Pete and Rebecca

The service and personal attention we received from Gerald was exceptional and beyond what we were expecting! His knowledge of the local and national market and his commitment in finding us the best rate helped us in our search for our dream home. As first time home buyers everything was new to us and the most important thing we wanted was someone we could trust. He was there for us every step of the way. I’m glad we chose his services and would recommend Gerald to anyone buying a home.

Stephen and Carrie

While the task of simultaneously selling two homes and buying another was daunting, at best, the team at Valley Forge Mortgage made it all seem easy. They not only performed several magic acts [to help us get the job done], they did it with professionalism and an expertise that – like our mortgage – was “jumbo!” We are beyond grateful that Gerald was watching our backs.

Michael

I have worked with Gerald Nachman on a number of occasions and he is a true professional. He takes the time to ensure that his clients understand the entire process of closing on a mortgage and is always willing to explain things until the client is comfortable. Patient, kind and understanding – Gerald is exactly the type of person you want working on your behalf. I would never work with anyone else!

FHA Streamline Mortgage

What is it and how does it work?

An FHA Streamline mortgage loan is a government guaranteed loan designed to help homeowners lower their monthly mortgage payment. This program requires less paperwork and underwriting. As long as you have an existing FHA mortgage you are eligible for an FHA Streamline mortgage loan. You will need to work with an approved FHA lender like Network Funding.

What makes the FHA Streamline mortgage loan an attractive refinancing option?

  • Minimal out-of-pocket expense
  • Lower monthly payments
  • Less paperwork
  • Less restrictive underwriting
  • Fast approvals

Call us today at 610.265.2500 and speak to one of our trained and licensed FHA Streamline mortgage loan experts to find out if you qualify for a FHA Streamline mortgage loan.

What do I need to qualify?

  • You must have an existing FHA mortgage and have made the payments on time for the past year.
  • You will need to find an FHA approved lender like Network Funding
  • FHA streamline mortgage loans do not require an appraisal but they cannot exceed your current loan balance.
  • You can choose to cover your closing costs in a variety of ways including paying for them yourself; using a “no-cost” lender credit FHA streamline loan; or by using an appraisal to determine the amount of equity you have in your home for the closing costs.

FHA 203K Streamline Program

Another FHA Streamline program was created to help homeowners modify or improve their home and is called the FHA Streamline 203K program. This program acts like the typical FHA Streamline mortgage with a few differences:

  • You must use at least one contractor to do the renovations or repairs unless you can prove that you have the proper licensing and expertise.
  • The minimum amount you can borrow is $5,000 to a maximum of $35,000. This amount can be used for many uses including removing lead paint, insulating and weatherizing you home or for many other home renovations that don’t involve major changes to your home.
  • You must obtain a written estimate that breaks down the specific costs and the timeframe to complete the renovations. The contractor must sign the estimate of costs and do the work at that cost and in the timeframe specified.
  • All permits and licenses must be obtained for the project.

Bear in mind that this program was designed for small renovations and not designed for structural alterations to your home such as those that require architectural designs. Any loan amount over $15,000 will require an inspection of the work by a third party upon completion of the job. There are generally two payments made to the builder even if the homeowner is the builder.

Record keeping is also needed for this type of loan and a list of what records you should keep during the renovations will be provided.

To get started, call our loan experts today at 610.265.2500!

Jumbo Loans That Make Sense

Valley Forge Mortgage now offers the best Jumbo product in the Country!

The Big & Easy – Jumbo loan up to $2.5 Million that can finance numerous property types with multiple fixed and arm options. The “Big & Easy” is the only True Jumbo product that helps you close with clear, simple and hassle-free guidelines.

FICO scores as low as a 720 with amounts as high as 80% of the Value of Your Home…which is substantially higher than the rest of the Jumbo products currently offered in the market.

The Big & Easy Plus – A Super Jumbo Mortgage loan with higher debt ratios then most conventional mortgages and loans amounts as large as $1.5 million.

  • High Debt ratios up to 49%
  • Loan amounts from $417,001 – $1,500,000
  • Must have 740 plus FICO Scores
  • Both Primary and Secondary homes allowed
  • 30-year fixed rate terms and adjustable rate loans available
  • Loan to the value of your home of up to as high as 75%
  • If you are in the market for the best Jumbo product available call today at (610) 265-2500!

Stated Income Mortgages Are Back!

That’s right, stated income mortgage loans are back. Call us today at 610.265.2500 to find out more about how a stated income mortgage could be your residential mortgage solution!

As time goes by, we are seeing more products that can help our customers then we have seen in years. Stated mortgage loans are perfect for self employed individuals that work closely with their accountants to reduce their tax liability.

HARP Loans

What is it and how does it work?

On October 24, 2011, President Obama announced an overhaul of the HARP 2.0 (Home Affordability Refinance Program) program to include more homeowners. The expanded program is called HARP 2.0 and allows borrowers to refinance with greater flexibility and loan-to-value ratios.

HARP 2.0 is a government program known as the Home Affordability Refinance Program and is designed to help homeowners whose property values have decreased due to the declining real estate market refinance their mortgage. In some cases, HARP 2.0 eligible homeowners may owe more than the current value of their home.

All HARP 2.0 eligible loans must be owned or guaranteed by Fannie Mae of Freddie Mac with a history of on-time mortgage payments. This new program has many new features to help homeowners:

  • Loan-to-value limits may no longer keep homeowners from refinancing regardless of how much value their home has lost
  • In many cases the elimination of the need for appraisals
  • Certain fees may be eliminated or decreased
  • The program has been extended until December 31, 2013.
  • Loans can be underwritten faster and with less documentation then most conventional loans

Call us today at 610.265.2500 and speak to one of our trained and licensed loan experts to find out if you qualify for HARP 2.0

How do I qualify?

According to the program guidelines, your current mortgage must have been originated prior to May 31, 2009. In addition, your mortgage must have been owned or guaranteed by Fannie Mae or Freddie Mac prior to May 31, 2009 to be eligible. You must also have no mortgage late payments for your current mortgage.

To see if you have a Fannie Mae loan click here.
To see if you have a Freddie Mac Loan click here.

Many homeowners today see the great rates available but have not refinanced because they are worried about the value of their home. Many hard hit areas around the country have seen home values drop by as much as 100% or more.

This program was designed to help homeowners refinance their home even if the market value for their home has dropped significantly.

To see if you qualify for the HARP 2.0 program call our experts today at 610.265.2500!

 

Reminders For Your Final Walk Through

  1. Check all toilets by flushing.
  2. Make sure all lights are working.
  3. Make sure appliances are working.
  4. Test the garage door opener.
  5. Have all debris removed from house and yard.
  6. Be sure all doors open and close properly.
  7. Make sure heating and air conditioning units are working properly.
  8. Check for water damage on walls and ceilings.
  9. Inspect under sinks for leaks while running water.