Paramus NJ | River Edge New Jersey | Oradell NJ | Emerson NJ | Fairlawn NJ | MLS | Real Estate and Homes For Sale » Oradell

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Carmelo — Thu, 09 Jul 2009 21:06:40 +0000

www.YouTube.com/OurNJhouse

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Oradell NJ Recent Home Sale

Carmelo — Thu, 09 Jul 2009 18:31:34 +0000

In the last month 9 homes have sold in Oradell NJ ranging in price from 350-970K, if interested in more information on oradell nj and what the community has to offer please visit my sites

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com

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Home Inspections

Carmelo — Wed, 01 Jul 2009 02:50:27 +0000

An investment of any size should always be supported by an inspection, and nowhere is this more true than in real estate. Yet many of my first-time buyers are so eager to get into their property that they overlook this crucial step.

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com

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Latest News Letter for Paramus, River Edge, Oradell, Emerson and Fairlawn NJ Real Estate Market Conditions

Carmelo — Sat, 20 Jun 2009 23:05:20 +0000

http://realtytimes.com/c/CarmeloOliveri

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FHA Mortgage Up to 25%______www.OurNJhouse.com

Carmelo — Fri, 19 Jun 2009 16:46:19 +0000

NAR: FHA Market Share Must Be Supported
The National Association of REALTORS^® urged Congress to invest resources that will ensure FHA’s continued role in stabilizing housing. A large portion of today’s home buyers would be unable to realize their dreams of homeownership without the Federal Housing Administration’s mortgage insurance program, NAR says.

FHA’s market share has grown from less than 3 percent to more than 25 percent in a short period of time. NAR submitted testimony to the House Financial Services Subcommittee expressing support for increased FHA staffing and resources to keep up with this rising demand.

“As the leading advocate for homeownership, NAR strongly supports FHA’s single- and multi-family mortgage insurance programs, and we have worked diligently with Congress to fashion housing policies that ensure federal housing programs meet their mission responsibly and efficiently,” NAR President Charles McMillan says. “FHA is now the primary source of safe affordable mortgage financing for American families. To keep up with increasing demand, FHA must expand its capabilities, but FHA has not yet received the additional staffing and other resources commensurate with its expanded role in financing mortgages.”

REALTORS^® have advocated strengthening oversight of and preventing fraud in FHA and other U.S. Housing and Urban Development programs for several years. Despite voiced concerns about its soundness and oversight, studies show that FHA remains financially sound and should remain so in the coming years. The FHA-approved group of lenders maintains strict oversight of loan originators.

“Since FHA has been underinvested in for a number of years, we hope Congress will act now to provide them with resources to increase staffing and invest in technological improvements,” McMillan says. “We believe provisions of what the U.S. Senate has proposed regarding FHA loans in S. 896, the Helping Families Save Their Homes Act of 2009, will be a big step in providing the type of necessary oversight now that FHA is such a major force in the market. We look forward to working with Congress and HUD to make sure that FHA continues to offer stable, affordable, safe options for home buyers across the country.”

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NAR Report Pending Homes Sales are Up!!!!!

Carmelo — Fri, 05 Jun 2009 19:10:53 +0000

Pending Home Sales Up for Third Consecutive Month

Record low mortgage interest rates boosted the NATIONAL ASSOCIATION OF REALTORS^®‘ (NAR) forward-looking pending home sales index 6.7 percent in April to 90.3 from a reading of 84.6 in March. The April 2009 reading is 3.2 percent above April 2008. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market, too,” says NAR Chief Economist Lawrence Yun. The index in the Northeast shot up 32.6 percent from March to 78.9 in April.For more information, read NAR’s press release or watch a video interview of Lawrence Yun on the latest index figures.

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Carmelo — Mon, 01 Jun 2009 01:48:21 +0000

Rates are up 0.25%+ So much for my comment of last week about flat trend lines! Read more. /// Rates may be higher now but still very good. Particulary first time home buyers should not delay. /// Refinances that like to wait for the better rate should get fully approved and try a short lock on rate dip and close within the week. /// Minimum Fico for FHA is now 560. /// Stated income loans still available for homes and investments: 70%ltv max. /// Have a good week folks!
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com

Tax credit loans for closing costs (but why bother)
Short-term loans to enable buyers to use their homebuyer tax credit benefits upfront, but the loans can’t cover the 3.5 percent minimum downpayment. Read more. But why bother? It is one more complication and using a seller concession will acomplish the same thing. And once the tax credit comes in, it does not need to be used to repay a loan. Remember, you must CLOSE by December 1 to be eligible for the tax credit. For details go here.

Construction and rehab loans readily available.
We have construction and rehab loans for residential (up to 4-unit properties) – investment and owner occupied. The lending value is based on the purchase price plus cost to complete, plus equity upon completion (in some cases). Presenting a rehab plan is a great way to enhance a rehab/teardown listing – and for buyers to create a dreamhome and significant equity. The timing is right. Call to discuss.

