Purchasing your first home can be a daunting task for many first time homebuyers. Many individuals do not have the best credit and finding a home loan that wont kill your paycheck can be a hard task. Others are concerned about the up front costs that come with purchasing a home including money down, closing costs, taxes, etc.

FHA is a solution to many of these questions and doubts.

Today’s FHA terms are pretty straightforward. In fact, in many markets the rates and terms are better than those for conventional 80% / 20% down payment loans.

There is little or no adjustment to the interest rate for an FHA loan, as the rates vary within .125 percent of a conventional loan. (like stated earlier right now are lower due to market conditions)

Normal subprime lenders have employed much higher interest rates in order to compensate for the increased risk of the loan. Because FHA loans are guaranteed, there is substantially less risk for the lender and therefore interest rates are lower

Mortgage insurance is funded into the loan, meaning a premium of 1.5% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
Borrowers can finance 97% of the purchase price and put down 3 percent. In some instances, when using the down payment assistance programs that supplement FHA, the down payment can be zero.
Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.

Stop renting today and purchase your first new home. Why pay for someone else to build equity when you can jump on lower FHA loan rates and build your own wealth? Don’t be intimidated by the thoughts of upfront costs and take that first step to purchasing your first home. It may not be a brand new house but it’s always nice to have a roof over your head that you can say belongs to you.

I am going to be posting a series of articles to fully let you, the consumer/client, know everything there is to know about going with an FHA insured loan.

Most of you know about the “mortgage meltdown” with alot of subprime lenders going under, now FHA loans are making a strong comeback as a useful alternative for first-time home buyers. FHA is also great for home buyers with less than perfect credit. If you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. We consider ourselves FHA specialists and many colleagues have told us we were way ahead of the curve when it came to the mortgage, while everyone else was scrambling to just become licensed in FHA loans. NOW to find out if this is a good option for you all you have to do is answer a few questions.

Because it’s an FHA loan, lenders will offer you lower, more affordable rates. This is possible because the FHA insures lenders, so they have less risk by taking you on as a borrower.

Want to learn more? Check back every couple of days, we’ll eventually post up the full guide. And if you’re in the mortgage industry, contact us for the Informative powerpoint for mortgage professionals.

As always, for a personalized analysis, connect with one of our specialists online
Or give us a call 908-625-4982

So many of you have probably realized that our website is still “under construction”. We are in the process of transfering Website hosting companies, and the transfer will not take place untill the 29th of july. Another 5 pain-staking days! Well in the meantime feel free to browse our blog for information about mortgage services we offer (like no money down loans) in the great state of New Jersey! Hopefully everyone’s summer is a breeze so far! — Also you can still visit our other website that were are in the process of transfering

With the current domain name you will be able to use a varitey mortgage calculators at your convenience, create your very own login account so when you apply with us you can check the status of your loan while taking little time out of your day. Even check out the loan application checklist so you know you have everything you need, So go ahead and check out the SOON TO BE.. Ford-Financial.com

Not many people know about this topic. But it is definitely a rising discussion. We just started a credit restortion LLC called FORD CREDIT RESTORATION LLC. We are marketing services for credit repair for people struggling getting a decent interest rate or people even struggling to get a loan at all.

What we can help with

Lower interest rates for
-Auto loans
-Mortgages
Lower Insurance premiums
Lower credit card rates
Remove debt
Stop the creditor harrasment
Get a will
Get a living trust
Boosted credit score

Check out our Credit Repair Blog

or visit our Credit Restoration Site

As you probably have noticed there are a ton of acronyms in the mortgage industry. I guess it just makes it easier for the average not-so-smart loan officer to remember every new program that comes out. Anyways.. What EEM stands for is Energy Efficient Mortgage. You maybe asking yourself what is a Energy Efficient Mortgage?

Ill tell you.

