Living In New Jersey
Bergen Country NJ living. Discover best places to live in NJ, reviews of Paramus, River Edge, Oradel, Emerson, Fairlawn towns and communities. Wrap-up on NJ real estate news, NJ cool facts, happenings and info in Bergen Country NJ. Search The NJ MLS for you next home!
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Most Recent Mortgage and Real Estate News
Posted on July 18th, 2009 No commentsThere are some serious (additional) problems right now, directly affecting real estate. It looks to me like it’s going to get a lot worse worse before it gets better. Yet, when doors close, others open - there are resulting opportunities as well (See below). Here are some of the reasons/symptoms:
- 1.5 million homes in foreclosure- Appraisal chaos due to new ordering rules and short sales
- High, and still increasing unemployment. Mortgage aid for unemployed
- Collapsing commercial market. Commercial paper falls most ever
- Slow implementation by lenders of loan modification iniatives. Articles
- Lack of ability or willingness to lend. What to do with the Fed
- The Case-Shiller index continues to point towards further declining markets.
What this means in practical terms
- Appraised values as much as 30-40%(!) low, especially for refi’s
- Restrictive lending environment, and tightening up more
- Construction loans virtually unavailable (unless hard money)
- Hard money lenders are raising lending criteria and pricing
- Conventional financing maximum is 90%ltv
- PMI requires 680 Fico
- Higher lending standards and erratic pricing for commercial loans
Good news, opportunities
- Investments with good cash on cash returns available
- Affordable price levels - especially for first time home buyers
- First Time Homebuyer tax credit (must close by Nov 30th!)
- Rehab homes (foreclosures) can be bought with 203(k) loans
- FHA loans, including FHA rehab loans (203k), readily available
- Fannie Mae REO opps with Prospect Mortgage Homepath (rehab) loans
- Higher Fico’s get lower rates
- Rates are not likely to increase (I think)
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property
- Reverse mortgages
- Commercial loans
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Posted on June 13th, 2009 No comments
Rates are headed for 6.00%. In just 2 1/2 weeks much of the Fed’s work to drive rates lower has unraveled. 5 reasons they might retreat - and why they might not. /// The homebuyer tax credit may be expanded in a number of ways. Let’s also hope the Nov 30 deadline gets extented (See below) /// You can now publish my newsletter on your website with ann RSS feed. Go here to do it.
Congress weighs tax credit expansion
Legislation introduced in Congress Wednesday would expand the First Time Home Buyer Tax Credit to any purchaser and increase the maximum available to $15K. Read more.Sources of FHA down payments
Did you know that a family member can take out a loan to gift the down payment, or that the home buyer is allowed to take out a fully collateralized loan for it? In all there are about 18 possible sources for FHA down payments. Check it out.10 most undervalued cities
Homes in the majority of U.S. markets are undervalued right now, but housing prices may have yet to find a floor, according to IHS Global Insight. Here are 10 cities IHS finds the most undervalued.Commercial mortgage defaults
The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents. Read moreRates hit 7-month high
For the week ending June 11th the 30-year fixed averaged 5.59% with an average 0.7% fees and points, up from last week when it averaged 5.29%, and increased again thereafter. This time last year it averaged 6.32%. “Higher mortgage rates are slowing refi’s but not demand for home purchases. Over the 3 weeks ending June 5th, interest rates for 30-year fixed-rate mortgages rose nearly 1/2%. Applications for refinance fell each week during this period while applications for home purchases consecutively rose, according to the Mortgage Bankers Association” said Frank Nothaft, Freddie Mac vice president and chief economist. Freddie Mac rate surveys.
Available
- Same day loan decision (no ifs or buts)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Jumbo loans at near conforming rates
- Commercial loans
NJ Real Estate
NJ Real Estate Professional
Let Me help you find your next home in Paramus, River Edge, Oradell, Emerson, Fairlawn, New Jersey
Carmelo "Mel" Oliveri
Office: (201) 599-1100
Cell: (201) 618-2854
Fax: (201) 261-6733
Click Here Visit Our Web Site: OurNJHouse.com
NJ Real Estate Updates
- Interest Rates Will Rise in March 2010 and on
- NJ Foreclosure Update
- Great Home Eastside Paterson NJ
- December 2009 Case Shiller Report
- Paramus New jersey, Oradell NJ & River Edge NJ Real estate market update
- Recession Proof Yourself___www.OurNJhouse.com
- Bergen County Short Sales/ Foreclosures
- Paramus NJ Open House____9/13/2009 1-4pm
- Georgian Style Colonial Paramus NJ REDUCED!!!! $519K
- Come Join the 3rd Annual Paramus Freedom Walk