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___________ Available Properties ___________ Today's Rates:
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NEW FHA MAXIMUM MORTGAGE LIMIT & NO MORTGAGE BENEFIT MANY BUYERS
Recently, the FHA increased the maximum mortgage amount for single family homes from $154,896 to $280,749, depending on the county in which the property is located. The maximum FHA mortgage in Monmouth and Ocean County is $259,820 for a single family home, $292,639 for a two family, $355,543 for a three family and $410,242 for a four family home. The new FHA limits, low down payment requirements and the availability of the No Cost Mortgage will many to purchase a home, who otherwise may not have been able to. The No Cost Mortgage covers title search, title insurance up to the mortgage amount, $300 toward survey costs, $500 towards purchasers attorney fee and more, thus increasing the cash the purchaser has available for a down payment. SOME THINGS TO KNOW WHEN BUYING A CONDO
When you buy a condo you join an association of owners with by-laws that state what you can and can’t do, from planting to owning an animal to making exterior changes and much more. When you purchase you also agree to abide by all the by-laws of the condominium association. Before you buy you may want to contact the condo board office and ask what covenants, bylaws and restrictions govern the property. For instance, you may find that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Or, this condo association may not allow rentals under any circumstances. Ask to see a copy of the bylaws to determine if you can live with them. Buying a condo you are joining a group with a variety of personalities and agendas. Cooperation is the key to living in harmony with members of that group. Find out what the association fees are per month, which you will have to pay over and above your mortgage payment. Ask what the fee covers and what it doesn’t cover – common area maintenance, recreational facilities, trash collection, snow removal, etc. Ask if the association keeps any money in reserve and if so, how is it invested. Also, does the association keep pace with the annual rate of inflation and raise assessments a certain percentage each year to build reserves to fund future repairs? SOME ITEMS TO ASK YOUR REALTOR FOR BEFORE SIGNING A CONTRACT TO PURCHASE
Ask to see a Seller Disclosure Form, which is a document that the owner of the property fills out to identify the condition of the property, its features and any material defects in the home or appliances. Also, the presence of mold, lead paint, asbestos, radon or underground storage tanks, if known. Copies of home and termite inspection reports, along with estimates of the costs for any needed repairs or pest control, if any. Obtain a home inspection report from a State approved Home Inspection Company who can point out any structural or other material defects in the home that purchaser should be aware of. Comparables of similar homes or condos that have sold and closed within the past three to six months and current property tax information. Also, request a year’s worth of utility bills, or if not available, an average amount paid for each utility. A list of all appliances that stay with the house and any exclusions of appliances or fixtures that don’t stay or will be replaced with something else.
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ADDRESS: 5022 HIGHWAY 9 SOUTH, PO BOX 564, HOWELL, NJ 07731 PHONE: 732-363-3080 / 1-800-363-KRUP FAX: 732-363-4821 EMAIL: Bobbi Krupnick |
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Equal Housing Opportunity