market remains depressed. Foreclosures are “holding back” construction.
• On rates : The Fed Funds Rate should remain low for an “extended” period

In addition, the Federal Reserve discussed whether a new round of economic stimulus was necessary. Committee members agreed that a poor outlook for employment in the medium-term would make this move more likely.

There was little that surprised Wall Street in the June Fed Minutes. This is why market reaction has been muted since its release.

The FOMC meets next August 9. If jobs data continues to weaken between now and then, expect the stimulus chatter to continue. It’s unclear, however, how this would impact mortgage rates.

For now, mortgage rates remain near their all-time lows, and they have much more room to rise than to fall. If you’re shopping for a loan, therefore, the timing is right for a lock.

Check back for our review of the August meetings and get an understanding as to what impact the fed meetings will have you and your situation. The meetings could have impact on the timing of locking an interest rate which would directly impact your monthly housing payment.

Friday morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its June Non-Farm Payrolls report. If you’re currently shopping for a mortgage, or floating a mortgage rate, be prepared. Mortgage rates can change following the monthly report’s release. Often, by a lot. More commonly called “the jobs report“, Non-Farm Payrolls reports on the U.S. workforce by sector, summarizing its findings in terms of total workforce size, and as a national Unemployment Rate. Jobs are considered a keystone in the continuing U.S. economic recovery. More working Americans means: 1. More consumer spending, a boost to businesses 2. More tax collection, a boost to governments 3. More personal savings, a boost to households For June, analysts expect the government to report 80,000 net new jobs created, and no change in the 9.1% Unemployment Rate. Although these figures are slightly below than what can be considered “strong growth”, that’s not what should concern Collingswood rate shoppers. Mortgage markets react to a deviation from estimates more than to the actual results themselves. This is because Wall Street placed bets in advance of the jobs report’s release. If jobs growth tallies more than 80,000, therefore, it signals better news for the economy than what was expected. This will push banks and investors towards equities, and away from bonds — including the mortgage-backed kind. With less demand for mortgage bonds, mortgage rates will rise. Conversely, if jobs growth is less than 80,000, mortgage rates should fall. Mortgage rates remain near their lows for the year, but if the June Non-Farm Payrolls report beats estimates of 80,000 jobs made in June, look for mortgage rates to spike. The safe move is to lock today.

First time home buyers, repeat home buyers, and existing home owners in NJ and PA have an amazing opportunity to walk into thousands of dollars of instant equity with the help of FHA's 203k Rehab loan.

New Jersey and Pennsylvania home buyers have the ability to work with experienced real estate and mortgage team to help them look past the the flaws in a homes current state and look to what that home can become.

Existing home owners located in New Jersey and Pennsylvania can also learn how to gain back that lost equity from the last few years. With the regular FHA purchase program only having a 3.5% down payment requirement, many homes owners from the past few years have quickly found themselves under water in NJ and PA. By understand what improvements can be made to not only gain back the lost equity but substantially gain equity in their existing home.

Below is a quick list of some of the eligible improvements that can be made using this product:

• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor renovation, such as kitchens & baths, which do not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storms windows and doors, insulation, weather stripping, etc...
• Purchase and installation of appliances, including free-standing ranges, refrigerators and microwave ovens
• Septic system and/or well repair or replacement
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks,patios, porches
• Basement finishing and renovation that does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding

Contact us today to learn how our experianced 203k team can help you