Hoboken, New Jersey real estate news, info and more!

Major Banks Have Hired Thousands to Help Win the Foreclosure Fight

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 29 Nov 2009 22:48:40 -0600

Major mortgage servicer Wells Fargo, which owns one in six U.S. mortgages, has nearly doubled its staff working on restructurings, by adding nearly 7,000 employees this year. Citigroup has increased staff by about 54%, adding 1,400 positions.

The new companies that have been formed in response to the home-mortgage crisis also have been hiring. Private National Mortgage Acceptance Co., also known as PennyMac, was founded in 2008 by former executives of Countrywide Financial Corp. and now employs about 120 people.

The newly hired modifiers will present a number of options to a customer, with the goal of lowering a customer’s monthly payment to roughly one-third of their household income.

If you are someone you may know is struggling to pay their mortgage, please contact Eddie Perez, Broker-REALTOR, CDPE. As a CDPE, I can help you through any housing related crisis. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached ateddie@InvestHoboken.com or 201-344-2886.

New Tax Credit Questions

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 29 Nov 2009 22:47:34 -0600

Since the new home buyer tax credits have been approved a lot of possible buyers have questions regarding how the new credits work. Following you will find answers to good questions that you as a potential buyer may have.

As a current home owner how can you apply for the $6,500 credit?

A buyer must have lived in their home for at least five out of the last eight years. The home they will purchase must serve as their primary residence, but the buyer will not need to sell their previous home. The previous home could be used as a rental, or a second home and still claim the credit.

Does a buyer need to purchase a new home that is more expensive than the one the buyer currently owns?

You can downsize to a lower priced home, but if the property sells for more than $800,000, a buyer will not qualify.

If you are building a new home can you claim the credit?

Yes, as long as the contract is complete by April 30 and you must move in by July 1.

If you purchase a home from a relative will the credit still apply?

No. You are not allowed to claim the credit if the sale is between related parties.

Now is the best time to purchase a home in Hoboken. With low mortgage rates available, along with the recent passing of the new tax credits, this may be the opportunity you have been waiting for. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached ateddie@InvestHoboken.com or 201-344-2886.

Trouble With Making Mortgage Payments?

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 29 Nov 2009 22:45:16 -0600

According to data released by the Mortgage BankersAssociation, approximately one in seven American households with mortgages is behind on payments or in foreclosure. Sadly, only ten years ago it was one in ten.

The report stated that 14.4% of first-lien mortgages on one-to-four-family homes in the third quarter were 30 days or more overdue or in the foreclosure process. That is the highest rate since 1972, and has potential for 7.5 million people to be at risk of losing homes.

Loan defaults have been rising for more than three years. A major part of the blame falls on faulty lending practices during the housing boom that had millions of people buying homes they simply could not afford. Along with rising unemployment, which hit 10.2% in October, has made matters worse.

It is possible that the problem of delinquent homes could decline by mid-2010 with the hope of declining unemployment. Although, the number of loans in foreclosure could remain elevated as banks are taking longer to approve borrowers who could stay in their homes with lower payments.

During October, about 6.5 million U.S. households with mortgages — were 30 days or more overdue, or already in the foreclosure process, according to LPS Applied Analytics.

Major Banks Have Hired Thousands to Help Win the Foreclosure Fight

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 29 Nov 2009 22:43:04 -0600

The newly hired modifiers will present a number of options to a customer, with the goal of lowering a customer’s monthly payment to roughly one-third of their household income.

Look What $239,000 Buys You in Hoboken

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 22 Nov 2009 23:28:06 -0600

Attention first time home buyers, don’t miss out on this very charming condo located in Hoboken. This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit. Act now before it’s gone! Remember, now the credit is $8,000 for first timer and $6,500 for repeat buyers. See Home Buyer Tax Credit site for information.

For more great homes for sale in Hoboken go to Look What Buys You $334,000.

If you would like to take a tour of this lovely condo or you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Hope That Tax Credit Will Increase Buyers

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 22 Nov 2009 23:26:17 -0600

With the extension of the $8,000 credit and the addition of a credit for those who have owned and lived in their home for at least five of the last eight years.

With rates falling and beginning in January 2010, those who have the equity and can afford to refinance are taking advantage of the low rates. The refinance share of the loan market climbed 11.3 percent to 71.5 percent recently.

The 30-year fixed rate is at 4.69 percent and is the lowest since May 15. The average 15-year rate is 4.33 percent. The rate for a 1-year Adjustable Rate Mortgage was 6.85, up from 6.83

For more information on the new plan, visit the Homebuyer Tax Credit site

For more valuable information on current housing issues, please go to Making Homes Affordable.

