FHA Loan Modernization

The U.S. House of Representatives has passed a bill which will increase homeownership opportunities for millions of Americans by modernizing the Federal Housing Administration (FHA) and returning it to its traditional role as an important financing option in today’s housing market.

The Expanding American Homeownership Act will:

1) Eliminate the current statutory three percent minimum down payment, reducing a significant barrier to homeownership. The "new” FHA would offer a variety of down payment options.

2) Create a new, risk-based insurance premium structure for FHA that would match the premium amount with the credit profile of the borrower. It would replace the current structure, in which there is standard premium amount for all borrowers. FHA would have the flexibility to charge a lower premium for low-risk borrowers, and to charge higher-risk borrowers a slightly higher premium.

3) Increase and simplify FHA’s loan limits. FHA’s loan limit in high-cost areas would rise from 87 to 100 percent of the GSE conforming loan limit and in lower-cost areas from 48 to 65 percent of the conforming loan limit. This change is crucial in today’s housing market. In many areas of the country, the existing FHA limits are lower than the cost of new construction, eliminating FHA financing as an option for buyers of new homes in those markets.
____________________________
Thinking of buying or selling real estate in Central New Jersey? Visit my website to view all real estate listings, get the current market value of your home, free reports and more!

Tags: FHA, HUD, loan, financing, homeownership, insurance, buy, sell, real estate, New Jersey

College Park Grand Opening

College Park is Edison's newest townhome and garden home community built by Lennar with 240 homes, a 6,000-square-foot clubhouse with a fully equipped fitness center, an outdoor swimming pool, basketball courts and a tot lot. Standard amenities in college are lavish upgrades elsewhere, making this neighborhood a great investment.

College Park is within five miles of Metro Park, the Garden State Parkway, the New Jersey Turnpike, and Routes 1 and Interstate 287. This location is a commuter's dream. Residents are also are a short drive from ocean beaches and area marinas, as well as the professional sports venues at the Meadowlands and the downtown shopping, restaurants and theaters of New Brunswick.

If you are thinking of buying a new home, visit my website, give me a call or send me an e-mail. My experience and market knowledge will help you get the best value for your money.

Tags: college park, edison, new jersey, new construction, homes, real estatebuy, lennar, townhomegarden home, metro park, meadowlands, new brunswick

Did You Know?

Dismal Swamp represents one of the last remaining wetland ecosystems in a highly urbanized environment. It has been designated by the United States Fish and Wildlife Service and Environmental Protection Agency as a priority wetlands area. Dismal Swamp covers nearly 650 acres of which 12 acres are located in Metuchen. (The remaining portion is in Edison and South Plainfield.) Our portion includes an upland area containing a deciduous forest. The swamp supports a diverse and extensive number of wildlife species. An endangered species, the loggerhead shrike, lives here along with an estimated 165 species of birds.

Paths through the swamp allow visitors to hike, bird watch, and look for evidence of other wildlife. A 25-minute slide show and presentation describing the Dismal Swamp is available at no charge.

Dismal Swamp is a great place to to spend an afternoon outdoors with the kids exercising and appreciating nature. Enjoy!


________________________________
If you are thinking of buying or selling a home in Metuchen, visit me website. Here you can view all real estate listings, get the value of your home and more!

First Steps in Home Buying


Buying a home is an exciting time, full of possibilities and pressures. Starting with some initial preparation and planning will help make the entire process more efficient and less overwhelming.

To start the ball rolling, you should:

1. Check Your Credit Rating:

Even if you are sure that your credit is excellent, it is wise to check on it at the outset. You’d be surprised how many mistakes are made due to faulty social security numbers, similar names or errors made by retailers. If there is an error, write a letter to the appropriate credit bureau. They are required to assist you in sorting things out and usually take about 30 days. You can obtain a free credit report online at, www.AnnualCreditReport.com

When you see your credit report, you may have questions about what it all means. Don't hesitate to contact me or visit my website, I'm glad to help anyway I can.