Welcome to this beautifully maintained, 3 bed, 2 full bath home located on a corner lot in a quiet neighborhood in Pittsgrove Township. This home would be ideal for a first-time homebuyer or a couple looking to downsize. The living room and eat-in kitchen have an open layout, so it’s perfect for entertaining. The master suite offers a full, updated bathroom, and is located away from the other 2 bedrooms for additional privacy. The basement is finished for additional living space, and there are 2 additional rooms in the basement that could be utilized as either additional bedrooms, living spaces or extra storage. The fenced-in backyard is very spacious and offers a deck off of the back door. Access to Rt. 40 & 55 is within 10 minutes. This home is eligible for 100% USDA financing!
Call today for more information or to schedule your
own private tour! 856-364-0772 Stacy
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A decade ago, the housing sector was in a mess. The mistakes of easy subprime lending resulted ultimately in the catastrophic collapse of the housing sector. Home values collapsed by a third nationwide, and the inventory of unsold homes spiked to unprecedented heights. Miami, for example, at one point was said to have 30 years of housing inventory.
Fortunately, after many years of sobering up, with proper lending and consistent job creations in the economy, the housing market has regained some health, with higher home sales and a very low foreclosure rate. However, the industry today is facing a different kind of crisis: not enough homes for sale.
The inventory of homes on the market last year in 2017 was one of the tightest ever. In early 2018, it is even worse. In the first quarter, the number of homes on the market averaged 1.59 million, which is down 8.4% from the same period one year ago. Strictly focusing on single-family home listings, this is the lowest inventory since the tracking of the data from the early 1980s.
An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.
Borrowers can qualify for an FHA loan with a down payment as little as 3.5% for a credit score of 580 or higher. The borrower’s credit score can be between 500 – 579 if a 10% down payment is made. It’s important to remember though, that the lower the credit score, the higher the interest borrowers will receive.
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable for people with less than stellar credit or a low down payment. Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.
FHA Loan Requirements
For borrowers interested in buying a home with an FHA loan with the low down payment amount of 3.5%, applicants must have a minimum FICO score of 580 to qualify. However, having a credit score that’s lower than 580 doesn’t necessarily exclude you from FHA loan eligibility. You just need to have a minimum down payment of 10%.
The credit score and down payment amounts are just two of the requirements of FHA loans. Here’s a complete list of FHA loan requirements, which are set by the Federal Housing Authority:
Borrowers must have a steady employment history or worked for the same employer for the past two years.
Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
Borrowers must pay a minimum down payment of 3.5 percent. The money can be gifted by a family member.
New FHA loans are only available for primary residence occupancy.
Borrowers must have a property appraisal from a FHA-approved appraiser.
Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
Borrowers’ back-end ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants’ credit worthiness.
Typically borrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you’ve managed your money in a responsible manner.
Typically borrowers must be three years out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you’ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.
The property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).
Benefits of FHA Loans: Low Down Payments and Less Strict Credit Score Requirements
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a lowdown payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing. Borrowers with credit scores as low as 500 can qualify for an FHA loan.
Borrowers who cannot afford a 20 percent down payment, have a lower credit score, or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario.
Another advantage of an FHA loan it is an assumable mortgage which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.
Mortgage Insurance is Required for an FHA Loan
You knew there had to be a catch, and here it is: Because an FHA loan does not have the strict standards of a conventional loan, it requires two kinds of mortgage insurance premiums: one is paid in full upfront -– or, it can be financed into the mortgage –- and the other is a monthly payment. Also, FHA loans require that the house meet certain conditions and must be appraised by an FHA-approved appraiser.
Upfront mortgage insurance premium (UFMIP) — Appropriately named, this is a one-time upfront monthly premium payment, which means borrowers will pay a premium of 1.75% of the home loan, regardless of their credit score. Example: $300,000 loan x 1.75% = $5,250. This sum can be paid upfront at closing as part of the settlement charges or can be rolled into the mortgage.
This excerpt from Zillow to Read more on how to qualify simply CLICK HERE
To be eligible for a VA Loan, veterans, active duty service members, National Guard members and reservists must meet the basic service requirements set forth by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.
It’s ultimately up to the VA to determine eligibility for the home loan program, but prospective borrowers can get a good idea by looking at the VA’s basic eligibility guidelines.
You may be eligible for a VA Home Loan if you meet one or more of the following conditions:
You have served 90 consecutive days of active service during wartime,OR
You have served 181 days of active service during peacetime,OR
You have more than 6 years of service in the National Guard or Reserves,OR
You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
How to Apply for a VA Loan Certificate of Eligibility (COE)
While you don’t need your VA Certificate of Eligibility in hand to start the loan process with Veterans United, this certificate is a very important part of your loan application. Your COE verifies that your length and character of service make you eligible to use the VA home loan benefit.
You can apply for a VA Loan Certificate of Eligibility three different ways:
The Gloucester County Craftsmen & Home Show is coming to the Gloucester County 4-H Fairgrounds 275 Bridgeton Pike (Rte. 77) on May 5th, from 10am to 4pm. This 8th annual event is designed for everything inside and outside the home. As a visitor, you and your family will be able to stroll leisurely through aisles and aisle of handmade crafts from over 100 craftsmen, enjoy home style cooking, live music, kids’ free craft making, pony rides, spring flower sale and picnic style dining. Craftsmen have been working all winter to create amazing art just in time for spring.
Home Show companies representing hundreds of products and services will be on hand to help you with all your spring home improvements projects. Remodeling, floors, windows, doors, sunrooms, decking, guttering, landscaping, gardening, solar energy and more. You will be able to shop, talk to experts and compare prices- all in one easy location at this one-of- a- kind marketplace. Visitors to the event can enter to win a $500 Home Depot Gift Card and other home remodeling products. Drawing on the main stage at 3:00pm.
The Little Miss & Mister Springtime Pageant for girls/boys 4-8 years old will be held at 2pm on the main stage. One queen & king and Queen’s court will be chosen from the top ten contestants. This is a pet friendly event and families can enter the All Breed Dog Parade & Show at 12:00pm. Entry fee is a can of donated pet food for animal shelters. All dogs get a goody bag and ribbon for participating. Top twelve dogs will be chosen from the smallest to the tallest.
Bring the kids out for a Spring Painted Rock Hunt at 10:30am to 11:00am. Over 30 painted spring rocks will be hidden around the fairgrounds. Finders keep the rock and receive a free prize at the gazebo. Meet at the gazebo at 10:30 for the first annual rock hunt.
This event offers free parking and admission free. Artists, Craftsmen, Food, Home Show vendors are being sought and can contact Kathy Wright for show details at (856) 765-0118.
Visit the event website at http://www.gloucestercraftfair.com for vendor contracts, driving directions, pageant entry form and general show information. Rain date is Sunday, May 6th, 10-4pm.
Free admission with pet food donation or $1.00 at the Gazebo
Calling all horse lovers….build your dream home here! Located in East Vineland, New Jersey, this farm boasts 12.43 +/- acres and could be a perfect horse farm! Three road frontages, level topography. 60 x 90 pole barn with riding rink and a 36 x 60 horse barn with nine 10 x 12 stalls. Convenient access to Route 55, 47, 552 and 49. Call today and ask about property # 73. Stacy Direct 856-364-0772.
Make it yours! This 12.43 +/- farm is located in East Vineland, NJ. Has three road frontages, level topography. Perfect for horse farm. 60 x 90 pole barn with riding rink and a 36 x 60 horse barn with nine 10 x 12 stalls. Convenient access to Route 55, 47, 552 and 49.