Since there is more time to utilize the $8,000 tax credit, make this your opportunity to find the ultimate Hoboken home. Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

2010 Home Sales May Rise 15 Percent

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 22 Nov 2009 23:24:09 -0600

Home sales will increase 15 percent to a potential of 5.7 million units and REALTOR® income will be up 20 percent in 2010, according to NAR Chief Economist Lawrence Yun.

The home buyer tax credit brought in up to 400,000 first-time buyers into the market who would not have bought otherwise. This created smaller inventories of starter homes and helped reduce households’ fear over further price drops.

Yun also says that the supply of homes will stabilize to the typical norm of six to seven months. Homes above $500,000 will remain elevated in the short term future, but it will also be offset by a big drop in starter-home inventories.

For more information on the credit to help homeowners, visit the Homebuyer Tax Credit site

For more great information go to Look What $334,000 Buys You in Hoboken.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Tax Credit Has Been Extended

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Mon, 16 Nov 2009 05:32:13 -0600

Congress passed a bipartisan measure extending the $8,000 home buyer tax credit to April 30, 2010. The extension is estimated to contribute approximately $22 billion to the economy.

The legislation, which is part of a larger bill that also extends unemployment benefits.

The law also includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

For more valuable information please go to Making Homes Affordable.

Since there is more time to utilize the $8,000 tax credit, make this your opportunity to find the ultimate Hoboken home. Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

HUD's New Good Faith Form

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Mon, 16 Nov 2009 05:30:30 -0600

The Department of Housing and Urban Development is making an attempt to simplify the process of looking for a loan. On Jan. 1, 2010, a new Good Faith Estimate form, or GFE, will be introduced that will outline the costs of a loan, including a revised settlement statement which shows your final loan costs and is signed at closing. HUD has made the estimation that an average borrower will save nearly $700 because they can now clearly define costs and compare loans.

For many buyers it can be difficult to understand the costs that are built in to their loan. If a buyer is given a loan where the cost is very clear it will make it easy to compare other loans and make informative decisions.

While shopping for a loan we all need to take the time to compare the different loans that are available. Hopefully, the new Good Faith form will help buyers better understand the type of loan they will be getting.

For more great information go to Everything You Need To Know About a Short Sale.

There are so many advantages to being a first time buyer in this current market. For more information regarding how I can help you negotiate the best deal on your first home, contact Eddie Perez, Broker-REALTOR, CDPE. My market includes Hoboken, Jersey City, Weehawken and Union City. I can be reached at eddie@InvestHoboken.com or 201-344-2886.

A Rise in Pending Home Sales

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Mon, 16 Nov 2009 05:28:58 -0600

As reported by the National Association of REALTORS® pending home sales have risen for an eight consecutive month making this the longest period of growth since 2001.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.

The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

For more great information go to Look What $334,000 Buys You in Hoboken.

An Investigation of Mortgage Practices

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 08 Nov 2009 21:24:32 -0600

An investigation has been started by the U.S. House committee to determine whether lenders used the property boom to encourage people to buy by using deceptive tactics.

The central part of the investigation will focus around Countrywide Financial Corp. Countrywide was bought by Bank of America in July 2009 and was considered the largest U.S. mortgage lender.

Find the latest update regarding the First-Time Home Buyer Tax Credit.

For assistance in navigating your way in the complicated process of purchasing your first home, please contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

First Time Home Buyer Tips

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 08 Nov 2009 21:21:38 -0600

It is a great time to be a first-time home buyer in this market. Existing single-family home prices are down and interest rates are near historic lows. And you can’t forget about the first-time buyer $8,000 tax credit.

Following are a few first-time home buyer tips you may want to consider:

1. Think about the long term future.Purchasing a home requires long-term planning. If you are unsure of where you will be in the short term future, you might want to reconsider your plans to buy. The more time you spend in your home gives you a better opportunity to recoup your investment.

2. Don’t settle for the first home you see. Calculate how much home you can afford. A good way to do this is to browse online listings to become familiar with the market. It is tough to find everything you want but if you prioritize your needs and wants you may have a good chance of finding what will really suit you.

3. Find a good buyer’s agent. A good buyer’s agent does a lot more than just hand you listings. The agent can help you with many things, from a loan preapproval, to a home inspection, but above all is ready to put all of your interests first.

4. Remember the high price that comes with owning a home. Many first-time home buyers will focus on the actual price of a home and forget to consider the other costs that come with it. Don’t forget about closing costs, basic maintenance and utilities.

For more great information go to Everything You Need To Know About a Short Sale.

