Home affordability reached an all-time high in 2010′s last quarter. Unfortunately for home buyers in New Jersey , it's been a different story since, however. As mortgage rates cratered, and with home values soft, the Home Opportunity Index reached its highest level in 20 years. The index is published by the National Association of Home Builders.  Close to 74 percent of the new and existing homes sold between October-December 2010 were affordable to families earning the national median income of $64,400. It's the 8th straight quarter in which the Home Affordability Index surpassed 70 percent. Prior to 2009, the HOI rarely topped 65 percent. That said, though, as with everything in real estate, home affordability is a local event. For example, take the Elkhart/Goshen area of northern Ind... 03/08/2011

  For certain members of the military, and for certain federal employees, there’s just 2 months remaining to get use the federal home buyer tax credit. Eligible persons include members of the uniformed services, members of the Foreign Service, and intelligence community employees who served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April 30, 2010. Spouses of persons meeting the above criteria are eligible as well. The federal home buyer tax credit ranges up to $8,000 for first-time home buyers, and up to $6,500 for existing homeowners. Existing homeowners must have lived in their “main home” through 5 of the last 8 years to be eligible. Claiming the federal tax credit is a two-step process. First, eligible persons must... 03/07/2011

Todays The Day For This OPEN HOUSE in Voorhees NJ    1:00 -3:00 Priced at $389000 and Ready To Go   See more pictures and descriptions Voorhees NJ Home For Sale 03/06/2011

For the third time in 12 months, the FHA is changing its mortgage insurance costs. For you buyers agents out there this could effect your customers who are close on their back-end ratios. Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points. The change will add $250 to an FHA-insured homeowner's annual loan costs per $100,000 borrowed, and applies to all borrower's equally. Current FHA borrowers are unaffected. To understand the FHA is to understand why premiums are rising. As an institution, the Federal Housing Administration plays a much larger role in the U.S. housing market today than it did just 5 years ago. According to its own records, the FHA's percentage of purchase money business in Was... 03/04/2011

Mortgage rates could move higher beginning tomorrow morning. The Bureau of Labor Statistics releases its February jobs report at 8:30 AM ET. Home buyers and rate shoppers in Sacramento would be wise to take note. The jobs report is almost always a market-mover. Consider last month. Although net job creation fell well-short of expectations in January - just 36,000 jobs were added - the national Unemployment Rate dropped to 9.0%, its lowest level in 2 years. The marked improvement surprised economists and sparked inflationary concerns within the investor community. This, in turn, caused mortgage rates to rise. In the days immediately following the jobs report's release, conforming rates across Oregon jumped 0.375 percent. That's equivalent to a mortgage payment increase of $22 per month ... 03/03/2011

OPEN HOUSE this Sunday 3/6/11 From 1-3 1 Fir Lane Voorhees NJ Come see this beautiful custom Floridian rancher - This home has so many upgrades - To name a few! Hardwood floors, recessed lighting, tray ceilings, enormous kitchen and is located in prestigious Voorhees NJ. Recent price redction of $20,000 - New Price - $389000       To see more photos and to learn more about this great Voorhees NJ home, please go here 03/03/2011

Last week, Standard & Poor's released its Case-Shiller Index for December 2010. The index is a home valuation tracker, meant to meausure the change in home prices from one period to the next. December's Case-Shiller Index showed major devaluations nationwide. As compared to December 2009, on a year-over-year basis, home values fell in 18 of the Case Shiller Index's 20 tracked markets, and the U.S. National Index dropped 4 percent overall.  The retreat puts December's home values at similar levels as compared to early-2003. That said, buyers and sellers in the University Place area would be wise to take the findings lightly. The Case-Shiller Index is inherently flawed. As such, its results are neither practical - nor relevant - to everyday Americans. There are 3 Case-Shiller flaws, in f... 03/02/2011

Another goofy government debacle..... Mortgage-finance company Freddie Mac, a government-controlled entity that owes its survival to about $64 billion in bailouts from the U.S. Treasury Department, files suit against the Internal Revenue Service-an arm of the selfsame Treasury Department that provided the aforementioned $64 billion-over a levy of $3 billion in back taxes. If the suit is successful, American taxpayers (Freddie Mac) won't have to pay the $3 billion to American taxpayers (the IRS). If not, we will in fact owe ourselves the three large. Either way, someone will be paying Shearman & Sterling, the law firm representing Freddie in the case. 03/01/2011

Voorhees NJ Homes For Sale& Voorhees NJ homes that Sold, Market Data and Comparison Jan - Feb 2010 -2011 From Dave Sulvetta Voorhees NJ Realtor Folks - Here is a market comparison that shows that the market in Voorhees NJ appears to be getting better! Although January 2011 does not seem to be as strong as the previous year, take a look at Feb 2011 compared to Feb 2010!   Voorhees NJ Homes that Sold Comparrison Jan 2010-2011 Feb 2010-2011   Date Units Listed Listed Volume Listed Average Pended Units Sold Sold Volume Sold Average Average DOM Feb 2010 45 12,763,691 283,637 25 12 2,780,000 231,666 125 Feb 2011 39 11,984,324 307,290 12 17 5,041,750 296,573 100    (-)6 (-)$779367 +$23653 (-)13 (+)5 +$2261750 +$64907 (-)25                   Jan 2010 67 18,719,795 279,399 24 14 4,708,500 336,32... 03/01/2011

Have you ever been pre-qualified for a credit card, mortgage, or car loan without submitting an application? You may have even been approved online for a loan online within minutes. What makes this possible is by using your credit scores. These scores are used by banks; lending institutions, landlords, and even employers use credit scores to help make decisions on their hiring process. Credit scores became popular in the 1980's as computers became much cheaper and more commonly used. Before this, lending decisions were arbitrarily made using human judgment. As you can imagine this caused unpredictable and unreliable outcomes, and it could be a time consuming process. Prior to using credit scoring system there was a growing concern in Congress about discrimination in lending. This led to... 02/21/2011

Open House Sunday Febuary 20, 2011! 50 Borton Ave. Voorhees NJ 08043 In Prestigious Centennial Mill Over 55 Community   Come See this beautifully upgraded home! Possibly one of the nicest units in all Centennial Mill 55 community. If you are looking to just move in and do nothing but enjoy a home, you just found it. As you enter the home you will know that the present owners spared no expense while upgrading this fine home. From the hardwood flooring throughout to the finely appointed master bath, nothing has been left untouched. The kitchen has top of the line stainless steel appliances, granite counter tops, and beautifully crafted tile backsplash along with the custom cabinetry. Take in the soaring and bright living room to relax or step up the custom oak staircase with an open oak r... 02/17/2011

 I wanted to share some Frequently Asked Questions that I have received recently. I feel like it is important to share questions like these so we can all use them. They may apply to you.   When can a person with a bankruptcy on their credit report apply for a VA Loan? - John D. Collingswood, New Jersey John, this is a very common question these days. The date of the discharge and the bankruptcy type are the determining factors. If a Chapter 7 Bankruptcy was discharged more than 2 years ago, it may be disregarded. If it was discharged between 1-2 years ago, the veteran must have reestablished credit by some means, and the cause of the bankruptcy must be documented as beyond control of the applicant, i.e. job loss or medical issues. If the bankruptcy was discharged less than a year ago, i... 02/15/2011

I just read the below article that FHA's MIP will go up on or after April 18th. This info may help push homeowners to action if they wanted to put-off refinancing.   New premium structure for 30- and 15-year loans will help private capital return  WASHINGTON - As part of ongoing efforts to strengthen the Federal Housing Administration's (FHA) capital reserves, FHA Commissioner David H. Stevens today announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans.  The upfront MIP will remain unchanged at 1.0 percent.  This premium change was detailed in President Obama's fiscal year 2012 budget, also released today, and will impact new loans insured by FHA on or ... 02/14/2011

