The housing market has taken in hit in every state, but some states are making a better recovery than others. Not all experts are sure what they can attribute that to, but we do know that the level of New Jersey FHA loans has increased. As with any other state we have talked about so far, the FHA home loan seems to be the leader in the housing market, whether buying or refinancing.
Who Was Hit the Hardest in New Jersey?
The one town that seemed to created buzz is Rumson, New Jersey. Why? Rumson is known for having back to back “For Sale” signs up, but this is one place where an FHA home loan isn’t prevalent. The only reason being, it would far exceed the loan limits. There are more than 100 homes for sale, and they are up for $1million or more. You won’t find New Jersey and FHA loans in the same paragraph in this town that is for sure. This town is making the list for the new category labeled as America’s formerly rich.
The batch of luxury homes here is one contributing factor to the problem. This is why you will never hear me say that an FHA home loan is the only fix for the economy. There were too many problems like this one before the collapse, so that wouldn’t be a far assessment. Although, I will tell you that because of the level of high-end homes you will find here, they just don’t fit into the New Jersey FHA loan limits categories for any county. In fact, in Rumson, you are looking at residents like Bruce Springsteen, bankers from Goldman Sachs, and many other notable figures.
The Cure For New Jersey
I don’t know that I would ever announce that I have a cure for New Jersey, but what I will say is this; an FHA home loan is harder to come by when a majority of the state is covered with million dollar homes. While there is nothing wrong with having a million dollar home, or over a million for that matter, this is what happens to kill a state when you litter it with luxury home builders, mile wide estates and over throw it with subprime and alternative loan programs. In New Jersey, the FHA loan limits don’t match up with many of the loan amounts you will find here. I don’t know that we could get the FHA to insure larger loan amounts at any point, but it would be worth considering. In addition, I would certainly agree that on homes like this, as the loan amounts increase, so should the down payments.
It is important to understand where you stand right now with your employer, what your employer focuses on, and where you think the company is headed along with your current position. Additionally, it is wise to consider long term what you see yourself doing when you do buy a home, and if you are married how this will affect your life? Our country hasn’t been future minded enough to control what is happening, thus our whole economy is completely out of control.
For more information on FHA loans, and New Jersey FHA loan programs, you can go to www.fhaloansnow.net, and fill out a form to get your loan prequalified today.
Want to find out more about FHA Home Loan, then visit Mayer Dallal’s site on how to choose the best New Jersey FHA loan for your needs.