Nearly 60 Percent of New Home Buyers Rely on Low Down-Payment Mortgages

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 08 Nov 2009 21:19:57 -0600

Highly regarded housing consultant. John Burns Real Estate Consulting, recently released a survey of home builders regarding the type of financing their buyers’ used. The survey states that almost 60 percent of new home buyers relied on low down-payment mortgages from the government.

20 percent of buyers used conventional financing, 7 percent got a jumbo loan and 7 percent of buyers paid cash.

Other important facts that were included in the survey was that the total of unsold finished inventory has dropped and sales are slow, particularly among builders who do not have a lot of appeal to first-time home buyers.

For more great information go to Look What $334,000 Buys You in Hoboken.

New Tentative Agreement for the Homebuyer Credit Extension

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 01 Nov 2009 14:57:40 -0600

There has been a tentative agreement in the senate to extend the current $8,000 tax credit for first-time home buyers. In addition, there will be a new $6,500 credit offered to existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

The new requirements are that home buyers must be under contract by April 30, 2010, and close before July 1.

How Much Would You Pay?

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 01 Nov 2009 14:15:19 -0600

Location, location, location, is a big factor in determining the price of a home. But, what does that mean when the home is next door to President Barack Obama in Chicago?

A 17-room mansion located in Chicago at 5040 S. Greenwood that is next to Obama's house at 5046 South Greenwood Avenue is for sale.

If you are interested, the home’s listing can be found at 5040greenwood.com. The website reportedly got 60,000 hits in just its first week.

The current owner, Bill Grimshaw, reportedly paid $35,000 for the 103-year-old home in 1973.

Although, homes in the area usually go for $1.5 million to $2 million, the Grimshaw house, which features period details and original woodwork, will likely be sold for a much higher price.

For more valuable information please go to I Want to Buy my Home at the Bottom.

There may some hidden treasures for you located in Hoboken. Whether you are search of the perfect Hoboken condo or a lovely Victorian brownstone, please contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

False Claims for the $8,000 Tax Credit

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 01 Nov 2009 14:07:26 -0600

You now have until the end of November to utilize the tax credit available to "first-time" homebuyers who purchase a home this month.

Baltimore Sun reporter Jamie Smith Hopkins has estimated there are 19,000 people who have claimed the credit and have not bought a home. It’s amazing that there are people who are willing to commit fraud to get the $8,000 without buying a home.

It is possible there is as much as $600 million dollars worth of bogus first-time homebuyer tax-credit claims. With a total of more than 1.4 million first-time homebuyer tax-credit claims filed since late August, says the Los Angeles Times.

In addition to this, there are numerous reports of people under the age of 18 receiving the credit. There is even a case of a 4-year-old who has received the tax credit, says U.S. News & World Report.

For more great information go to First Time Home Buyers Are Leading The Way.

There still may be enough time for you to qualify for the $8,000 tax credit For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. He can be reached at eddie@InvestHoboken.com or 201-344-2886.

Why Are Comps Important?

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Mon, 26 Oct 2009 10:23:47 -0500

When the day comes that you decide to sell your home, the best method to calculate how much to sell it for is by utilizing real estate comps. This data is called “comparable sales” or “comps,” and is a big factor in determining the sale price of a particular home. Information is calculated by gathering the figures of recent sales of nearby homes. By using these figures you can determine how much a home might be worth.

Buyers can use comps to determine a fair price to offer for a home. Comps can also be used to track market trends to effectively determine whether a home has been properly priced.

Also, it is important for a buyer to keep in mind that the timing of comps should be considered. Generally, many sales could close within the range of four to six weeks, but some may take as long as six months to sell. The longer sales could reflect outdated market conditions and be poor comps to consider. This is another reason why a buyer needs to use a competent Realtor® to interpret the information about any home sales.

If the seller’s loan balance exceeds the value of the home, as defined by a short sale or foreclosure, the comps could be irrelevant.

For more valuable information please go to Making Homes Affordable.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Tax Credit Update

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 25 Oct 2009 22:18:14 -0500

Now we have to play the waiting game to see whether Congress will extend or possibly expand the first-time home buyer tax credit.

The National Association of Realtors announcd that Speaker of the House Nancy Pelosi (D-Calif.) and House Ways and Means Committee Chair Charles Rangel (D-N.Y.) both support an extension.

What really needs to be worked out is to define how the credit should be extended and who should receive it. Some say the potential for an extension could be any where from a month to a year. If the extension does become approved, the length of time is likely to be some where between a month and a year. Another major question is, will the requirements of eligibility be changed to make the credit available to not just first-time buyers but to all primary home buyers, as well as buyers at higher income levels.

