Westfield, NJ

The new FNMA "High Balance" loan program is making somewhat of an impact in the market currently. In my old stomping grounds of Union County, the new loan limit for such loans is set at $625,500 from the current Fannie Mae floor of $417,000. This program has increased the liquidity of the jumbo loan market and hopefully we still start the feel the effects of the loosening market.

The basics for the program allow for a purchase with just 10% down for up to a $625,500 loan amount. Rate and Term refinances are also available for up to 90% of a home's value to the $625,5000 loan limit. Cash-out refinances are available as well, to 75% of home's value.

Rate-wise, the Fannie Mae High Balance Loan tends to be slightly higher in rate than the traditional conforming loans under $417,000 from anywhere from an 1/8% in rate to .5% in rate, depending on the type of program.

The program is available as well for second homes and investment properties in eligible areas, with slightly different guidelines.

We also have True Jumbo portfolio loan programs available in Ct, NJ, DE and some select PA counties for loans over $625,500, as well as jumbo loan programs for Counties who still have the $417,000 Fannie Mae Loan Limit. The rates and terms we can offer on our true jumbo product is extremely competitive with the Fannie Mae HBLP.

Call or email for details!

Michael Byrne

908 531 6170 Cell

www.refi-fhasecure.com

www.mortgageprosforum.com

Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender. © 2008 Gateway Funding Diversified Mortgage Services, L.P.

Ct. Super Jumbo Loan Programs Delaware Jumbo Loans New Jersey Jumbo Loans NY Super Jumbo Loans

Here are the raw numbers for Westfield, NJ Real Estate for the Month Ending October 31, 2008.

Average Sales Price: $659,488

Average Days on Market: 48

Average List to Sale Price Ratio: 97%

Closed Transactions: 21

The sales activity declined sharply from prior months, as the financial news in September caused buyer activity to also decline sharply due to uncertainty, and a further tightening of the credit market. There were still a good number of closings for the fall, but I anticipate this 4th quarter total to be much less than a year ago. Check back for year over year comparisons, as well as quarterly comparisons, so we can see where we are in the market trends.

Buyers: Opportunities to buy into this great town of Westfield are many. But you have to act quickly on the well priced homes, as motivated sellers are already building in the market correction to their list prices!!! Although prices may still trend downward for the near future, if you find the home you love, this is a GREAT time to buy it at a discounted price. By buying now, and staying in the home for the long term, you will still likely see good appreciation as we look beyond the 4-5 year horizon.

Sellers: Get good, honest pricing advice from your Realtor, and let us guide you to position your home properly in the marketplace to ensure that our marketing does what it's designed to do. You CAN still sell for a fair price..Just not the 2005 price!! Prices are still trending downward, so get ahead of the market.

www.TeamCarrollNJ.com

Westfield has easy access to NYC with its own train station (Rail Service: Amtrac, Metroliner, NJ Transit, and Path) as well as area bus service (Grayhound, NJ Transit, and Surburban Transit).
Westfield is located conveniently near several major highways. The Garden State Parkway, I-78, I-287 and the New Jersey Turnpike are all only minutes away. This access makes New York City and many other key destinations easy to reach. Newark International Airport is only 20 minutes away. Westfield is also served by New Jersey Transit, one of the most widely used commuter rail lines in America.

Downtown Westfield has a popular shopping and entertainment center with many top quality restaurants of which several have been favorably reviewed by the New York Times and the Newark Star Ledger . Along with a movie theater, the restaurants make downtown Westfield an active and lively.

Culturally there is much to enjoy in Westfield. The town has its own symphony orchestra, theatrical and dance groups and more than 50 clubs and organizations. Each Memorial Day weekend, approximately 3,000 families visit to participate in the Westfield Memorial Soccer Cup. Merchants and restaurateurs work cooperatively to bring visitors from the soccer fields to downtown. On warm summer nights, Westfielders enjoy open-air concerts in Mindowaskin Park, one of several area parks totalling 211 acres. The annual Festifall Street Fair attracts 30,000 visitors. After Thanksgiving, Westfield kicks off a month-long holiday celebration, "Welcome Home to Westfield," with the lighting of the Town tree.

COMPLETE INFO UPDATED DAILY

Our Listings.

Contact Us.

New Jersey Estates Web Site.

Our Luxury New Homes.

Our Pre-Owned Homes.

Real Estate Listings Blogs.

Real Estate Information Blogs.

Our Open Houses.

Our Town & School Reports.

