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Financing in 08234 : Real Estate Advice

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  • Home Buying10
  • Home Selling4
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Activity 3
Tue Nov 1, 2011
If you are referring to a "first time homebuyers loan program" that helps with down payment or closing costs assistance - it will depend on what the program is covering. Some specify you have to put a minimum amount of money in, such as $500 or 1% of the sales price, before they will provide assistance, and then they will only provide a certain amount of assistance. So the amount of money you will "get back" will depend on what the program covers, how much you have to contribute, and what the total amount of down payment + closing costs are.

Like has been pointed out, the Egg Habor Township is in an eligible area for USDA Rural Housing Financing, which is 100% financing, and if the home appraises for more than the purchase price, you can use that difference to finance your closing costs too - therefore there wouldn't be a need for an additional first time homebuyer down payment assistance program.
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Wed May 27, 2009
Karen Barrett answered:
I do not believe there is a LAW. There are guidelines though.

We just had a meeting with a banker today about this very thing TODAY. There are stipulations on how long a file sits on the mortgage loan officers desk before it moves on to processing. Then it can sit in processing for 45 days, then your loan can get caught up in what we refer to as the vortex of doom. Your file can go back and forth from your loan officer to processing until ALL the documents that are needed are forwarded on to processing. The processors have this horrible knack of going thru your file and when they find a piece that is missing, they send it back to your officer who retrieves this little piece of information or large piece. The problem is that the processor doesn't continue thru the file to find all the missing pieces at once.

We thought it was just a stall tactic by the bank. But, really it is just BLANK poor training. (pardon my french). I don't think there is any law. But I can tell you. Your loan officer whoever it is, is probably doing their job, it is getting caught up behind the lines, and unfortunately the front line person is getting all the flack. The discussion has come up with the banks because of loans taking so long to close for them to actually have a 90 day lock. We'll see if the banks follow thru on this. Hang in there.
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Wed Mar 4, 2009
Laura Giannotta answered:
Contact Brian McCarty at Superior Mortgage. His number is 609-618-9939. he works in Atlantic County.
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