Have you ever been pre-qualified for a credit card, mortgage, or car loan without submitting an application? You may have even been approved online for a loan online within minutes. What makes this possible is by using your credit scores. These scores are used by banks; lending institutions, landlords, and even employers use credit scores to help make decisions on their hiring process. Credit scores became popular in the 1980's as computers became much cheaper and more commonly used. Before this, lending decisions were arbitrarily made using human judgment. As you can imagine this caused unpredictable and unreliable outcomes, and it could be a time consuming process. Prior to using credit scoring system there was a growing concern in Congress about discrimination in lending. This led to... 02/08/2011

A few days ago while watching the local news, I saw the story of this 13 year old boy who was bullied by several teens. They video taped, kicking, beating, punching, and even hanging him from a tree. It was truely disturbing. This young man has been very braving my telling his story in hopes of stoping this from happening to other's While on " The View" he learned that he even touched some of his hero's. This was truely great to see. This is very heartwarming! I hope you enjoyed it as much as I did. 02/05/2011

In a challenging market, you need an agent that will expose your home on the internet and with direct mail!  List your home with Janet and your home will get the exposure on these sites: Googlemaps for Real Estate        Google.com       Yahoo Real Estate            Zillow.com Over 100 Local Newspaper On line websites such as:  Washington Post, Kiplinger and US News and World Report Trulia.com                                           Trend MLS                                                   Active Rain Realtor.com                                       Homefinder.com                                             Openhouse.com Homes.com                                        HotPads.com                                                     Oodles.com Lycos.com                              ... 02/05/2011

This is another  thing for all of us  to look out for. A co-worker of mine was working with a couple who are looking to  buy their first home together. They credit was run and they both had very solid mid 680's fico score. They submitted their income and asset documentation and were qualified for the amount of a home that they were interested in. They found a property and actually got under contract. Once the contract was turned into our company, since 30 days had elaspsed a new credit report was needed. ( Requirement of FHA  - since the date of the credit report was 30 days prior to the sales agreement - a new report is needed ). One of the borrower had a credit card through Wells Fargo. ( Yes, I'm putting their name out there ) Her credit limit was $5500 and her balance was $3700. The... 02/04/2011

Starting back in February 2010, persons under the age of 21 will no longer be able to get a credit card WITHOUT an adult co-signer - or PROOF that they have the income to repay the credit card.  In the past, credit card companies rushed to college Campuses (even some high schools) to sign up Students who had no visible means of ever repaying the credit card.  Since they had no income to even make the minimum payments-it's ruined their credit for many years to come. Ideally, you might want to start the process when your child reaches age 16. Even if you consider co-signing a credit card for your child, there are a couple of steps you can take so make sure they understand how to use credit cards wisely. Step 1 - Open up a checking account and ask for a debit card to include with the acco... 02/03/2011

There are three professionals that you will likely need in your life-a doctor, a tax advisor (or CPA, or financial planner) and an attorney!   In reality, most people don't even think about establishing relationships with these professionals until it's too late-especially when it comes to hiring a lawyer!   Just like a doctor, some attorneys are "general practitioners".  They can handle a variety of issues.  However, if you need a "specialist", they can refer you to one. Specialties include:             Bankruptcy                 Real Estate                 Business & Contracts                Criminal Law               Personal Injury         Worker's Comp                Estates & Wills            Family Law                Arbitration There is nothing wrong with shopping around for an a... 02/02/2011

As a loan officer when we go over the cost of a transaction, we often get asked what exactly is Title Insurance and what exactly does it for me? They see the cost of it and usually have no idea what that cost is for. Working with first time home buyers in New Jersey and Pennsylvania, I take pride in taking the time to educate my borrowers so they feel like they know as much as they can. This is going to be the largest investment most people will ever make so it is imperitive to be prepared and educated. Below I will do my best to answer some commen questions that I get asked from New Jersey and Pennsylvania customers. I hope this helps! What is Title Insurance? Title Insurance is protection against Loss arising from problems connected to the title to your property. Homes will have sever... 01/31/2011