Home Buying in Wayne>Question Details

Gbdmbfan3, Home Buyer in Wayne, NJ

I am interested in purchasing a new home in northern new jersey. I potentially would be utilizing the FHA loan. How do I start the process for that?

Asked by Gbdmbfan3, Wayne, NJ Wed May 16, 2012

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George Conklin’s answer
Hello, when you say new, are you referring to brand new or are you referring to, new to you? First step is to be qualified & pre-approved by a lender; Should you need a couple to interview, I have them and they specialize in FHA Mortgages; Just call or E-mail me and I will send you the infor on them; If you are talking about a brand new home, I can help you with those, too; GEORGE "SERVICE" CONKLIN 973-248-9293 JERSEYGEORGE@AOL.COM
0 votes Thank Flag Link Thu May 17, 2012
Hello GBDMBFAN3, been a long time since your original post; Have you started looking yet or even found a home, already? Have a couple good lender replies in these replies, most recent one has some impressive streamlined abilities;
Have you been tracking any homes or interested in seeing any, just let me know; Do you want to stay in the Wayne area or are you looking at other towns as well?
0 votes Thank Flag Link Wed Nov 28, 2012
Just give me a call and can speak on how easy qualifying for an FHA mortgage really is. Many lenders including banks say they are "Direct Lenders" but in the short run your loan will be sold to only a few qualified "Ginnie Mae lenders. We are direct and do not sell our government loans. We also do not have any fees, except for your appraisal. My company does not have a FICO requirement and our normal time frame for closing is 30-45 days.

Thanks in advance,

Edward W. Miller
Sun West Mortgage Company, Inc.
Sales manager
Cell: 201-953-0176
Email: edwardwmiller@hotmail.com
0 votes Thank Flag Link Wed Nov 28, 2012
Here are the FHA basics..to see if you qualify just contact a reputable broker or bank.

The attraction to these loans are the minimum of 3.5% down payment requirement, the ability to finance closing costs up to 6% of the purchase price, and the ability to qualify with less then perfect credit.

Although the minimum credit score changes with the times it is currently a minimum of 620-640 for the 3.5% minimum requirement and anything less will require a 10% down payment. You sjhould also know that these credit requirements are the FHA guidelines, you will have to find a bank that will work with the lower scores. I've been told by an FHA specialist that 640 is what a lot of the banks are looking for as a minimum.

The FHA does not back loans for Coops, they do back loans for condos but are limited to those on the FHA approved list.

To see if a certain condo is on the approved list you can visit the following link, https://entp.hud.gov/idapp/html/condlook.cfm?CFID=13461634&a…

All FHA loans require mortgage insurance and there is also an upfront mortgage insurance premium of 1 3/4% that can be financed.
0 votes Thank Flag Link Wed Nov 28, 2012
My name is Edward W. Miller representing Sun West mortgage Company, Inc. A " National &Direct Lender"n the FHA market place. Your first process would to be pre-approved for a mortgae, so that your real estate agent is sure that he or she is working with qualified applicant.

A client who has been pre-approved is most likely to have a better chance and some cases a better price negotiation the someone who is just pre-qualified. The difference in the two is that we require more documentation up front. If you would like to speak about the differences, please feel free to contact me at 201-953-0176 or by email: edwardwmiller@hotmail.com

Thanks in advance,

Edward W. miller
0 votes Thank Flag Link Wed Nov 28, 2012
I recommend contacting your bank or credit union or contacting a lender and speaking with a loan officer. They will ask you a series of questions and they will be able to tell you if you qualify for FHA financing, what your options are, what documentation you would need to provide, etc. Once you are issued a pre-approval for the loan, you should contact a real estate agent to begin the homebuying process.
0 votes Thank Flag Link Thu May 17, 2012
An FHA loan is commonly available through many lenders.
Contact a few and chat.

It will offer the possible lower down payment.
That is great, especially for first time home buyers.
Interest rates are reallllly great right now.

You do need to qualify, so get approved early in your home shopping process.

I suggest Wells Fargo. Call Joe Verdicchio at 201 481-8190
Or try Atlantic Home Loans Call Sean Force at 973 219-4195

If you need a Realtor in the Wayne area, Patty and I would be happy to help.
0 votes Thank Flag Link Wed May 16, 2012
I'd be happy to assist you. We are a direct lender and I would be happy to go over the specifics of an fha loan with you. Call me on 201-604-3485.

Al Rapoport
0 votes Thank Flag Link Wed May 16, 2012
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