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Current Featured HUD Owned Homes For Sale
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HUD Owned Homes For Sale in Camden, Gloucester, & Cumberland Counties, NJ
This is the current inventory of available HUD homes in the Southern NJ counties of Camden, Gloucester, and Cumberland. These properties are bank/lender foreclosures that HUD has acquired; HUD does NOT foreclose on properties. Please note that the priority of Owner Occupant means that the properties are not yet available to investors but are only available to purchasers planning on occupying the property (signed affidavid will be required). When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Check with me if you need a referral to a mortgage lender.
CAMDEN COUNTY
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CUMBERLAND COUNTY
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GLOUCESTER COUNTY
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ATTENTION: Home Buyers as is outlined in the policy for forfeiture of earnest money deposit, please be aware that contract cancellations as a result of loan denial due to “property condition” will result in the forfeiture of the earnest money deposit. THIS POLICY IS STRICTLY ENFORCED.
Confirm with your mortgage lender that the approved financing program can be used on an AS-IS sale prior to submitting your bid!
I represent home buyers and home sellers as their exclusive REALTOR in the Southern NJ counties of Camden, Gloucester, Atlantic, Cumberland, Salem, & Burlington. Full REO service for asset managers.
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Where to Begin When Buying a Home
by Brandon Cornett
Beginning a home search can be a somewhat disconcerting task. Perhaps the biggest question many first time homebuyers have is where to begin the process. Some people begin by looking at real estate magazines or websites, while others call real estate agents right off the bat. The process varies.
So, what is the best way to begin your quest for a new home? In truth, any way you begin the process is a good way, because the most important thing is to get started. After all, you will learn a lot as you go. But there are some things to keep in mind:
Do the Proper Research
Buying real estate can be an overwhelming experience for the first-time buyer. But you can make the process much easier simply by understanding it. Start with the lingo. By learning the terminology associated with home buying and mortgage, you will make smarter decisions along the way.
Set Your Budget
The best way to begin looking for a home is to first sit down with a mortgage lender to determine how a high a mortgage you can afford and be approved for. Remember, there is a difference between the loan amount you can be approved for and the amount you can actually afford. So in the end, only you can determine your home buying budget — not a mortgage lender.
When dealing with a mortgage lender you will want to provide him or her with an understanding of what mortgage payment you are comfortable making so they can give you a sense of the size of the mortgage that equates to, based on your credit, income and other factors.
Taking this step first will help “frame” your home search so you are only looking at homes within your budget range. Many first time homebuyers fail to take this step and therefore waste time and energy looking at homes that are well above their budget.
You can find plenty of websites that offer mortgage calculators, and these tools are a good place to start when determining your budget. Just keep in mind that the one variable you can never predict in advance is the interest rate. Only by speaking to a lender can you get a full mortgage quote that includes the interest rate (based on your credit history).
Get Pre-Approved for a Mortgage
Another reason you may wish to start with speaking to a mortgage lender is so you can be prepared to show a pre-approval letter to the seller. This gives them the confidence that you can buy their home, which is especially important for homes where more than one buyer makes an offer (i.e. a seller’s market). Do not confuse pre-qualification with pre-approval. Pre-qual is an informal process in which the lender tells you how much of a mortgage you might qualify for. Pre-approval, on the other hand, is a more formal review of your finances and is likely to reflect the actual loan amount the lenders extends to you. In other words, the person selling the home will pay more attention to the pre-approval letter.
Though there is no wrong way to begin a search for a new home, meeting with a mortgage lender first may be the best way to begin your search and find your dream home. Just remember to always keep an open mind when visiting each property and envision the possibilities. You must also stay realistic about your finances and do your best not to over-extend yourself by purchasing a home beyond your means.
© 2009, Cornett Communications.
About the Author: Brandon Cornett is a consumer advocate and publisher of the Home Buying Institute. You may visit the author’s website at www.HomeBuyingInstitute.com to learn more about this topic.
For Home Buyers: 5 Best Websites for Credit Score Information
Posted by admin on Mar 5, 2010 in Finances
by Brandon Cornett
If you’re planning to buy a home in the near future, you should know your FICO credit score. In fact, your credit score is one of the three most important factors considered by mortgage lenders (along with your debt and income levels). If your score is high, you’ll have a much better chance of getting approved for a loan. You’ll also qualify for a better interest rate, which could save you thousands of dollars over the life of the loan.
It’s important to check your FICO score early on in the home-buying process, because it takes time to improve a low score. While you’re entitled to a free credit report per year, you’ll have to pay a small fee for the credit score. They are two different things. You can purchase your score from MyFICO.com — this is the company that actually designed the FICO scoring model.
But what if you check your score and find out that it’s low? You could qualify for certain types of loans with a score in 600 range, but you’ll be much better off in the mid- to upper-700 range. The question now becomes: How do I Improve my score? And that brings us to the purpose of this article.
5 Good Sources of Credit Information
Here are five websites worth visiting, if you want to learn more about your credit reports and scores:
- www.myfico.com — We touched on this website earlier. This site is owned by the Fair Isaac Corporation, the company that created the credit-scoring model used by most lenders. They have plenty of educational articles, as well as a forum where you can post questions. It’s well worth a visit.
- www.homebuyinginstitute.com/credit.php — On this page, you’ll find a collection of more than 100 articles relating to consumer credit. This collection was compiled over a two-year period, as readers sent in their questions. If you have a question about credit reports and scores, you’ll find the answer on this site.
- www.annualcreditreport.com — This website is jointly owned by the three credit-reporting companies (TransUnion, Equifax and Experian). This is where you should go to request your free reports. This is the only site that is regulated by the Federal Trade Commission.
- www.ftc.gov/freereports — Why do so many people offer “free” credit reports, and then try to charge you for stuff? It’s a marketing strategy referred to as bundling, and you can learn the truth about it on this website.
- www.bankrate.com — This site is a treasure trove of helpful advice. In addition to credit tips, it explains the mortgage process in great detail. Start with a keyword search, or click on the “news and advice” link.
Research is the first step to home-buying success. The five resources listed above will help you get started on the right foot.
© 2009, Cornett Communications.
About the Author: Brandon Cornett is a consumer advocate and publisher of the Home Buying Institute. You may visit the author’s website at www.HomeBuyingInstitute.com to learn more about this topic.
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