Home Buying Programs for Teachers with low down-payments in Franklin Park NJ.For teachers seeking to find a loan with a low down-payment, there are multiple options available that can make the home buying process much easier. Not all of these will be applicable to everyone though, so it’s important to read through them and determine your eligibility. Here are some of the most popular programs, how they can help, and what it takes to qualify. CRA- Lenders are moving to CRA Community Reinvestment Act loans. This option may be better for some homebuyers and people looking to refinance a traditional FHA loan. One Out of every five buyers, chooses an FHA loan, with more options being availability this may shortly change. CRA loan are becoming popular because it requires just 3.5 % down payme... 01/24/2022

 Construction Loans – How to Buy and Build A Home with a Single Loan in Robbinsville NJ. The tides are definitely changing. The appeal of single construction mortgages is on the rise, as they now give homeowners the incentives of building their dream home with a single mortgage. With a construction loan, home owners can not only add luxurious amenities like swimming pools but also transform their properties onto stunning vacation homes. Major renovations such as adding an extra room or upgrading with an extension is also possible through a decent construction loan.So, What Exactly is a Construction Loan?Construction loans are short term financing options that can cover the building costs while the construction in the home is in progress. The demand for these loans is steadily increasing... 01/27/2022

 Private Mortgage Insurance (PMI):   Every time I run a quote for PMI I’m surprised how inexpensive it has become.  PMI companies are more competitive than ever, and most have gone to risk based premiums VS a standard rate sheet/factor card in the past.   First off, every MI company looks at things differently, because of this  I will run quotes from 6 different MI companies to be sure my borrowers get the lowest payment. The "sweet spot" for PMI is a 760 + credit score, but there is more to it than just score.  Ratios, number of borrowers etc all factor in to the rates.  In the past it was just the down payment that was the deciding factor As a comparison: I ran numbers for a $350,000 purchase for buyers this morning: It was couple, both with VERY high Credit scores and only 5% down pa... 01/25/2022