Archive for the 'NJ First Time Home Buyers' Category
Will NJ Home Buyers Benefit From New Loan Limits?
March 8th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
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” page at the HUD website.
- On that page, enter your state and county information.
- Chose the type of loan from the “Limit Type” drop-down box: FHA Forward (HUD’s name for the temporary FHA loan limit), Fannie/Freddie or HECM.
- Then click the “send” button at the bottom of the page.
- On the results page, you’ll see the new loan limit for the type of loan you selected for your area.
Realtor.org also provides a county-by-county listing of the new loan limits here.
The impact of these loan limit increases on the New Jersey housing market could be significant. Lower interest rates across the board should result with this infusion of capital into the mortgage market. In addition, there will be a direct impact on high-cost areas of New Jersey (ie. Short Hills, Summit, Livingston) that previously required borrowers to take out costlier jumbo mortgages.
NOW is the time to Refinance or BUY A NEW HOME
in New Jersey.
If you need any New Jersey Real Estate advice please contact
Perri K. Feldman at 973.650.4727
or email Perri@MidtownDirectHomes.com
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Essex County New Jersey Home Sales January 2008
February 15th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers, Recent New Jersey Home Sales
As expected, average sales prices continue to rise in Millburn/Short Hills and Montclair with sustaining prices in the remainder of Essex County.
All indications are that entry level homes ($400,000-$600,000) in these communities will benefit from falling interest rates…thus stimulating growth as we enter the key spring selling season.
To find homes for sale in Essex County search Midtown Direct Homes or call Perri @ 973.650.4727.
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Facts About New Jersey
February 7th, 2008 Categories: Buying a Home in NJ, NJ First Time Home Buyers
Every couple of months I get this email about New Jersey “truisms” that this Jersey Girl can appreciate…so I thought I would share it with you.
This latest email came from Debbi out of Blaine, Minnesota from my Millburn High School graduating class (way back when.)
Facts about NJ
If you’ve ever lived in Jersey…you’ll appreciate this!!!
New Jersey is a peninsula.
Highlands, New Jersey has the highest elevation along the entire eastern seaboard, from Maine to Florida.
New Jersey is the only state where all of its counties are classified as
metropolitan areas.
New Jersey has more race horses than Kentucky.
New Jersey has more Cubans in Union City (1 sq mi.) than Havana, Cuba.
New Jersey has the densest system of highways and railroads in the US.
New Jersey has the highest cost of living.
New Jersey has the highest cost of auto insurance.
New Jersey has the highest property taxes in the nation.
New Jersey has the most diners in the world and is sometimes referred to
as the “Diner Capital of the World.” Read the rest of this entry »
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Retreat for New Moms in Chatham NJ
January 15th, 2008 Categories: Chatham Living, NJ First Time Home Buyers
The Parrot Mill Inn located in CHATHAM, N.J. plays host to the “Mommy Nest,” a retreat for new moms in New Jersey.The NY Times wrote an article on the Mommy Nest yesterday. I wish this was available seventeen years ago!!!What a wonderful idea to help new mothers adjust to breast-feeding, sleep deprivation and the joys of motherhood. At $500 a night, moms can get help from lactation consultants and the rest and relaxation they crave.
If you need to find more room and need a new home in Chatham, New Jersey please give Perri a shout at 973.650.4727 or look online for free at Midtown Direct Homes
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December 2007 New Jersey Home Sales
January 2nd, 2008 Categories: NJ First Time Home Buyers, Recent New Jersey Home Sales
Homes continued to sell in New Jersey during December 2007.
Prices were down about 11% from the previous month.
Average Days on Market (DOM) were only two months in December versus three months in November.
Why?
Sellers realized that well priced homes will sell and Buyers took advantage of year end “specials.”
Below are the December (12/1/2007–12/31/2007) closed sales of single family homes provided by the Garden State MLS.
December 2007 HOME SALES
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First Time Home Buyers–Beware!!!
December 22nd, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers
Another First Time Home Buyer Disaster
Please Don’t Let This Happen to You
Janis Gagliardi, a real estate expert in Port Orange Florida, shared this DISASTER story of a First Time Buyer in her PortOrangeJuice.
Anyone, Anywhere in the country buying their first home should follow her advice:
“We searched and found a beautiful home for a young couple a few months back and successful negotiated and went under contract. The couple was pre approved by their lender and had provided the document to the sellers which helped solidify the deal.
Just before closing their credit was pulled again as underwriting normally does. Our customers (buyers) received a call from their lender and much to their horror were informed that they were not approved to close.
To make a long story short, they had given a family member a credit card to a furniture store and over $10,000 in furniture had been charged to their account! The lender disapproved the loan. Not a pretty story!”
We always inform our buyers not to charge anything, change jobs, or buy a car before closing.This has been known to end many a sale! It is very important to not charge anything or apply for other loans during this sensitive period.
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Requirements on Jumbo Loans Just Got Tighter From Wells Fargo
December 17th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
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 max DTI went from 50% down to 45%. I know Wells Fargo is usually the front runner in jumbo pricing so if you are quoting a rate to your borrower please make sure this announcement does not eliminate your borrower from going to Wells. They also have changes to the Limited Doc/VOA program.
THE NEW GUIDELINES ARE EFFECTIVE DECEMBER 15, 2007.
Wells Fargo appraisal guidelines are as follows:
- At least three sales closed within the previous six months
- Comps should be within one mile/12 blocks of the subject (urban/surban)
- Rural areas comps must be within 10 miles
Wells is also watching the Soft and Distressed Markets.
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The Real Skinny on the Subprime Freeze Plan: Who’s Left Out
December 12th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
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 leave out most distressed subprime borrowers.
By Les Christie, CNNMoney.com staff writer December 11 2007: 2:51 PM EST
NEW YORK (CNNMoney.com) — Distressed borrowers looking for relief from the recently announced White House foreclosure prevention plan may be in for a disappointment.
In announcing the administration’s plan, which includes a five-year freeze on interest rate hikes for some subprime borrowers with adjustable-rate mortgages (ARMs), the White House estimated it would offer relief to 1.2 million families out of the 1.8 million facing higher interest rates. The initiative comes at a time of record high foreclosure rates.
But there are very strict limitations.
Link to Full Story “Subprime Freeze Plan: Who’s Left Out“
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What is Title Insurance & Why Do I Need It?
December 3rd, 2007 Categories: Buying a Home in NJ, Condo & Townhouse Living in NJ, NJ First Time Home Buyers, NJ Real Estate Laws
For many Americans, the purchase of a home is the single largest investment they will ever make.
Home-ownership is an integral part of the American dream, yet like anything else, purchasing a home comes with certain risks. Homeowner’s insurance and flood insurance help protect you from loss or damage due to theft, fire, or acts of nature.
But what if your ownership itself was challenged?
Title insurance protects property owners or others with a financial interest (such as a mortgage lender) from loss or damage as the result of liens, encumbrances, defects in, or the unmarketability of title to the property. Read the rest of this entry »
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How to Find the Best Mortgage Rates in NJ
November 26th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
Meeting with your mortgage partner in person is a must in today’s market.
With the mortgage market providing hundreds, if not thousands, of different loan combinations, today’s borrowers need their mortgage banker or broker to cut through the clutter of the products and focus on what works best for that specific customer. For some, a Fixed Rate Mortgage is the best choice – for others, an Interest Only Loan may make the most sense. The job of the mortgage professional is to find out what the customer is trying to accomplish with their mortgage and provide them with the closest fit. Read the rest of this entry »
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