Reverse Mortgage Scams

(Alternate title: Dealing with My Stupid Criminal Loan Officer Peers)

I wish I could say that this was a "stupid criminal" situation like Jay Leno loves to see.  It is not. If you would like to get really ticked off, read on.  I received a call two days ago from a reverse mortgage client of mine. They closed about a year ago. Mr. Jones (as we will call him) called me to ask me this question:

"I recieved a call today from a loan officer. He said that the mortgage company that we closed our loan with went out of business, and that we need to sign new paperwork. He said he was going to send us a new mortgage package. He told us to just sign everything and send it back. Is this right and should we sign?"

Does it make you start to wonder how many seniors are scammed this way? 

Just in case you are wondering, once a loan is closed, you can have 1,000 banks go out of business. YOU DON'T NEED to resign anything.  This scenario above is a complete scam. And I hope it makes you as irrate as it makes me!

One would hope that after all the industry changes in the past year that the scum in this business would be gone. Nope. They just have invented new ways to crush someone to make a fast buck.

The great news is that Mr. Jones still had my number handy and called me first. That move just saved him $1,000's plus massive heartache.  (the LAST thing a senior in his late 70's needs!!) I plan to have Mr. Jones tell the loan officer to send that new loan package out, so that I can then go personally pick it up, and forward the same scenario to any and every banking official I can get a hold of.

Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.

• NJ First Time Home Buyer
• Purchase, refinance, rehab loans
• Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more

Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com | NMLS ID: 218007

New Jersey Housing and Mortgage Finance Agency (NJHMFA) mortgage interest rates as of May 10, 2010. This includes the Smart Start NJ First Time Home Buyer Program.

Smart Start allows a home buyer to obtain the required downpayment for an FHA loan. As an example, a home buyer purchase a home for $100,000.  Their required down payment would be 3.5% (or $3,500). In this situation their loan amount would be $96,500. The Smart Start program offers the buyer 4% of the loan amount or in this case $3,860. ($96,500 x 4%). This covers all of the required down payment for an FHA loan and even puts some money towards the closing costs (which the seller can pay the rest if negotiated correctly).

First Time Home Buyer 30 Year Term

5.250% - First Mortgage with no Smart Start assistance

5.625% - First Mortgage with 2% Smart Start assistance

5.750% - First Mortgage with 3% Smart Start assistance

6.000% - First Mortgage with 4% Smart Start assistance

The 40 year team requires an additional add-on of .125%

Home Plus

5.625 with 3 points

Purchase/Rehabilitation Mortgage Program

5.625 with 3 points

Other NJHMFA options include Police and Fire Loans and Live Where You Work. Steve Kappre and Treasury Mortgage are an approved and servicer of NJHMFA Smart Start loans.

Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.

• NJ First Time Home Buyer
• Purchase, refinance, rehab loans
• Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more

Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com | NMLS ID: 218007

Smart Start and other NJ Housing and Mortgage Finance Agency options have a strong place in the real estate market in South Jersey, and these are great loans for NJ First Time Home Buyers, Police and Fire loans, Live Where You Work, and more. As you can see the income limits are rather generous and allow the majority of first time home buyers to have down payment assistance options. Indeed, most first time buyers can get into a home and can recieve funds to cover the entire down payment needed (as is the case of a 3.5% down payment requirement for an FHA loan).

You must work with an approved lender (like Treasury Mortgage) for this option, and the mortgage and the assistance program are all one program and must be utilized as such.

Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.

• NJ First Time Home Buyer
• Purchase, refinance, rehab loans
• Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more

Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com

Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.

• NJ First Time Home Buyer
• Purchase, refinance, rehab loans
• Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more

Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com

Home for Sale in Cherry Hill, NJ (Camden County) | 4 Bedroom Newly Renovated Colonial | For Sale By Owner

Put this one on your list of homes to see! Two story colonial that is newly renovated with 4 Bedrooms, 2.5 Baths, 2 car garage, Central Air and Heat and more! Call for a tour today.

	1909 Birchwood Park Drive North Cherry Hill, NJ 08003 Two Story Colonial Newly Renovated
Home Photo Gallery Virtual Tour Property Map Payment Info Request Showing Contact Me Richard DeGrace Daytime: 609-209-3700 Evening: 609-209-3700 eMail: Contact	Price : $324,900 Bedrooms : 4 Bathrooms : 2.5 Community : Point of Woods County : Camden Property Type : FSBO click for more information and pictures Property Description Lovely 4 bedrooms, 2.5 bath Colonial home has just been renovated. New Eat in Kitchen with a sliding door to the large, fenced in back yard. The family room has a fireplace with a full brick wall and mantel. This home also has a formal dining room and living room. New bathrooms with ceramic tile. On the second level this home has plenty of space for your family with generously sized bedrooms and large master suite with private bath. The full finished basement is also a great area for the family. Other amenities include a large laundry room/office, 2 car garage, central air and gas heat. Features List NEW KITCHEN NEW BATHROOMS KITCHEN GRANITE FOUR BEDROOMS 2.5 BATHS FENCED IN YARD TWO CAR GARAGE FIREPLACE FINISHED BASEMENT GAS HEAT CENTRAL AIR CERAMIC TILE BATHS NEW CARPETS NEW WINDOWS NEW SIDING
Equal Housing Opportunity.

Amherst Farms in Mickleton | Gloucester County, NJ | 4+ Bedroom Homes, Large Yards, Perfect Location

If you are looking for a great place to live in Gloucester County, with perfect access to 295, Delaware, and Philly, but just far enough away from it all, check out Amherst Farms in Mickleton, NJ (Gloucester County).