An EEM (or Energy Efficient Mortgage) is a program sponsored by the government that can be added on to any other government insured loan such as a traditional 30 year fixed. What happens is you can receive up to an extra $8,000 on your original loan for things such as replacing that old furnace you noticed in the basement for a brand new energy efficient furnace, new windows, etc. etc…

So whether your looking to go green with the purchase of your next home, want to refinance and get some energy efficient appliances, or just want some new stuff.. let us know over here at Ford Financial we’ll be glad to help!

“The Byrdman”

There is a Woman were dealing with right now and she filed for bankruptcy about 7 months ago. Most people wouldnt think they could get a mortgage after a chapter 13 medical bankruptcy, but we are getting it done here at Ford Financial. Thats what makes us REALLY different, Sharon has the connections to get things done whether you are a perfect borrower and are looking for a traditional 30 year fixed rate mortgage or not so perfect and are still looking for a loan. 

So what does someone like this need to know?

You dont need to wait 4 years, 3 years, or even 2 years from the date you filed for bankruptcy. All you need to do is wait 1 year, pay all of your bills on time, and write up a really heart felt explanation letter about why you filed, and the circumstances life threw at you. If your self employed  you need to also show letters that you still have that client base that you had before the bankruptcy and business is still strong.

ALSO it doesnt hurt to have some credit repair done.. We now also have a new LLC called Ford Credit Restoration which I will most likely post about in the near future. Its amazing what theyre doing with credit repair today.

As most of you know from previous posts, FHA loans (loans that are insured by the government), only requires 3% money down on the purchase of a new home. Most of you might be saying WOW THATS FANTASTIC, others, not so much. Still, it is exciting in the mortgage industry because there are non-profit organizations such as Nehemia and Ameridream that gift up to 6-10% of the purchase price to cover things like closing costs, the FANTASTIC 3% down payment, and if there is still money to be gifted it could be used for repairs.

call us today for more information!

There is a new term out there that many of you probably don’t know about, and its called EEM – Energy Efficient Mortgage. Thats whats next on the blog.. check back for more.

Amongst the spectrum of people in real estate, there are investors. They look for good deals, try to flip  the house, and sell it for a profit. Right now with Indymac bank going under and releasing 3,800 of its 7,200 employees and completely stopping it’s lending to investors (see article in Wall Street Journal) It is getting harder for everyone INCLUDING investors to get a mortgage.

The thing with investors is that most of their income comes from flipping houses. They really need those stated income – verified asset kind of loans and they are dissappearing. Luckily there are a few good people out there mostly who specialize in loans for investors. They are not the most lucrative, with high closing costs but they are still getting the job done.

We love working with realtors. Education is the name of the game, and a well educated realtor will help when pricing a home, it also takes a knowledgeable realtor to put a buyer into the right home. We’ve been working with Millennium 21 Realty since we both started our own companies. They are great people and I’ve got to say Jim Finkel (owner of Millennium 21) is one of the best. They specialize in Foreclosures that they are able to sell well below market value and they are currently looking for buyers!

If you need anything from them whether its a simple phone call for advice to something big like buying your first home.. Go ahead and give Jim a call, but dont forget to tell them Sharon Ford sent you!

Also check out their website on my Blogroll

I had an idea to create a monthly blog called Today’s Market. I won’t do any analysis just yet about what I think is happening in today’s Banking/Mortgage Market But I will tell you what myself and a lot of other mortgage brokers are working on to help more people and bring themselves more business.

FSBO’s- It’s nothing new but It is a buyers market right now. It takes more than the average person to list and sell your house while balancing your career and your personal life at the same time.

Contractor’s/Home Remodeling – Programs like the 203(k) rehab and the 203(k) streamline are making it possible to get extra money for repairs or even structural work (turn a one family into a two family and earn extra income)

Renters – Like I said it is a buyers market. It will continue to be a buyers market until about 2013 according to Rene Pharisien’s article “Why the housing market will not rebound until 2013”. There are also several other very well educated people saying the same thing, and I’m going to have to agree with them.