Monmouth Junction, NJ

Villagio is just as elegant as its name suggests. Located on Monmouth Junction, New Jersey, this luxury active adult community is a prestigious retirement destination for the discerning active adult. Stunning architecture and impeccable details combine to create this gorgeous 55+ community featuring a beautiful Italian theme. To enhance the Italian theme there are elaborate flowering urns and cobblestone curbs surrounding stunning homes designed with Italian architectural elements.

The community opened in 2008 by Byron Hill and is planned for just 210 single family homes upon completion. The luxury, Italian inspired, estate homes feature stucco exteriors, arched windows, covered balconies and intricate details all of which add to the community’s beautiful curb appeal. Today’s buyers can choose from new construction or resale homes priced from the high $400’s to the mid $800’s. There are six models to choose from sized from a spacious 2,835 square feet all the way up to over 4,200 square feet.

These grand homes are available with first floor master suites or choose a second story master plus an optional elevator. Other unique options include full basements, gyms, dance floors, office spaces or hobby rooms. With plenty of living space residents have wonderful options for guest rooms, home offices, craft rooms and more. Residents are encouraged to customize their home to perfectly fit their needs.

The amenities at this prestigious New Jersey active adult community will include a 7,000 square foot clubhouse. Once completed the clubhouse will offer high-end amenities designed to encourage a physically fit and socially active lifestyle. Club Verona is designed to include a state-of-the-art fitness center and wonderful spaces to meet up with friends. Outdoor amenities will include sports courts for bocce ball and tennis, a putting green and an outdoor swimming pool. There are already some walking trails, yet the trail system will be much larger once the community is complete. A wonderful outdoor feature boasting a pond, pedestrian bridge, amphitheater, piazza and fountains will be the perfect location for a relaxing stroll or an elegant picnic.

As a smaller community, Villagio New Jersey is tight-knit with neighbors who know each other well. It’s easy to make new friends in this distinguished neighborhood. Although the complete package of luxury amenities is still a work-in-progress, the surround areas offer plenty of options for recreation and entertainment. Middlesex County boasts wonderful golf courses, parks, museums, theaters, shops and restaurants. The Quakerbridge Mall is just minutes away with numerous department and specialty stores. Tasty dining options are plentiful and golf enthusiasts will enjoy discovering the wonderful nearby golf courses. The town of Princeton is just a short drive from Villagio where residents can discover wonderful unique shops and restaurants.

With a fabulous location, impeccable design, luxury amenities and gorgeous homes, it’s easy to see what makes this 55+ community such a sought-after New Jersey retirement destination.

For more information and photos of this and other NJ active adult retirement communitiesplease visit 55Places.com. To stay in touch with us please join our Facebook page by clicking the Facebook link below.

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Making a statement that FHA loans are more expensive than conventional loans because of the monthly mortgage insurance is a blind statement. This is like saying that your house is better than your neighbors house. Just to many unknown variables to make this kind of determination.

Here is what a realtor on Trulia stated the other day....

"While an FHA loan has many benefits, the downside(aside from some hefty mortgage insurance) is meeting the guidelines. If you can put 5% down, there is a conventional lender that can do the loan(and the Mortgage insurance is actually lower)."

Two major issues with that whole statement. There are to many factors when determining mortgage insurance for conventional loans and conventional loans are black and white. If the AUS (automated underwriting system) says no, then it's no. At least with FHA loans, you can manually underwrite them.

The basics with FHA monthly mortgage insurance (MMI) : (this could possibly change in the near future)

• LTV(loan-to-value) > 95% = .55 basis points Ex. $200,000 loan amount, the MMI would be $91.67/month

• LTV(loan-to-value) = or < 95% = .50 basis points On a $200k loan, the MMI would be $83.33/month

** Keep in mind, the credit score is irrelevant, and does not affect the monthly percentages for FHA loans.**

The basics with conventional monthly mortgage insurance :

• LTV > 90.01% to 95.00% = .78 basis points (best case scenario and will explain below) On a $200,000 loan, the monthly mortgage insurance would be $130.00/month

Now, keep in mind, I said best case. Mortgage insurance for conventional loans have changed drastically in the last 2 years. The mortgage insurance companies have added new guidelines based on LTV, credit scores, and if the property is in a declining market. If in a declining market, you would need credit scores above 740 just to be able to put 5% down. The other issue is the credit scores. The lower the scores, the higher the percentage of the mortgage insurance. Some even have cut offs that are higher than the normal cut off of 620 that most lenders have. In regards to FHA loans, it doesn't matter if you have a 620 or a 700, when it comes to the monthly mortgage insurance.

Another issue is the mortgage interest rates when comparing FHA loans to conventional loans.

Most lenders only have a slight penalty for FHA mortgages with credit scores of 620-640. This pricing hit is normally a quarter point. On $200,000, that is $500.

On a conventional loan with 5% down, these pricing hits can be as high as 2.75 extra points with credit scores ranging from 620-639. On $200,000, that is $5,500. Even with a credit score of 719, the pricing hit is a half point.

Summary : There are some many ways to look at this, hence why it's imperative not to really listen to anyone but a loan officer. But most of all, you want to listen to a very qualified loan officer that knows how to dissect all of this information properly.

Yes, some will argue still that I forgot about the upfront mortgage insurance on FHA loans in New Jersey and that is another reason why FHA mortgages are more expensive. Well, I have proven that wrong with this post by comparing both a FHA loan vs a conventional loan with 5% down and by using an above credit score of 679. I am including both the upfront mortgage insurance and the monthly insurance. Please read :

FHA Loans vs Conventional Loans - Why FHA home loans in New Jersey can be better with 5% down

As shown in this example, you are still saving $200 a month with the FHA loan. The proof is in the pudding.

Important Note : When doing a conventional loan with mortgage insurance, you have a a seperate underwriter from the MI company that needs to underwrite the loan also. On FHA mortgages, you just have one underwriter for the whole file.

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc