Converting Bank-Owned Properties to Rental Properties
The Federal Housing Finance Agency (FHFA) announced its REO Initiative Program. Under this pilot program, in metropolitan areas of the country hit hardest by foreclosures, investors will be invited to apply to qualify to purchase large blocks of real estate owned by banks (REO) with the condition that the properties they buy will be available […]
FHA Loan Changes
Buying a home with an FHA loan can be a great way to get into a house with a very low downpayment. If this is something you’re considering, you should know that some of the costs of FHA loans are going to be changing (they will affect loans with FHA case numbers assigned after April […]
New Listing — 209 Pickle Road, Pottersville, NJ
This impeccably-renovated city-meets-country 3 BR cape cod home featuring extensive high-end renovations and open land with views and privacy. Updates include kitchen, all bathrooms, hardwood throughout first floor, carpeting on second floor, interior and exterior paint, gas fireplace in family room, and surround-sound system wiring. A 2 car attached garage and oversized 1 car detached […]
In 2012, You CAN “Flip” a Property with an FHA Purchase Money Mortgage!
Federal Housing Administration (FHA) guidelines do not permit a buyer to purchase a home with an FHA-insured mortgage if the home being purchased has been owned by the seller for less than 90 days. However, the FHA a extended it’s temporary waiver of this “anti-flipping” regulation through December 31, 2012 while keeping all other terms […]
November 2011 Closings in Tewksbury Township — Up Significantly Over November 2010!
In November, 2011, three Tewksbury properties which had been on the market for significant periods of time reached the closing table. Although three properties closing in a month does not sound like a lot, it’s great news for the Tewksbury market, there were no closings in November, 2010. We’re excited when we see this kind […]
Great News for Homeowners in Flood Areas!
On December 17th, 2011, Congress approved reauthorization for the National Flood Insurance Program (NFIP) through May 31st, 2012. This means that flood insurance is available to homeowners (and people buying properties) living in a designated flood plain. Although the re-authorization is just a short extension of time for the NFIP, the National Association of Realtors […]
Higher FHA loan limits restored in New Jersey
On November, 18th, 2011, President Obama signed off on returning the maximum loan amounts for FHA-backed mortgages to $729,750 for New Jersey (the limit had dropped to $625,500). However, the limit for Fannie-Mae- and Freddie-Mac-conforming mortgages remains at $625,000. The increase in the loan limit for FHA-backed-loans is great news for the local housing market. […]