Currently, the tax credit is available to buyers with incomes up to $75,000 for individuals and $150,000 a year for couples.

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE. Their market includes Hoboken, Jersey City, Weehawken and Union City. They can be reached at eddie@InvestHoboken.com or 201-344-2886.

September 2009 Hoboken Condo Sales Statistics

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Wed, 21 Oct 2009 00:30:36 -0500

By Eddie Perez, Broker Associate

Here are the final sales figures for September 2009 compiled using the Hudson County Multiple Listing Service.

September’s Hoboken condo market statistics showed a slow down from the strong numbers that appeared during the month of August. Total closed units were down slightly with 69 closings in August followed by 67 closings in September. Final closed sales prices were mixed with average prices falling 2.1 % to $485,497 in September from $495,882 in August. Median closed sales prices were slightly up however at $490,000 in September compared with $475,000 in August. The largest drop off was in contracts signed where we saw a 21.2% decline (80 in August vs.63 in September).

Now when I compared last Septembers sales figures with this years, I found the results reflected the challenging year in the pricing environment with average prices off 13.9% ($564,184 in Sept ‘08 versus $485,497 in Sept ‘09). Median numbers were down less at 3.9% ($510,000 vs $490,000).

The good news is that the closed sales and pending sales activity were both up compared with last years. Closed unit sales were up a just 1.5% (We’ll take it!) however the impressive gain was seen with pending contracts as 63 contacts were signed this year compared with 51 during last September. A big 23.5% increase! (We’ll take that too!).

So what can we take away from this? Reasonable activity is still there with value being the driving force for this activity. It looks like there are savvy buyers out there that want to take advantage of the low interest rates, first-time home buyers tax credits, the great selection of homes while negotiating the best possible deal.

Seems like a pretty good combination.

Here are the comparisons:

	September 2009	September 2009	Comparison:
Units Sold:	66	67	+ 1.5%
Avg. Price:	$564,184	$485,497	- 13.9%
Median Price:	$510,000	$490,000	- 3.9%
Pending:	51	63	+ 23.5%

September 2009 Sold Condominiums:

	High	Low	Average	Median	Total Price	Listing Count
List Price:	$1,259,000	$272,900	$505,296	$499,000	$33,854,836	67
Sold Price:	$1,150,000	$267,500	$485,497	$490,000	$32,528,318
DOM:	529	4	96	60

Studio: none sold

1 bedroom: 25 sold.

Average asking price: $373,969

Average selling price: $360,532 (-3.6% of asking price)

Average days on market: 69

2 bedroom: 33 sold

Average asking price: $540,483

Average selling price: $521,030 (-3.6% of asking price)

Average days on market: 102

3 bedroom: 9 sold

Average asking price: $741,072

Average selling price: $702,333 (-5.2% of asking price)

Average days on market: 145

4 bedroom: none sold

September 2009 – Pending Contracts. These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 80

	High	Low	Average	Median	Total Price	Listing Count
List Price:	$1,112,875	$199,999	$479,376	$449,000	$30,200,705	58
Sold Price:	pending	pending	pending	pending	pending
DOM:	566	7	99	67

Here’s the breakdown:

Studio: 3 contracts

Average asking price: $279,333

Median price: $249,000

Average days on market: 94

Median days on market: 66

1 bedroom: 22 contracts

Average asking price: $386,909

Median price: $357,450

Average days on market: 96

Median days on market: 50

2 bedroom: 34 contracts

Average asking price: $514,356

Median price: $526,000

Average days on market: 104

Median days on market: 86

3 bedroom: 4 contracts

Average asking price: $840,643

Median price: $834,999

Average days on market: 71

Median days on market: 66

4 bedroom: No 4 bedroom contracts

Best,

Eddie

Your resource for Hoboken area real estate news, advice, best buys and more!: www.HobokenRealEstateBlog.com

If you would like specific information tailored to your Hoboken condo, email us direct at info@InvestHoboken.com

Search entire Hoboken MLS at www.InvestHoboken.com Then click browse Hoboken Listings

Can You Find A Great Property Deal On Craigslist?

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Mon, 19 Oct 2009 09:13:36 -0500

Today you can find just about anything on Craigslist. As a potential Real Estate Investor, did you ever notice that Craigslist is divided into cities? This can be a big drawback when you are searching for properties for sale.

Did you know there is a feature on Craigslist that allows you to search multiple cities at one time? The featured site is called http://www.Craigshelper.com but is now very recently being redirected to http://www.searchtempest.com
(Thank you to James Lyon at Vista Pacific Realty for pointing this out).

