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First Time Home Buyer Tax Credit Extended…

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:  […]

2009 Housing Tax Credit Ends in Ninety Days

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, […]

Home Buyer Tax Credit Ends Dec 1st

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 […]

New Jersey Mortgage Rates Plunge

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% […]

Understanding the Credit Crisis

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 […]

Avoiding Foreclosure in New Jersey

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 […]

Why Use a Wholesale Mortgage Banker?

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 […]