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Hello everyone! We are in the process of creating a fully functional website. This is taking a while because we are looking into several different website services. We want the best serviced website to match the service we give to each and every client. This is the site that we have up right now. We hope we will be making the mortgage process a painless procedure. You can apply online, fax all the documents you need, log in to our site and get updates about where you stand in the loan process. Also, by doing this maybe we can save some trees!

I suggest you check it out. Especially if your in the market right now looking for a top notch mortgage professional to finance your dreams.

You’ve worked hard to own your home. If you are 62 years or older or know someone that is 62 years and older that would benefit you or someone you know could be converting some of your home’s equity into tax-free income. Whether you use that money to pay bills, cover taxes, or finally buy that vacation home, youll have a newly found peace of mind.

I know reverse mortgages may SEEM confusing. But really it’s a pretty simple process. Let me show you.

Basically the name explains it. Instead of paying off the mortgage when you first buy a house, the bank pays YOU an equivalent of that same mortgage payment every month. But just like with a regular mortgage you have choices.. (By the way the money you or someone you know will receive is Tax-Free.)

               Choice A – Lump sum – Make funds availabel immediately

               Choice B – line of credit – Makes funds available upon request – If not touched it will GROW

               Choice C – Monthly installments – Fixed installments based on requirements

               Choice D – Line of credit + Monthly installments (My personal favorite) – Receive a monthly payment while having the line of credit growing there for any emergencies.

So who is elgible?

Anyone 62 years or older and occupies the residence atleast 6 months out of the year. The home must be owned free and clear or have a small remaining balance that can be paid with the reverse mortgage.

NO INCOME, EMPLOYMENT, OR CREDIT REQUIRMENTS NEEDED

Why would this benefit anyone?

The reverse mortgage customer retains ownership and lives in their home

Cash advances can be used for any purpose.

Loan proceeds are not considered income and will not affect social security or medicare benefits.

What types of interest rate options are there?

The reverse mortgage is a variable-rate loan linked to the one year U.S. Treasury Security Rate which does not change very often. Any adjustment to the rate has no effect on the number of loan advances a customer can receive, but causes the loan balance to grow at a faster/slower rate.

Typically, there is no out of pocket expenses.

How is the reverse mortgage repaid?

It can be repaid at any time. You can get a reverse mortgage, sell your home a year later, and receive the balance of the equity. There is no requirement that the house be sold, just that the loan is repaid.

Hopefully that answered alot of questions out there.. If theres anything that didn’t fully absorb, Give us a call any time! Check out our Contact page

As some of you know the Down Payment Assistance programs offered by FHA were on the verge of being shut down. Something like 30% of all FHA government loans were done with downpayment assistance programs. The two most popular non-for-profit’s, Nehemia and Ameridream, were in question of whether or not they actually were non-for-profits and if they deserved to stay afloat.

Well i’ll just copy and paste the email I recieved the other day…

August 1, 2008 Last night, Congress introduced bipartisan legislation, H.R. 6694 <https://www.ameridream.org/Documents/Congress/HR6694.pdf>  that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008. The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers. It is important that you contact your elected officials in Congress and tell them that you support downpayment assistance and urge them to support H. R. 6694. To reach your elected officials, please call the US Capitol Switchboard at 202.224.3121. To learn how you can support it, visit http://www.supporthomeownership.com <http://takeaction.supporthomeownership.com/ahaa/issues/alert/?alertid=11521436> . AmeriDream continues to be your trusted advisor, bringing timely and accurate information when you need it most. Thank you for your continued support and confidence.  

We at Ford Financial pledge to always give you the real deal, up to date information about your home mortgage and the benefits/downfalls that come with it. Contact us today if you have any questions!!

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

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”

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.

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.

Isn’t that what it ALL really comes down to? And, no, I am not referring to the people we work with as “tools”. Most mortgage brokers get the same rates and the same average loan programs. In todays industry when you have more resources than the next mortgage broker the chances of getting that hard loan closed or getting the best rate is much much more likely. Especially when dealing in hard times like this your going to want a mortgage broker who has more options for you.. BETTER OPTIONS.

There are a lot of brokers out there scrambling around to get their FHA license. Guess what?! We’ve had our license alllll along.. Why? because we want that tool in our tool box just in case we need it..

Call us today to find out what tools we can offer you to build a better life!!