Located in a more private setting with large yards, these 4+ bedroom homes are only a few years old and have the kind of accents and appointments that higher-end homes require; Molding and trim through-out the entire house, 2-story family rooms, English and walk-out basement options, acre lots, wooded settings, sunrooms, 2-3 car garages and more.

There is a huge common area complete with playsets for younger kids, a large walking path, a backstop and over-sized baseball field, and a huge wooden bridge over a beautiful stream area complete with the wildlife you would expect to find in a more rural setting.

All pictures on this page were taken at some area of Amherst Farms. The majority of the wildlife pictures were taken in front or back yards, except for the turtle (who was just outside the development trying to "cross the street"!)

All pictures taken by Steve Kappre

Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.

• NJ First Time Home Buyer
• Purchase, refinance, rehab loans
• Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more

Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com

Home For Sale By Owner in Mickleton, NJ - Amherst Farms (East Greenwich) Looking for a property that screams location, location, location? Here is an opportunity to own a 4-bedroom home in Mickleton New Jersey. Just 3 years old and ready to move in!

	200 Hopkins Road Mickleton, NJ 08056 For Sale By Owner in Amherst Farms, Mickleton, NJ
Home Photo Gallery Virtual Tour Property Map Payment Info Request Showing Contact Me Steve Daytime: 856-419-3561 Evening: 856-419-3561 eMail: Contact	Price : $599,000 Bedrooms : 4 Bathrooms : 3.5 Square Foot : 4,200 Lot Size : 32,670 Community : Amherst Farms County : Gloucester Property Type : FSBO Year Built : 2007 click for more information and pictures Property Description 2 story home with walk out basement on wooded premium lot. Property backs up to preserved land with enourmous yard and mature trees. Quiet street located conveniently close to 295 with easy commute to Philly and Delaware. Gourmet kitchen with 42" maple cabinets, double oven, corian, large center island, and walk-in pantry. Separate laundry room. There is rough plumbing in the unfinished basement for a full bath. Storage galore in the huge basement (approx. 2,000 sq.ft). Double-hung windows t/o entire home. Two car side-entry garage with insulated door. Call for a tour. Features List 4 Bedrooms 3.5 bath Full Basement Florida Room Sunroom Gourmet Kitchen Princess Suite Jack-n-Jill Bath Master Suite 2-Story Family Room Fireplace 2-Story Foyer Hardwood Floors 3 Zone Heat/AC 1st Floor Office Crown Molding t/o Wainscotting Walk-out Basement Family Room Living Room Formal Dining Room
Equal Housing Opportunity.

Michael's Florist and Greenhouse of West Deptford Can Help You Spruce Up Your Gloucester County Home and Landscape!

Whether you are buying a new home or sprucing up your current home, having a great landscape is an important part of home ownership, and it s certainly important when buying or selling a home. A front yard that "pops" when a buyer first drives up can be a huge benefit.

I've trusted Michael William's Florist and Greenhouse for the last 2 years and plan to do a sizable overhaul of my own landscape. That is one of the reasons I dropped by his place located in West Deptford, NJ. The pots at right are a client's own that Mike has help set-up with just the right size and type.

One of the most welcoming aspects of purchasing plants at Michael's is that he always gives some easy to remember advise on how to care for the plants. Many of us do not have a green thumb, and so a little advise goes a far way.

Well the season is just beginning and as you can see by the pictures here (all taken at Michael's), little stems and buds are starting to pop all over the place. There are plants for decoration, others for eating (you simply CAN NOT beat a Jersey Tomato!), and even others for helping control pests.

Michael's is currently preparing for their opening on April 1st, so that they can help you prepare for all of your plant, garden, and landscaping needs!

Driving Directions

From 295 South: take exit 20. Make a right onto Mid Atlantic Parkway. Make a left at Crown Point (Route 44) and then an immediate left on Fowler Road. Nursery is at the end of the road.

From 295 North: Take exit 20. Make a left at the light onto Mid Atlantic Parkway. Head straight to the light on Crown Point Road (Route 44). Make a left, and then an immediate left onto Fowler Road. Nursery is at the end of the road.

Call Mike @ 856-848-3945

E-mail Mike @ mikewh328@verizon.net

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Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.

• NJ First Time Home Buyer
• Purchase, refinance, rehab loans
• Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more

Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com

Should Realtors Advise Their Clients to Not Accept Offers from Buyers Pre-Approved for USDA Financing?

If you don't know by now, USDA plans to be out of funds by the end of April of this year. So the question begs to be asked; Should listing agents advise their sellers go under contract with buyers purchasing using a USDA mortgage?

Without doubt there is a portion of buyers that can only finance a home using 100% USDA financing. Even the 3.5% FHA required down-payment is too much for some buyers. So should buyers be required to also be approved for alternate financing? Some lenders refuse to even write these loans out of fear. Or maybe ignorance.

With the first time buyer tax credit coming to an end soon, and most likely the number of home buyers thinning to some degree, all bases should be covered. At the very least a lender, buyer, and Realtor should all be on the same page and have their buyer's facts disclosed. If a buyer can only utilize USDA financing, then everyone needs to notified of how fast things must move, and the potential negative consequences.

USDA financing is a fanastic program. Denying a home buyer and seller to go to contract out of fear can be just as bad as going into a contract blindly. Lay out the facts; No surprises for buyer or seller. Keep the lines of communication constantly open. The reality is that you may have only one buyer to ever go under contract for a particular home. Can you risk saying "no"?

Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.

• NJ First Time Home Buyer
• Purchase, refinance, rehab loans
• Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more

Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail | NJ Loan Officer .com