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Are you in the market for a new home (or even your first)?  Of course, finding the perfect home isn’t as easy as we often hope. You may have to make some compromises; for instance, you may choose to accept less space in favor of a desirable location. Fortunately, the FHA’s (Federal Housing Administration) 203K rehab loans allow you to wrap the remodeling funds into the mortgage. This means that you can use this type of loan to purchase a home or to remodel a home that you already own. FHA 203K Mortgage Loans for New Jersey Home Buyers Most New Jersey home buyers who invest in fixer-upper properties use two separate loans to finance the home and to pay for renovations. But this can be expensive, challenging, and time-consuming. That is where the Federal Housing Administration 203k loans come in. Also known as FHA Construction loans or Rehab Loans, the FHA 203K loans are backed by the federal government. Essentially, they allow you to purchase a house and repair it in one transaction . How FHA 203K Loans Work The process of purchasing a house with an FHA 203K loan is not much different than buying one the “typical” way. However, it has some modifications: Apply and get approved The method of applying and getting final approval involves contacting contractors and receiving bids. Choose your projects Before your loan can be approved, you have to determine the repairs you want to do . Your lender will require that any potential health or safety hazards are promptly addressed. For instance, you have to address things like mold, lead-based paints, and broken windows. You can also decide the cosmetic items you ...

With 2019 coming to a close and 2020 right around the corner, you might be thinking about settling down, starting a family and investing in a cozy new home. If you are looking to settle down in New Jersey, then you might want to know what the real estate market may look like. Knowing the housing forecast for real estate in the garden state can help you put your best foot forward. Luxury homes in the New Jersey real estate market don’t seem to be a hot seller The median price for a home in New Jersey is approximately $338,000, as of October 2019. In fact, home values have seen an increase by more than 10% since 2018, when the average median price was close to $320,000. With this increase has come fewer “sold” signs in front of luxury homes. Because of the state’s Tax Cuts and Jobs Act enacted in 2018, New Jersey’s total state and local taxes were deducted to $10,000. Additionally, more prospective homebuyers are interested in investing in homes that make it easier for work or home commutes like downtown Jersey City or Hoboken. These neighborhoods are more appealing with a 20 minute or less commute over buying a house in Monmouth County which is over an hour from New York City, Philadelphia and other busy hubs. Economy in New Jersey is on the rise As of mid-2019, New Jersey has seen a boom in company hires, resulting in a lower unemployment rate of 3.0%. This puts the state under the national 3.2% average for men and women. One explanation for this thriving economy? An increasing number of both existing companies and start ups are coming to New Jersey, resulting in fewer industrial business vacancies. With more jobs ...

Buying a “fixer-upper” home in New York has its advantages. For example, homes in need of work are typically priced well below comparable turnkey properties that are move-in ready, so it’s a chance to save money. You also get to put your own finishing touches on the property you’re buying. There are many ways to finance the purchase of a fixer-upper home in New York. The FHA 203k loan program is one of the most popular financing strategies among buyers. But how does this program work, and what benefits does it offer to you  as a home buyer? Here’s what you need to know. FHA 203k: Rehab Loans for New York Buyers Some home buyers who purchase fixer-upper properties in New York use two separate loans — one to finance the purchase itself, and one to pay for the renovation work. But it can be time-consuming, challenging, and sometimes costly to obtain two different loans for one property. That’s where the FHA 203k program comes in. This program is managed by the Federal Housing Administration, which is part of HUD. According to the HUD website: “Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage.” These loans can also be used to finance the rehabilitation of an existing  home. (Due to their nature, they are also referred to as rehabilitation or “rehab” loans, and sometimes FHA construction loans. All of these terms generally refer to the same program.) Other important details of this program: FHA 203k loans are ...

For a lot of New York home buyers, the down payment can be the biggest hurdle to buying a home. But it might only be a perceived  hurdle. The truth is there are several mortgage programs available in New York that offer low down-payment requirements. Additionally, borrowers might be able to obtain gift money from a family member or borrower from a 401k. Those are just some of the ways you could buy a home in New York with little to no money down. Buying a Home With Little Money Down, Using FHA House prices across New York have risen steadily over the last few years.  As a result, many home buyers in New York are seeking ways to reduce their upfront, out-of-pocket expenses when buying a house. Some prefer to buy a house in New York with little to no money down. Here’s how you might accomplish that goal. Despite common misconceptions, you don’t necessarily need a down payment of 20% or more when buying a house in New York. There are mortgage loans available that offer a much lower upfront investment. The FHA loan program is one of those financing strategies that offers a low down payment. The Department of Housing and Urban Development (HUD), which manages this particular mortgage program, allows borrowers to make a down payment as low as 3.5% of the purchase price or appraised value. Even better, HUD allows FHA home buyers to obtain gift money from a third-party donor, such as a family member, a close friend, or even an employer. These funds can be used to cover some, or all, of the minimum required investment. This is one way you could buy a home in New York with little ...

Silver Bay Lending offers a variety of mortgage calculators for New York home buyers and homeowners who are in the market for a loan. This article provides an overview of the mortgage calculators we offer on our site, and how they can help you with your budgeting and planning. How much will my mortgage payments be each month? How much of a house can I afford to buy? How much income do I need to qualify for a mortgage loan in New York? These are some of the most common questions home buyers and homeowners have about mortgage financing. Fortunately, we offer several budgeting and mortgage calculators to help you answer these and other important questions. Overview of New York Mortgage Calculators You’ll find more than a dozen different calculators on our site. They are designed to help you in your research and budgeting process. Here’s a quick overview of some of the most useful calculators for New York home buyers and homeowners who need mortgage financing. Monthly Payments :  There are a lot of mortgage payment calculators available online. But many are limited in the sense that they only allow certain basic parameters, like the loan amount and term. We offer New York home buyers and homeowners a more advanced monthly payment calculator. It allows you to calculate your payments more accurately, by including variables such as home insurance, property taxes, and mortgage insurance. Affordability :  How much can you borrow for a mortgage loan in New York? This calculator allows you to calculate the amount you can afford to borrow in much the same way that a lender would calculate it. You can enter ...

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