October 30, 2009 - The $8,000 first-time homebuyer tax credit is set to be extended until April 30, 2010. The Obama Administration has urged Congress to pass legislation to extend the program from its original December 1, 2009 deadline. In addition, legislation may provide a tax credit for some current homeowners. NAMB will continue to monitor legislation and will inform members when the extension is formally enacted. http://nationalmortgageprofessional.com/news14521/namb-legislative-alert-first-time-homebuyer-tax-credit-verge-extension
Under the terms of the agreement, the deadline for first-time homebuyers to claim the $8,000 credit would be pushed back to April 30, 2010. But the term "deadline" doesn't mean the same thing as it does in the current credit. The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase.
That means New Jersey FHA Mortgage buyers will have until approximately until the end of July 2010 to be CLOSED on their homes in order to receive the $8,000 first-time buyer tax break. Wow!!!
Here are some quick questions and answers about the tax credit.
What is the home buyer tax credit? It is a tax refund for 10% of a primary home’s purchase price (up to $8K).
Who is eligible to receive the credit? First-time home buyers and those who have not owned a principal residence in the last three years prior to purchase. See the IRS website for more detail.
Do income limits apply? Yes! The full amount is given to individuals who make up to $75K and married couples who make up to $150K per year (adjusted gross annual income). The credit amount phases out between $75K and $95K for individuals; $150K and $170K for joint filers.
If you want to take advantage of the home buyer tax credit, you need to act fast! Keep in mind it’s typically 45-60 days to close on a traditional real estate transaction (short sales can take much longer).
How do I qualify for a New Jersey Mortgage? To determine if you qualify, you should fill out this Secure Online Application and you will be well on your way to getting a New Jersey Mortgage loan.
Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments. If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!
Tony Croft
Mortgage Advisor
P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.
More New Jersey families are eligible this year to purchase or refinance their homes using affordable, FHA-insured mortgages, thanks to the economic stimulus package signed into law by President Obama.
The American Recovery and Reinvestment Act of 2009 allows HUD's Federal Housing Administration (FHA) to temporarily increase its loan limits and insure larger mortgages at a more affordable price in high cost areas of the country.
Beginning earlier this year, HUD offered temporary FHA loan limits that ranges from $271,050 to $729,750. The maximum amount of $729,750 will only be applicable to extremely high-cost metropolitan areas such as: Northern New Jersey, New York, Los Angeles, San Francisco and Washington, D.C.
Many first time homebuyers are attracted to FHA-insured loans because the agency requires only a 3.5% down payment.
The increases will also benefit senior citizens who qualify for FHA-insured reverse mortgages. Reverse mortgages allow homeowners age 62 and older to borrow against the value of their homes without selling them. Homeowners can select a lump-sum payment, monthly payments or tap into a line of credit. No repayment is required as long as a homeowner lives in a home with a reverse mortgage. The reverse mortgage is repaid, with interest, when a homeowner sells the home or dies.
Purchasing your dream home has never been easier with FHA loans available up to 96.5% of the purchase price for qualified borrowers.
Check the table below for the loan limits in different New Jersey counties.
| ATLANTIC | $453,750 | $580 ,850 | $702,150 | $872,600 |
| BERGEN | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| BURLINGTON | $420,000 | $537,650 | $649,900 | $807,700 |
| CAMDEN | $420,000 | $537,650 | $649,900 | $807,700 |
| CAPE MAY | $487,500 | $624,100 | $754,350 | $937,500 |
| CUMBERLAND | $405,000 | $518,450 | $626,700 | $778,850 |
| ESSEX | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| GLOUCESTER | $420,000 | $537,650 | $649,900 | $807,700 |
| HUDSON | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| HUNTERDON | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MERCER | $440,000 | $563,250 | $680,850 | $846,150 |
| MIDDLESEX | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MONMOUTH | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| MORRIS | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| OCEAN | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| PASSAIC | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| SALEM | $420,000 | $537,650 | $649,900 | $807,700 |
| SOMERSET | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| SUSSEX | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| UNION | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| WARREN | $402,500 | $515,250 | $622,850 | $774,050 |
Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.
If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available...regardless of your credit!
I hope you have enjoyed this blog.
Until next time,
P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey office in Bergen County at 201-943-6800 with any questions you have.
P.P.S. CLICK HERE to check out our FREE Credit Repair Program.
Now you can stop a foreclosure with a Reverse Mortgage, which is not hard money or balloon loan that someone is normally pressured to get when facing a foreclosure. But a reverse mortgage can serve as a lifeline that saves one who is in danger of losing their home to foreclosure in the case of seniors aged 62-plus. A lot of seniors live with fixed incomes and are struggling due to the high cost of living. Numerous seniors have been left with an impossible decision to make, due to the rising costs of everything, from food and gasoline to new medical expenses. Even some of the adjustable rate mortgage programs that some seniors have found themselves taking have been on the rise. Some seniors may have chosen this option because they were misinformed or because they felt it was their only way of maintaining a low monthly payment. How do they decide what do? Do they make their mortgage payment instead of buying food and medicine? As seniors realize they are near or entering foreclosure, they have additional stress related to these decisions.
Now here is the good stuff!
No income or credit qualification is required in reverse mortgages. This can mean that even though you may have fallen behind on your mortgage repayments and the lender has filed a default notice, it may be possible for you to get a new reverse mortgage and avoid making another payment for life. This may be just the thing to help you or a loved one live free from fear, as long as you meet all of the other reverse mortgage criteria.
CLICK HERE to sign up for our FREE Insider Reverse Mortgage Reports
What exactly are the requirements for a reverse mortgage?
For the HUD government-insured mortgage, a borrower must be at least aged 62. There are programs with lower age limits, but they tend to offer you a correspondingly lower percentage of your house's value. There are guidelines that HUD has decided upon that your property must meet, and it also must be a type of property that is accepted. Be sure to let your reverse mortgage lender know what type of property you have and if you are subject to a homeowner's association, if your zoning is not residential, or if your property contains excess acreage; single family residences, town homes, modular homes on permanent foundations, condominiums are all generally acceptable but there may be additional requirements if you have anything other than a single family detached home. While some repairs can have funds set aside until they are completed, your property will be expected to be maintained in a reasonably well condition and require no major repairs. Actually, the sole credit requirement is that, where a federal obligation or a federally insured loan is concerned, borrowers cannot be in default. This means that if you are in default on an SBA loan, an FHA insured mortgage or other federal obligation; you would not be eligible for a reverse mortgage. So you can still receive a reverse mortgage if the present delinquent mortgage is an FHA loan but has not had a notice of default filed yet. It would be necessary that the borrower bring in funds to cure the default before the reverse mortgage could proceed once the notice of default has been filed. Those funds could be procured from any number of places such as family or close friends. The borrower will never have to make another payment for life once the reverse mortgage has been funded and finalized! In order that a reverse mortgage loan not be a four or five day loan, the borrower(s) must be counseled, the loan must be processed (including property appraisal,) and all title issues must be reviewed, including trusts, conservatorships, etc. If you are going to use a reverse mortgage to halt a foreclosure, you must start on this process as soon as possible. If you or a loved one decide to look into a reverse mortgage, be sure to contact a reverse mortgage specialist to ask questions and see if it is your best option.
If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation.
Or if you have questions, call us or submit them here: TonyCroftTeam.com/contact.htm
I hope you have enjoyed this blog.
Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.
Until next time,
P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey office in Bergen County at 201-943-6800 with any questions you have.
P.P.S. CLICK HERE to sign up for our FREE Insider Reverse Mortgage Reports
The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, travel and much more.
You can receive free information about reverse mortgages and get a FREE report called "Discover The Secrets of Reverse Mortgages!" by CLICKING HERE.
Since your home is probably your largest single investment, it's really smart to know more about reverse mortgages, and decide if one is right for you!
1. What is a reverse mortgage?
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA's HECM Reverse Mortgage provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
2. Can I qualify for FHA's HECM reverse mortgage?
To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are further required to receive consumer information from an approved HECM reverse mortgage counselor prior to obtaining the loan.
3. Can I apply if I didn't buy my present house with FHA mortgage insurance?
Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new FHA HECM reverse mortgage will be FHA-insured.
4. What types of homes are eligible?
To be eligible for the FHA HECM reverse mortgage, your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.
5. What's the difference between a reverse mortgage and a bank home equity loan?
With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM reverse mortgage you cannot be foreclosed or forced to vacate your house because you "missed your mortgage payment."
6. Can the lender take my home away if I outlive the loan?
No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than the value of your home at the time you or your heirs sell the home.
7. Will I still have an estate that I can leave to my heirs?
When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.
8. How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA's mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. You can call our office, located in Bergen County New Jersey, and speak to a reverse mortgage advisor to get an idea of what you may be able to borrow. Call today 201-943-6800.