Is a commercial real estate bust inevitable?
Bailout watchdogs have something new to growl about: the lack of financing in the commercial real estate markets. Read more.

Rates up 0.25%+
For the week ending May 28th the 30-year fixed averaged 4.91% with an average 0.7% fees and points, up from last week when it averaged 4.82%, and increased again thereafter. This time last year it averaged 6.08%. “Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Consumer confidence rose again in May and represented the largest two-month rally since records began in 1967. Freddie Mac rate surveys.

Down Payment Assistance programs on their way back?
Congress is currently considering H.R. 600, bipartisan legislation that would make DPA an allowable gift source for FHA loans. Read more.

Available
- Same day loan decision (no ifs or buts)
- 30-day closes
- Condo (conversion) financing services. Information

- FHA loans down to 560 Fico

- 50-70% LTV stated income loans (600-700 Fico)

- 95% LTV Fannie Mae condo loans

- Loans for non-residents

- Rehab and construction loans

- Jumbo loans at near conforming rates

- Commercial loans

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The Strongest and Weakest Housing Markets!!!

Carmelo — Fri, 29 May 2009 17:15:27 +0000

Home News
The Strongest and Weakest Housing Markets
By Louis Jones, Kiplinger’s Personal Finance, www.kiplinger.com

It’s no secret that the real estate market has been hammered. Nationwide, median home values dropped 18% in 2008, according to the most recent data from Fiserv Lending Solutions, a home-price research company. And in markets such as California’s Central Valley, where speculative building has yielded more homes than jobs, prices are down 30% to 38%.

In a few pockets of the country, though, home values have held their own, and some have even seen slight increases. The best place to own a home right now? Texas. Relatively conservative lending practices in the Lone Star State have buttressed homeowners from the worst of the subprime-mortgage mess. Additionally, Texas has a vibrant and diverse manufacturing sector, which has kept unemployment – and foreclosures – low.

The hardest-hit metro areas have been in the Central Valley and the Southwest, where speculative building and subprime loans a few years ago inflated the housing bubble. Now, the recession and job losses are pushing more homes into foreclosure. In turn, foreclosure bargains are luring new home buyers into the market and increasing number of sales but dragging median home values further down.

To see the ten metropolitan areas where median home values have increased the most, take a look at our slide show, Ten Cities With Rising Home Values. And to see where home values have dropped the most, check out our slide show, Ten Cities Where Home Prices Have Plummeted.

Researching the top ten cities where home values increased in 2008, we identified a few characteristics of successful real estate markets. Not every city on our list shares all of these characteristics, but a combination of them has spelled success for many metro areas.

A diverse set of industries. When a community relies too heavily on one sector, changes in that industry can be devastating to the local economy. A solid blend of midsize manufacturing and retail companies minimizes unemployment and keeps the local economy stable.

A college or university. In State College, Pennsylvania, for example, Penn State University is the local economy’s lifeblood, keeping housing prices on an even keel. But even in towns without major universities, smaller community colleges can provide secure jobs and attract home buyers.

A major hospital. Health care is one of the few industries still growing during the recession. Hospitals, especially regional ones, provide lots of jobs over large areas and help to stabilize housing values.

A strong community of retirees. While this doesn’t hold true for all cities that attract retirees (see Naples, Florida, in our list of the ten most depressed housing markets), it does in College Station, Texas and Kingsport, Tennessee, where retirees buy homes and give local economies a boost.

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Home Buyers FAQ’s, Bergen County Real Estate

Carmelo — Fri, 29 May 2009 17:13:30 +0000

Mortgage News
Home Buyer’s Down Payment FAQs

With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a home has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market.

Q. Are there any no-down payment programs left?

Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.

A USDA Guaranteed Loan is a government-insured, 100% purchase loan. This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.

If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit. Give us a call to find out if you’re one of them.

Q. Are there any other government-insured programs that can help someone struggling with a down payment?

Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.

Q. May I use a gift from family members as part of my down payment?

Yes. In many cases, immediate family can provide monetary gifts to be used as a down payment. There are restrictions of course, and strict documentation will be required, but we will gladly walk you through the finer details of this process. Be sure to mention this option when you’re filling out an application with us.

Q. May I use funds from my IRA for my down payment?

Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions. If you don’t have one, we’ll gladly refer you to one we work with on a regular basis.

Q. May I use the $8,000 tax credit as my down payment?

No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. We’re following this issue closely and will let you know if anything changes. Just keep reading our newsletters and other materials we send to you or give us a call and we’ll let you know if any progress has been made.

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Wish Everyone a HAPPY MEMORIAL DAY!!!!!

Carmelo — Fri, 22 May 2009 21:22:28 +0000

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