Westfield, NJ

Our latest figures for the Westfield NJ Real Estate Market report are in. It looks like inventories went way up in the first part of 2009, but leveled out again towards the end of the year. Prices were down between 10 and 25 percent depending upon the neighborhood, but homes in the first time buyer range actually showed signs of going up in price towards the end of the year.

For the complete article, CLICK HERE, and visit the full blog with detailed statistics on Westfield NJ Homes Sold, Listed, Days On Market, and expired listing totals.

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DU Refi Plus Mortgage program: A relatively new mortgage loan being offered to consumers is known as the DU Refi Plus Mortgage program. The primary benefit of this loan program is that it is designed to provide a reduction in mortgage rate those who could not otherwise refinance, due to decreasing home values. A secondary benefit of this loan program is the streamlined documentation requirements. As a Chase Home Loan Mortgage Consultant, I can look up any mortgage loan currently serviced by Chase via Fannie Mae to see if that particular loan is eligible for the DU Refi Plus Mortgage program. Loans originated by Washington Mutual and other companies purchased by Chase, that are currently serviced by Chase, can be reviewed as well to see if they are eligible for the DU Refi Plus Mortgage program.

One major benefit of the DU Refi Plus Mortgage program is that if you originally put 20% down or more on your purchase of your home; or if you refinanced at an 80% or lower loan to value originally, you will not incur a mortgage insurance charge for your new loan, regardless of the loan to value. Some restrictions may apply, but this is generally the case. Those who did have Mortgage Insurance in place and who are eligible for the DU Refi Plus Mortgage program will most likely not have an increase in their Mortgage Insurance premiums regardless of the loan to value. Again, restrictions may apply and not all loans in the Chase portfolio qualify for the DU Refi Plus Mortgage program.

Our DU Refi Plus Mortgage program is a 30 Year Fixed Rate Mortgage, and terms can vary based on credit rating, property type, and combined loan to value.

The basic criteria that help to determine if you are eligible for a DU Refi Plus Mortgage boil down to the type of loan you originally obtained: typically the loans ought to be serviced by Freddie Mac and have a strong 12 month mortgage history. .

All in all, if you have a Chase serviced mortgage loan and would like to see if you qualify for the DU Refi Plus Mortgage program for streamlined refinancing, please contact me to determine your eligibility! These programs, designed to help borrowers in declining markets, are set to end in June of 2010, so don't delay and take action by calling me at 908 531 6170 today.

NJ Stated Income Mortgage: Despite the contraction of the secondary markets, there are still NJ Stated Income Mortgage (w/ full asset verification) programs available (currently in NJ, CT, and certain counties of NY only) to those who qualify for this type of financing in the vein of which it was originally intended: allowing for self-employed consumers who cannot prove their actual true income via their tax returns. We offer this program on a brokered basis and the terms, rates, and guidelines are subject to change without notice, just like everything else in this world we live in today. Mortgage Brokers: This program is offered by my company direct to consumers only and not by my company on a wholesale level.

The basic parameters of the NJ Stated Income Mortgage loan are as follows: 70% Loan to Value (30% down) for purchases and refinances up to $750,000 for recommended credit scores of 700 and above. The particular Fannie Mae loan limit is NOT taken into consideration for this loan program. This program is not so much credit score driven, as the whole credit picture is taken into consideration. A high credit score lacking the necessary credit tradelines and credit depth may not be seen as favorable. 55% Loan to Value (45% down) with loan amounts up to 1,000,000.

This program, once again, is designed for the borrower who truly cannot document their true earnings, thus the name NJ Stated Income Mortgage. Assets are documented and are expected to be consistent with the income stated. By self-employed, a consumer is expected to show a corporate type structure, rather than simply some Schedule C income on a tax return to count as self-employed. This is not a traditional "liar's loan". Expect the appraisal and appraisal review to be on the conservative side, but not unreasonable.

