There is optimism in the air about the NJ real estate market for 2010 as reported in The New York Times by Antoinette Martin on January 10th.
..."SO is it over? The three-year period of unrelenting home price declines: has it stopped? And is it possible that sales prices will go the other way in 2010?
...€œEvery county has its own story, said Mr. Otteau, (market analyst, whose Otteau Valuation Group continuously tracks sales data in 21 counties for real estate companies.)
THE TAX CREDIT HAS BEEN EXTENDED AND EXPANDED
(President Obama still has to sign it, which he will)
Per Martin Straka, Mortgage Loan Officer with Bank of America:
On Thursday afternoon (11/5/090 the House of Representatives voted to pass the legislation extending the Tax Credit and Unemployment Benefits (HR 3548).Homebuyer Tax Credit: H.R. 3548 extends the $8,000 tax credit for first-time homebuyers for five months, from November 30, 2009 to May 1, 2010. In addition, the bill provides a $6,500 tax credit...Continue Reading!
You only have three more months
to take advantage of the 2009 Housing Tax Credit.
Still Confused as to whether you qualify?
There are still many opportunities to purchase an affordable home
along the Midtown Direct Train line in New Jersey.
If you want additional information about real estate in
South Orange, Maplewood,Millburn/Short Hills,
Summit, Chatham, Madison, Livingston or West Orange...
Contact Perri K. Feldman @ 973.650.4727
or Perri@MidtownDirectHomes.comContinue Reading!
Did you know that the Home Buyer Tax Credit can now be used for closing costs with FHA-approved lenders?
But "first-time home buyers" only have until December 1, 2009 to purchase their principal residence to take advantage of the credit.
The National Association of Realtors (NAR) has a very valuable website: http://www.housingmarketfacts.com/ with easy to understand question and answers for first-time New Jersey home buyers.
With historically low interest rates today (yes we are seeing them start to creep up!) and affordable housing prices in the key...Continue Reading!
Finally, some good news for New Jersey home buyers near the Midtown Direct Train line.
In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!
If you have been on the fence about buying or refinancing a home in a New Jersey community along...Continue Reading!
Those last few days before closing on a new home in New Jersey can be nerve wracking.
I asked Tom Wragg (First Choice Bank) to put together this list for my first time home buyers in New Jersey:
From Contract to Close: How NOT to Mess Up Your NJ Mortgage
In this environment, it is important to adhere to the following guidelines in New Jersey in order for your mortgage company to maintain your mortgage until closing:
Keep in Touch with your Mortgage Banker
Make them aware...Continue Reading!
Steve Lupton of MetroCities Mortagage just shared this take on our current "credit crisis" to help you understand WHY.
"The Chinese have a proverb: "May you live in interesting times."
And we are living through interesting times indeed.Whatever the political posturing regarding the rescue plan, a plan needed to be passed. Credit markets are frozen and banks are going bust every day. This is not totally because of "toxic" mortgages. This has a lot to do with FASB 157, also known as "mark...Continue Reading!
Steve Lupton of MetroCities Mortgage just passed on some excellent words of wisdom if forclosure is around the corner for your New Jersey Home.
Here is some advice for Homeowners & New Jersey Real Estate Agents:
Few things are as devastating as losing your home. Sadly, it's not always inevitable. In many cases the foreclosure could have been avoided with some outside help.
You are in a unique position to advise your clients in financial matters. If you know that a client is on the path...Continue Reading!
New Jersey Home Buyers should benefit from the new FHA and Fannie Mae-Freddie Mac conforming loan limits released by the US Department of Housing & Urban Development on March 6, 2008.
The new loan limits for FHA and Fannie Mae-Freddie Mac are now calculated at 125% of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.
Use this link to find out the new limits in your area. This will take you to the "mortgage limits"...Continue Reading!
Consider using a Wholesale Mortgage Banker for your mortgage this Spring. Why?
Wholesale Mortgage Bankers have access to two distinct sources of mortgage money:
This source of capital comes from investors that invest in mortgage backed securities. Loans are originated then sold to Wall Street banks, bundled into mortgage backed securities and sold.
If a particular loan fits within FNMA's guidelines they are then sold to FNMA. Since FNMA loans are a large percentage of the overall mortgage market, their 30 yr...Continue Reading!
"Perri was very reactive AND proactive. Clearly, she has an excellent grasp of the towns and counties she covers and went the extra mile to educate us on an area we were not entirely familiar with." Steve & Laura Lee