Archive for November, 2009

I always tell my clients that “I sell houses, not loans” and direct them to my favorite Weichert Financial Services manager – Brian Wagenseller, who can be reached at 908-310-5122.  Brian sent out a newsletter this afternoon so I thought I would share some highlights of available mortgage options:

State bond programs (not available in every state)
- Very popular programs.  Loan amount limits and downpayment requirements vary.
- NJ, PA, VA and MA have monetized the tax credit to be made available at closing.
 
FHA financing
- As little as 3.5% down.  Loan amounts up $729,750 in certain areas.
 
VA financing
- No Money Down up to $417,000.
 
Conventional financing both conforming & jumbo
- Loan amounts up to $729,750

Home Improvement Financing
- An FHA 203(k) Mortgage enables buyers to combine purchase and renovation financing
- Jumbo Financing up to $1,750,000
- Fixed Rate Bi-Weekly Payments and Various ARMS Available
 
Super Jumbo financing – Unlimited Maximum Loan Amount
- Provided to high net worth borrowers.  Guidelines vary by client profile.

Reverse Mortgages
- 62 and older
- No income or credit qualification
- No monthly payments
- Available for purchases (great for Seniors considering downsizing)

Feel free to contact me or comment about this information, but remember: I sell homes, not loans, so I might not be your best resource.  However, I can be your connection to the resource!

If you are ready to get started, you can sign up for daily or weekly listing alerts of Basking Ridge homes for sale.  You have six more months to take advantage of the tax credit!

This week’s market activity will be posted tomorrow evening.

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***FINAL UPDATE***: President Obama signed the extension today!!  

The law extends unemployment benefit insurance as well as the tax credit for first time home buyers and adds a credit for repeat buyers.   Income thresholds have been raised and the deadline to be under contract has been extended through April of 2010 – transactions must close by June 30, 2010

Military personnel get extra time – they can still take advantage of the credit when they return home.

Senate Approves Extended U.S. Homebuyer Tax Credit

By Brian Faler

Nov. 4 (Bloomberg) — The U.S. Senate approved a $45 billion plan to expand a tax credit for first-time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.

Lawmakers voted 98-0 for the measure, sending it to the House, where Majority Leader Steny Hoyer of Maryland said in a statement it will receive a vote as early as tomorrow. The bill then would be forwarded to President Barack Obama for his signature.

The plan would be the first major extension of provisions in February’s economic stimulus plan. The $8,000 homebuyers’ tax credit, slated to expire this month, would continue until April 30 and be expanded to include people with higher incomes and some who already own homes. That would cost about $10 billion in the fiscal year that began Oct. 1, according to Congress’s Joint Committee on Taxation. 

The Treasury Department estimates that more than 1.4 million Americans have taken advantage of the homebuyer credit at a cost so far of about $10 billion.

Increased Credit

The Senate plan would allow homebuyers who have lived in their residence at least five years to receive a $6,500 credit. Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. That is up from the current $75,000 limit for individuals and $150,000 for couples.

Those buying homes worth more than $800,000 wouldn’t be eligible for the credit. Those who sell their new home or stop using it as their main residence within three years would have to repay the credit. 

Last Updated: November 4, 2009 18:03 EST

(Excerpts taken from www.bloomberg.com)

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Liberty Corner Fire Company Fund Raiser

Did you know that the volunteers of the Liberty Corner Fire Company are responsible for raising the majority of the funds used to satisfy the fire company’s annual operating budget?  The fire company is 100% volunteer – and the members work hard during the year to raise these necessary funds through the Annual Fund Drive mailing, holiday gift delivery and the other fund raising events we host each year.  It is through the success of these fund raising efforts that we are able to provide the community with new and improved fire fighting and rescue equipment and our volunteer firefighters with the latest training in fire fighting and rescue techniques.  You can help – and it can be fun…or well, funny in the case of this year’s CoMeDy NiGhT!  Plan to come out and join us for a few laughs on Saturday, November 14th, doors open at 7:00pm and the show starts at 8:00pm sharp!  I will be there!

For information on what is happening in the Basking Ridge Real estate market, visit my site to search homes for sale or to see what has sold in Basking Ridge recently.

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