mortgage financing and programs

Archive for November, 2008

Loan Limit Increase for Reverse Mortgages

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The U.S. Department of Housing and Urban Development (HUD) adopted a new single national loan limit of $417,000 for Reverse Mortgages. For most areas of the country this is a siginificant increase. The previous lending limits were assigned by county and ranged from $200,160 in rural areas to $362,790 in the highest home value areas. HUD also reduced lender origination fees on Reverse Mortgages. These changes provide senior homeowners more financial flexibility.

If you are considering a Reverse Mortgage, this increased loan limit and reduction in origination fees could now result in you receiving more cash, depending upon your home’s appraised value. Visit our sister site http://acremortgageforseniors.com for more details.

Acre Mortgage Approved For NJ Smart Start Program

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Acre Mortgage has recently been approved as a lender for the NJ Smart Start Program. The Smart Start Program offers First Time Home Buyers in New Jersey low-interest fixed-rate mortgages from The New Jersey Housing and Mortgage Finance Agency.

For more information on the Smart Start Program visit http://www.nj.gov/dca/hmfa/consu/buyers/ownprg/smart.html

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