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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 […]
IT’S OFFICIAL!!!!…. THE TAX CREDIT HAS BEEN EXTENDED AND EXPANDED Well…almost… (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: […]
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, […]
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 […]
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% […]
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 […]
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 […]
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 […]
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 […]
Consider using a Wholesale Mortgage Banker for your mortgage this Spring. Why? Wholesale Mortgage Bankers have access to two distinct sources of mortgage money: Secondary Market: 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 […]
Tuesday, January 22, 2008 Fed Lowered Interest Rates and New Jersey Home Buyers May Benefit Steve Lupton of Metrocities Mortgage Sent Me the Following Alert I Wanted to Share: NEWS ALERT!!!! 1. Today, the Fed lowered both the Fed Funds Rate and the Discount Rate by 75 basis points. This unusually aggressive move is an acknowledgement that […]
Wells Fargo is tightening the guidelines on a regular basis. You may not be in a distressed area but the guidelines are much tighter then 6 months ago and far tighter versus a year ago. Wells Fargo has increased the FICO requirement on jumbo loans from 620 to now a minimum score of 680. The […]
Just came across this article from CNN:Money.com that helps to explain the subprime freeze plan on interest rates €“ it looks like the majority of the people out there in this situation may not qualify for the assistance they so desperately need. Your buyers are sure to appreciate this insight The new foreclosure prevention program may […]