With Craigshelper all you need to do is type in the zip code where you would like to search for property. It also gives you the ability to specify the radius of the search. The Ad Notifier feature for Craigslist will alert you when something is posted on Craigslist that fits your specifications. Ad Notifier for Craigslist will even text your cell phone when a match is found.     

What really is critical to get the tools to work is to be sure to use the best search terms. Avoid using a simple term like “house for sale” try using creative search terms that locate sellers.   

The following search terms may be helpful for finding people that need to sell their property:  

Owner will finance
Owner Desperate
Motivated seller
House must go
Homeowner must sell
All offers welcome
Seller will carry second
Consider all offers
Terms available
OBO, Or Best offer
Below appraised value
Will sell for what is owed
Lease Option
Rent to own

It is amazing what you can find by thinking creatively when you are looking to purchase property.

For more great information go to First Time Buyers are Leading the Way .

Uniform Short Sales Guidelines are Coming

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Mon, 19 Oct 2009 08:57:15 -0500

Fortunately, it appears that things could be improving for short sales.

The recent U.S. Treasury announcement stated that it would be providing more incentives for borrowers and mortgage services to pursue short sales and other foreclosure alternatives.

The incentives and process guidelines are part of a larger program called Making Home Affordable, which is in place to help homeowners avoid losing their home.

This past May, the Treasury proposed that lenders would receive a $1,000 for allowing the owner of a house to sell for less than the amount owed on a mortgage, and than accept the proceeds as full repayment. This also applies to the deed-in-lieu transaction, where a lender would receive $1,000 when the deed is transferred to the lender in place of going through a costly foreclosure.

In addition, borrowers who agree to short sales or deed-in-lieu deals can receive up to $1,500 in closing costs. The Treasury also said it will pay second lien holders up to $1,000 to relinquish their claims in such transactions.

Source: http://www.reuters.com/article/GCA-Housing/idUSTRE5916X220091002

For more great information go to First Time Home Buyers Are Leading The Way.

Making Home Affordable Program is Ahead of Schedule

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Mon, 19 Oct 2009 08:46:53 -0500

On October 8, nearly a month earlier than the November 1 deadline set earlier this year, the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (HUD) announced that more than 500,000 trial loan modifications are in progress under the Making Home Affordable program.

The November 1 deadline was set in July so servicers would work at a faster pace to complete the modifications.

The Administration still believes that more can be done to assist struggling homeowners. Senior Treasury and HUD officials will be meeting to discuss how to improve servicer efficiency and responsiveness to borrowers during the modification process.

The most recent Monthly MHA Program Report, which tracks servicer performance through the month of September – ending September 30, 2009 can be found below.

http://www.treas.gov/press/releases/docs/MHA%20Public%20100809%20Final.pdf.

For more great information go to First Time Home Buyers Are Leading The Way.

Look What $334,000 Buys You In Hoboken

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 11 Oct 2009 22:18:13 -0500

Don’t miss out on this very spacious and charming condo located in Hoboken. This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit. Act now before it’s too late!

Don't Let Time Run Out!

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 11 Oct 2009 20:40:30 -0500

The December 1 deadline for the $8,000 First-Time Home Buyer Tax Credit is rapidly approaching. There are many great opportunities for the first-time home buyer in Hoboken. Now is the time to buy your first home. Below you will find one of the lovely available condos located in Hoboken.

New FHA condo rules coming!

Eddie Perez (Robert De Ruggiero Inc., Realtors) — Sun, 11 Oct 2009 12:26:57 -0500

Hoboken Condo buyers and sellers – Must Read!

Local lenders are telling me that new FHA(Federal Housing Administration) lending rules for condominiums will be changing as of November 3rd, 2009.

This could have a negative impact on our local market as we have a large condo market and FHA loans are one of the few options available for borrowers

who have less than 20% for a down payment.

Some of the new impending rules:

Spot approvals eliminated

No more than 30% of units can be financed with FHA loans

50% pre-sale requirement for new projects

At least 50% of units must be owner occupied

Details

Most condo buildings in Hoboken did not go through that FHA approval process.

If your thinking of buying and do not have 20% for a down payment, ask your real estate agent if the building you’re interested in purchasing is FHA approved. If not, listing agents should consult with their sellers to see if the association or management company should start the FHA approval process.

I’m told that if you’re interested in a FHA loan and your lender obtains an FHA case number before the November 3rd deadline, you should be ok. I would double check with your mortgage professional to see what their individual rules may be.

Check to see if your Hoboken or Jersey City condo building has been FHA approved

For more valuable information please go to I Want to Buy my Home at the Bottom.