I'm here to help! Call 973-219-8383 | Monday, Nov. 19, 2018

3.5% down on a home priced at $756,000?

FHA HUD county loan limits have been updated for 2011. Looks like no change for Morris and surrounding counties.
Here’s a snapshot of what our immediate area looks like.Hunterdon, Middlesex, Morris, Sussex: $729,750
Warren County: $402,500

So yes, you can actually do 3.5% down on a single family home priced up to $756,000 in the higher limit counties. It’s even higher for multi-unit homes.

Call me if you have any questions about this or any other mortgage program.

For more detailed information, view my links page and click on New HUD Limits.
Have a great day & I hope to talk to you soon.
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Something is better than nothing!

As I’ve always said about rates… a bird in the hand is worth two in the bush. Refinance now if you can especially now since rates really have nowhere to go but up… We hit the floor a couple weeks ago and don’t know if or when we’ll get back there. Something is better than nothing, would you agree?

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Rate Update:

Rates are still phenomenally low but have ticked up slightly over the last 2 weeks. “They” said when rates start moving up that would be a result of a strengthening economy. That would be great news but I don’t think 2 weeks’ worth of news is anything to get too excited about. So far the QE 2 has backfired with regards to keeping rates low.

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Fed Meeting

Big Fed meeting TODAY. Comments to come out at 2:15 PM. Could move rates (direction unknown)… Keep a watchful eye if you’re in the market for a mortgage and stay in touch with me for up to the minutes quotes.

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Two attorneys and a CFP walk into a bar…

You would have thought one of them would have ducked! (it’s a joke)
The consensus among the group I spoke to this evening is that there really is no better time to buy a home or refinance a house with the combination of the low home prices and interest rates (assuming you can qualify). One attorney said he sees his clients pulling their hair out trying to get that next .125% better and that some actually chase so much that they lose more than that. Get in, get the deal done and lock in when you can. Find someone like me that you can trust and even if you feel like the “market” isn’t cooperating at least we will be.

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8k credit has legs

Senate Committee approves 8k credit plus some other additions and passes it on for votes in Senate and the House. The new compromise would include a $6500 credit for buyers who aren’t first time buyers.

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$8,000 tax credit extended for some…

The US Senate Finance Commitee has already extended the 8k credit to the much deserved military personnel for one year until Nov. 30th 2010. Will this week’s meetings lead to an extension for the rest? Stay tuned.

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Got to be in it to win it!

A recent dip in interest rates has folks checking back to see what rate they can get. Almost everyone wants something just slightly better. Well, in this case good things don’t always come to those that wait. We know in order to secure the rate you have to “lock-in”. When you lock-in you are basically reserving that rate for the amount of the loan until you go to close. The longer you need to close (35-45 days) the more it can cost. So, if you are just getting started you need to lock for a longer length of time. If you are almost ready to close (10 days or less) you will get the best rate out there… Think about it. Get all the paperwork done and the appraisal so you can secure the approval then you’ll be ready for that one day or that one hour when the rate dips to where you want it and then just lock and close. It’s worked for many of my clients. If you don’t do anything you are still in essence “floating” your rate while watching from the sidelines. Why not float it while being proactive at the same time?!

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Keith Tatum is a Branch Manager and Senior Mortgage Loan Originator at Residential Home Funding - NMLS ID - 239309
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This is not a commitment to lend. All rates, fees and loan terms are subject to a formal loan application, credit risk, appraisal evaluation and other lending criteria. Programs, rates, terms and conditions are subject to change without notice. Other restrictions may apply.

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