Here is a great website that was passed along to me by one of our clients. See if you qualify for the Home Affordable Refinance or a loan modification.
http://www.financialstability.gov/makinghomeaffordable/
If you or someone you know is facing a financial hadship and is worried about
New FHA loan limits (effective Friday, March 6th)
Atlantic County - $453,750 (Single family), $580,850 (2 unit), $702,150 (3 unit), $872,600 (4 unit)
Cape May County - $487,500 (Single family) $624,100 (2 unit), $754,350 (3 unit), $937,500 (4 unit)
Cumberland County - $405,000 (Single family ) $518,450 (2 unit), $626,700 (3 unit), $778,850 (4 unit)
This will allow buyers to buy a more expensive home with less money down (3.5%). This is great for move up buyers. In this buyers market move up buyers can often move to their dream while keeping their monthly payments affordable.
Best wishes,
Matt
Your First Home, Buying By The Book Workshop
First Time Home Buyer Workshop Will Help You Take Advantage Of The Opportunities In This Buyers Market. If you or someone you know is thinking about buying their first home please make sure they attend this first time home buyer workshop. This workshop is based on the new book by best selling authors, Gary Keller, Dave Jenks and Jay Papasan. The workshop is conducted by first time home buyer expert Matthew Haviland. Matthew is a passionate, creative, well organized real estate consultant with The Haviland Group at Keller Williams Realty Atlantic Shore. He will go through the entire home buying process as well as cover current market trends, and financing opportunities. A free copy of the book Your First Home will be given to each person who pre-registers for the event. It is packed with inspiring stories and the wisdom of thousands of successful first-time home buyers, it's a must-read for anyone aspiring to buy a home.
Thursday March 5th, 2009 - 6-7 PM At Absegami High School, Galloway NJ Registration is $15 and you can register that night. If you have not pre registered please arrive early to register before the event starts.
Best wishes,
Matt
The Millionaire Real Estate Investor Workshop Based on the best selling book, The Millionaire Real Estate Investor, this workshop goes through a systematic approach to investing in real estate.
This is the market of opportunity for investing in real estate. Join us and learn how to take advantage and build wealth through real estate.
The Next Workshop:
Thursday March 12th, 19th and 26th, 2009 - Three Two Hour Sessions at Absegami High School, Galloway, NJ
Please send us a message and we will email you the registration forms. Registration deadline is Thursday March 5th.
In today's market there are great opportunities for buying a home. Sometimes the best buys are in bad shape. This prevents most buyers from being able to purchase these as-is homes that are in need of repair. The FHA 203 K rehab loan program is designed to allow a home buyer to purchase a home and finance the repairs. This program is not as easy to use as many web sites make it seem. Here are some basic things you should know when considering an FHA 203 K loan:
*Debt ratios on 203K are restrictive to 31/41 (no exceptions) .
*Borrower chooses 2 General Contractors to submit bids. GC must be licensed, insured and bonded. (no exceptions)
*No self work is permitted, except for interior painting and purchase of appliances.
*HUD Consultant meets with borrower at property to do write up of all repairs and then forwards to appraiser.
*Contingency Reserve requirements: utilities 10%, self help 20%
*HUD consulting fees -
*Rehab up to $7,500 - $400.00 fee
$14,999 - $500 fee
$30,000 - $600 fee
$50,000 - $700 fee
Over $50,000 --$800
*After loan is approved, any money left over after work is complete is used to reduce principal balance. Loan does not re-amortize.
*Contractor must complete 1st phase of work before any money is released from our escrow release department and ALL minimum property standards MUST be addressed per HUD guidelines before customer can incorporate "wish-list" or further improvements. Again, this is all inclusive itemized list of repairs is drawn up by HUD consultant. Normal draw schedule is 2-4 weeks after closing with periodic inspections to ensure contractor is performing work properly.
*Down payment of 3.5% based on purchased price.
*Source of funds must be verified.
*Make sure you use a mortgage representative who knows what they are doing. This information is provided courtesy of JUAN JORDAN COUNTRYWIDE HOME LOAN CONSULTANT 609-677-7614 DIRECT or 732-423-6494.
If you have any questions about FHA 203 K loan programs or questions about the best way to buy homes in today's market please call me at 609-338-3773.
Best wishes,
Matt
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I am a passionate, creative, well organized real estate expert. The Haviland Group's highly trained team works with home buyers, sellers and investors in Atlantic City and Atlantic County, NJ.
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