Basic rates for this NJ Stated Income Mortgage program are competitive: 4.625%-6.375% range for short term ARM financing (3/1, 5/1, 7/1, and 10/1) to 15, 20 and 30 Year Fixed rates, typically with 0-1 discount pt. Rates can vary by loan amount, loan-to-value, and State, and are subject to change without notice. This is not a commitment to lend and is intended for information purposes only. For more information about this product and other available programs, please contact me, Michael Byrne, directly at 908 531 6170. I will avail myself to answer any and all questions regarding this or any other loan program which may best fit your needs.

Westfield Mortgage programs abound: jumbo financing remains available to qualified to purchase a house and to do rate, term and cash-out refinancing for loan amounts of more than 729k.. Fannie Mae has raised loan limits for Westfield Mortgage programs up to $729k, and the FHA Loan Limit is $729,750 as well. As a former Westfield Blue Devil myself, here are some tips (as well as questions to ask a prospective lender regarding their loan parameters) to help you qualify for a loan as well as documentation required to close on a Westfield Mortgage loan in a timely fashion:

Review your credit rating. Jumbo loans now often want a minimum 680, 700, or even a 720, or higher credit score. A 620 credit score is the minimum for FHA and VA mortgage loans currently. Fannie Mae mortgage loans have credit adjustments for credit scores starting at scores under 740. You can ask your Westfield Mortgage loan officer to review your credit report with you or go to a free credit reporting service to review a copy of your credit report. You will want to check your credit for errors and any late payments, high balances, or loans for which you have co-signed (like student loans). For more information, contact a reputable loan officer. Ask your lender what their credit score policy is for your particular loan.

Check your home's value. Nothing is more disappointing than someone's home not appraising for enough to qualify for a refinance or purchase. Zillow is an OK to start, and you also may want to consult a real estate professional if you are refinancing to gauge the market trends in your area. Local papers often list recent sales prices and addresses as well. I strongly urge anyone buying a home to use a buyer's agent to represent them for their purchase. Review with your Westfield Mortgage lender what the maximum loan to value is for your particular loan program. All lenders will scrutinize an appraisal, and many lenders require a review appraisal or a second full appraisal for large loans.

Check your income. A Westfield Mortgage loan may not include bonus income at all, or may require a low loan-to value (usually under 75%) to include bonus income. If you are self employed or have a small side business, review your actual claimed income or loss. Lenders now check with the IRS for what your total claimed income is prior to closing a loan, via a form 4506. If you have W-2 income but substantial business losses, this could present an issue on a fully documented loan. Check with your lender beforehand and present 2 years worth of SIGNED tax returns. Presenting a signed return verifies that it is indeed what you filed with the IRS.

Review your asset "reserves." While some lenders do not even verify asset reserves for jumbo loans, most want to see some money left over in savings after closing. Usually, a lender wants to see PITI reserves or a certain number of months total mortgage payments in savings. These reserves can be in the form of an IRA, 401k, stocks, checking, savings, etc.

Westfield Mortgage lenders want to see 2 months of ALL PAGES of asset accounts. Accounts such as an IRA or 401k are usually counted as 60-70% of their face value towards reserves due to withdrawal and tax penalties/liabilities, if applicable. Many lenders require 6-24 months or more PITI reserves, depending on the loan's size.

Decide what type of loan you want. 40, 30, 20, and 15-year fixed loans have different rates and payments. If you plan on staying in your home less than 10 years, you may want to entertain an adjustable rate mortgage for a lower interest rate. An interest-only loan may be attractive if you plan on making lump sum payments, or simply want to make minimal payments.

Interest-Only and Adjustable Rate Mortgages are not for everyone, as we have learned over the last few years. Learn how an ARM Mortgage works. Get ARM details in writing from your lender.

Have your documentation ready. Your Westfield Mortgage lender isn't singling you out if they ask (in addition to income/asset information) for a recent phone bill with your address and phone number, a copy of a legible drivers license, homeowners insurance declaration page, credit inquiry letter, and even a credit explanation letter. This is standard now for documenting a loan file.

We have just completed the analysis of the Westfield NJ Real Estate market and compared it to a year ago, and also compared it to the peak of 2005-2006. There are some interesting statistics that can help you if you are a buyer or seller in today's real estate market in Westfield, or even if you are a homeowner who is just curious.

To view the complete article, Click Here

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