First Time Home Buyers

There are certain steps that should be taken when considering buying your first home. This is going to be the largest purchase you will have made in your life and it should be taken seriously. You have taken a great step by clicking on to this page. It is very important to educate yourself as much as you can before and through out this process. On our site you will have access to learning about several terrific mortgage products which are geared towards assisting Americans to become home owners. Below is a brief list of loan options that first time home buyer should explore:

FHA Open Your Door to Homeownership

These options are the most common in our market today but there is still the conventional mortgage option available.

In a recent study done by the National Association of Realtors (NAR), 90% of new home buyers start their search online. Once the thought of buying a home crosses your mind it is important to consider some of the free credit report options that exist. Check the report thoroughly for any errors. Once you have viewed some properties online that you have some interest in, it is suggested that you contact a lender of your choice to have a tri-merge (all 3 creditors. TransUnion, Equifax, and Experian) credit report and get pre-qualified. Below is a list of documents that you should have prepared to give to your lender to have the pre-qualification process begin.

  • Most recent pay stubs for each borrower going on the loan, covering the past 30 days
  • Previous 2 years W2′s for each borrower
  • Tax form 1040 from the past 2 years for each borrower ( all schedules of tax returns of self employed )
  • Previous 2 months bank statements
  • Most recent retirement account statements

By providing your lender these documents you can relieve yourself of a lot of the stress involved in buying your first home. At this point you will know exactly how much of a home you can qualify for but you will also know how much of a home that you feel you can afford. Those are two separate things.

Things to consider when considering buying a home or renting:

  • You can usually deduct mortgage interest on your tax return.
  • You can build equity paying a mortgage, whereas you can’t when paying rent.
  • Home values generally appreciate.
  • You can avoid increases in your monthly payment – something you can’t avoid while paying rent.
  • You can cash in on equity you build in your home.

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FHA 203K…The Contingency Reserve

Posted January 8, 2012 · by Jeff Onofrio · Comments (0)

What’s The Contingency Reserve? The Contingency Reserve is something that needs to be addressed because it’s an extremely important part of the FHA 203k loan.  The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses [...]

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Have you seen the show “Property Brothers” on HGTV?

Posted January 3, 2012 · by Jeff Onofrio · Comments (0)

I got really excited one day when this new show came out called the “Property Brothers.” I swear when I watch the show I think that I may actually be related to these guys in one-way or another. I believe I might be the third brother- the one that nobody knows about- the one that [...]

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Cherry Hill, NJ Home Buyers being asked to pay upfront lender fees???

Posted August 30, 2011 · by Jeff Onofrio · Comments (0)

Recently I have been hearing a disturbing trend of First Time Home Buyers in Cherry Hill, NJ being asked to pay upfront lender fee’s such as an application fee. This is not a requirement and simply should not be paid. I would actually question what type of mortgage lender or broker you are speaking with [...]

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FHA 203k Mortgage Issues- Obtaining Permits

Posted July 25, 2011 · by Jeff Onofrio · Comments (0)

I started reaching out to some FHA 203k consultants that I know and also to a few other FHA 203k lenders and I asked them all to please tell me what gives them the biggest headaches and what could I tell customers upfront that would help speed along FHA 203k mortgage transactions. Drum roll please……… [...]

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For The 9th Straight Month, Foreclosure Filings Fall

Posted July 20, 2011 · by Jeff Onofrio · Comments (0)

For the 9th straight month last month, foreclosure activity slowed. According to tracking firm RealtyTrac, the number of  filings dropped 29 percent nationwide on an annual basis in June. The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. June marked the ninth consecutive month of sub-300,000 filings after 20 months [...]

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