National Homebuilder K. Hovnanian Homes Says They Have Money to Lend

K. Hovnanian Homes, the largest homebuilder in New Jersey, reports that there is plenty of mortgage money available for homebuyers with veri fiable incomes, assets, and good credit.

Furthermore, K. Hov is offering special 30-year fixed rate mortgage plans for specific new home communities and houses for sale. For example, K. Hov is buying down standard fixed-rate 30-year mortgages on quick move-in homes in the Northern New Jersey and New York markets they serve.

"Real estate is very local and very personal," Randy Hix, sales manager for K. Hovnanian in tbose areas, said. "Too many people are missing a great opportunity to purchase a home at a low price with a low interest rate because they're listening to the news. Whatever is happening on a national basis, you have to ask what's happening where you are buying and selling. In this area, most people will find it's a good time to choose a home at a great price and lock in low mortgage rates to get the most affordable payments I've seen in years."

According to Hix and Dan Klinger, president of K. Hovnanian American Mortgage, the credit crisis is really about how banks are responding to one another. This has an impact on everyone's life, because there are mortgage companies, like K. Hovnanian American, that have money and want to lend it to buyers.

"There is plenty of mortgage money to go around," said Klinger. "A person who can verify his or her employment, has established the ability to save money, and has paid his or her bills on time will have no problem getting a mortgage."

Klinger said Fannie Mae and the Federal Housing Administration loan limits have been increased and there are new financing options that are based on good mortgages that are dependable.

"Gone from the market are the loans that didn't make any sense," Klinger said. "We are simply back to fully documenting loans. For the fully qualified, we have plenty of money to go around."

John Cummins, sales manager for K. Hovnanian Homes in central and southern New Jersey agreed, stating that issues of getting financed for a mortgage loan is the main concern for the buyers who understand that home prices in New Jersey won't get any better, and that very few new homes are being offered.

"Nobody's looking for or offering gimmicks any more," said Cummins. "We know we need to offer a competitive rate that creates a comfortable monthly payment for a well-built home in a good location that matches a customer's lifestyle. That combination is getting people off the bench, despite what the media is saying."

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