New Jersey Estates/ Weichert Realtors
Watchung Office 908-561-6499

Westfield has easy access to NYC with its own train station (Rail Service: Amtrac, Metroliner, NJ Transit, and Path) as well as area bus service (Grayhound, NJ Transit, and Surburban Transit).
Westfield is located conveniently near several major highways. The Garden State Parkway, I-78, I-287 and the New Jersey Turnpike are all only minutes away. This access makes New York City and many other key destinations easy to reach. Newark International Airport is only 20 minutes away. Westfield is also served by New Jersey Transit, one of the most widely used commuter rail lines in America.

Westfield Westfield is an attractive suburban community located about 25 miles southwest of New York City. It offers a small town environment with many diverse historical, cultural, recreational, educational, and social activities. Westfield has a rich Colonial history, and is noted for its beautiful downtown area, excellent school system and its convienient commute to New York City and the shore. It offers all the classic features of small town life: friendly tree-lined streets with single family colonial and Victorian homes, a New England style village green, and an old-fashioned atmosphere. In 1664 English Long Islanders purchased the Elizabethtown tract from the Leni Lenape indians, and in 1693 officially became Elizabeth Township. By 1720 Westfield had become a distinct settlement. 41 years later Elizabeth was chartered as a Borough, in which Westfield was a voting ward. During the American Revolution the patriots of the West fields of Elizabethtown evacuated livestock into the Watchung mountains as the British Army passed nearby in December of 1776. The British General Information Incorporated: Population: Area: County: Websites: Worship 1794 28,870 6.29 Sq. Mi. Union www.westfieldnj.gov www.westfieldnj.com www.westfieldtoday.com www.unioncountynj.org Places School Report Cards Westfield High (9-12) Roosevelt Intermediate (6-8) Thomas Edison Intermediate (6-8) Franklin (K-5) Jefferson (K-5) McKinley (K-5) Tamaques (K-5) Washington (K-5) Wilson (K-5) Westfield Schools Website Demographics Westfield 07090 attacked Springfield that same month, with one column passing through Westfield. Westfield was maintained as a command post for much of this period. On June, 1777, the village was occupied and looted by the main British Army. The Westfielders later participated in the victorious Battle of Springfield in 1780. In 1794 Westfield spun off to become a separate municipality and in 1903 was formerly incorporated with a Township form of government. Westfield has easy access to NYC with its own train station (Rail Service: Amtrac, Metroliner, NJ Transit, and Path) as well as area bus service (Grayhound, NJ Transit, and Surburban Transit). Westfield is located conveniently near several major highways. The Garden State Parkway, I-78, I-287 and the New Jersey Turnpike are all only minutes away. This access makes New York City and many other key destinations easy to reach. Newark International Airport is only 20 minutes away. Westfield is also served by New Jersey Transit, one of the most widely used commuter rail lines in America. Downtown Westfield has a popular shopping and entertainment center with many top quality restaurants of which several have been favorably reviewed by the New York Times and the Newark Star Ledger . Along with a movie theater, the restaurants make downtown Westfield an active and lively. Culturally there is much to enjoy in Westfield. The town has its own symphony orchestra, theatrical and dance groups and more than 50 clubs and organizations. Each Memorial Day weekend, approximately 3,000 families visit to participate in the Westfield Memorial Soccer Cup. Merchants and restaurateurs work cooperatively to bring visitors from the soccer fields to downtown. On warm summer nights, Westfielders enjoy open-air concerts in Mindowaskin Park, one of several area parks totalling 211 acres. The annual Festifall Street Fair attracts 30,000 visitors. After Thanksgiving, Westfield kicks off a month-long holiday celebration, "Welcome Home to Westfield," with the lighting of the Town tree. COMPLETE INFO UPDATED DAILY Our Listings. Contact Us. New Jersey Estates Web Site. Our Luxury New Homes. Our Pre-Owned Homes. Real Estate Listings Blogs. Real Estate Information Blogs. Our Open Houses. Our Town & School Reports. New Jersey Estates/ Weichert Realtors Watchung Office 908-561-6499 For further information Phone: Paul Stillwaggon (908) 561-5492 Cell: (908) 310-1358 Pat Cornish (908) 561-6499 Cell: (908) 578-0890 You can Email us at: njestates@gmail.com We are located at: 55 Stirling Road, Watchung, NJ 07069 This website is for information purposes only and nothing herein is intended as advice. It is not intended as a solicitation if your home is currently listed with a broker. It is not our intention to solicit the offerings of other real estate brokers.We are happy to work with them and cooperate fully. An Equal Opportunity Company. Equal Housing Opportunity. "The statements and representations contained herein are those of the builder, and not Weichert, Realtors nor Weichert New Homes and Land."