9. Should I use an estate planning service to find a reverse mortgage?
FHA does NOT recommend using any service that charges a fee for referring a borrower to an FHA lender. FHA provides this information free, and HUD-approved housing counseling agencies are available for very low cost, to provide information and counseling. Call our Bergen County office, located in Edgewater NJ, today for the name and location of a HUD-approved housing counseling agency near you.
10. How do I receive my payments?
You have five options:
I hope you have enjoyed this blog. Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.
Until next time,
P.S. CLICK HERE to sign up for our FREE Insider Reverse Mortgage Reports
P.P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey office in Bergen County at 201-943-6800 with any questions you have.
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Tony Croft is a Certified Mortgage Planning Specialist. "We pride ourselves on providing superior customer service and creating satisfied clients for life."
Tony Croft is a Mortgage Planner. Tony has successfully expanded his Mortgage Planning practice through alliances with Realtors, financial planners, attorneys and CPAs.
Tony's current vision for his Mortgage Team is to continue to build its residential mortgage planning operations, while expanding the practice to better serve residential real estate investors. He attributes his success to just plain hard work and a tremendously supportive family.
Tony is currently affiliated with the following organizations:
My team and I offer many types of home loans including 1% Pay Option Arm Loans with No Points, Low Closing Costs, and No Hassle Processing. We also offer Fixed Rate Mortgages and fixed rate loans, Cash Out Loans, 10 year loans, 15 year loans, 30 year loans, and 40 year loans.
We work with state of the art software and applications and have many different lenders that allow us to offer you no point loans, interest only loans, stated income loans, and loans with no junk fees. We will insure that your mortgage refinance or purchase loan is the best fit for your situation, all things considered.
Ask us for your free, no obligation Total Cost Analysis of your next loan.
<!-- Start of StatCounter Code --><!-- End of StatCounter Code -->We will share the information with you that most mortgage companies and loan officers either don't take the time to share with you or just don't have access to. We have spent thousands of dollars on cutting edge software and systems to show you the important details about your home loan.
"Well, I have to say that as scared as I was because I didn't have a prefect credit score or lots of money for down payment and I found a house that I must have it was painless. Tony and his team spoke with me as if I was family and they really did care. I was given three option which I choosed from. He supplied me with a good faith estimate and to my surpise didn't have any junk fees and at closing only what was on my good faith estimate was on my HUD. I would recommed Tony Croft Mortgage to my friends and family."
Marylou, Coral Springs, Florida
"I have purchased many properties through Tony, investment properties, my vacation house in Florida, a bunch of refi's. Tony, let me tell you something...You Are The Man!"
Jasmina, North Bergen, New Jersey
"Thanks for closing on this loan. I appreciate all the time you took on this deal and also I recognize the time Rob Ryan in your office spent on the phone to make sure it goes to closing. It is all about who you know. Thanks!"
WT, Fords, New Jersey
"We would like to commend Tony Croft and his mortgage team for their professionalism, sincerity and diligence in securing our recent home mortgage. Their assistance ensured that the entire process from start to finish ran smoothly and efficiently for us. Any and all questions were answered in a timely manner,which made a sometimes daunting experience much less stressful. We definitely will recommend Tony and his team to friends and family and/or for any future transactions. Thank you!"
Marlene and Pete, Newburgh, New York
"I want thank Leo so very much. She was very professional and very caring. She did a wonderful job and it was done very quickly. She kept in touch with me on a regular basis."
Rosalind, Teaneck, New Jersey
"Hi, this is Evelyn. I had the pleasure of meeting Leo when I made my first purchase last year in January. I was very happy with her and all the work she did for me. And I actually used her again for refinancing a couple of months ago. She's great!"
Evelyn, West New York, New Jersey
"My name is Michael O'Connor. My wife and I have been Real Estate Investors for the past 10 years. We are the owners of Springmount Associates LLC. We own properties in several States. Recently we refinanced 2 properties in New Jersey with Tony. Everything went very smooth from the application process right through to the closing. Tony and his team kept us in the loop the whole time and really made us feel at ease. We highly recommnend Tony Croft and his team for any Mortgage needs that you may have."
Michael O'Conner
Springmount Associates LLC, New Jersey
www.springmountassociates.com
"Tony Croft is more than a professional. He is a professional that cares. Clients are well versed in the terms and conditions of loans processed by his office. Outstanding matters are resolved expeditiously and closings proceed seemlessly."
Craig Kaplan
Title Consulting Services, Warren, New Jersey
"We bought a house and Leo Sanchez helped us. She really did a very good job and we appreciate her help. Thank you."
Silvana, Elizabeth, New Jersey
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