Fannie Mae Issues Guidelines for Loan Limits in High Cost Areas

Fannie Mae Issues Guidelines for Loan Limits in High Cost Areas
On March 20, 2009 Fannie Mae Issued Announcement 09-08, implementing the 2009 conforming loan limits for high cost areas (known as high-balance loans), like New Jersey. Through the American Recovery and Reinvestment Act of 2009 (ARRA), loan limits on mortgages secured by Fannie Mae were increased. Loan limits from Fannie Mae are limited to $417,000 to $729,750, depending on the county where the home is located and the loan program. The guidelines instituted in the announcement apply to loans delivered to Fannie Mae starting May 1, 2009.
Loan must be conventional, first-lien mortgages only.
One to four unit properties are eligible.
Loans must be fixed-rate or adjustable rate loans (no balloons).
Loans must meet loan-to-value (LTV) and minimum credit score requirements. For one unit properties with a fixed rate mortgage, the maximum LTV is 90 percent. The minimum credit score is 700 for LTVs above 75 percent and 660 for LTVs at or below 75 percent. For one unit properties with an adjustable rate mortgage, the maximum LTV is 75 percent and the minimum credit score is 680. For second homes and investment properties, the maximum LTV is 65 percent and the minimum credit score is 740. Other rules apply to other categories. See HUD's website for details on local loan limits and get more information regarding the Federal Housing Administration (FHA) on our FHA page.

State Budget Hearings Underway

State Budget Hearings Underway
In preparation for the Fiscal Year 2010 budget process, the New Jersey Senate and Assembly budget committees continue to meet while the remainder of the Legislature is on recess. The New Jersey Constitution mandates that a balanced budget be in place by July 1.
During this week's budget hearings, the nonpartisan Office of Legislative Services (OLS) revealed that state revenue will be $605 million less than what Governor Corzine projected last month in his budget address. OLS also released estimates that indicate the realty transfer fee will produce less revenue in fiscal years 2009 and 2010 combined than it yielded in 2006; the last year the fee was increased.
Reacting to the new revenue projections, NJAR® issued a press release explaining how the downturn in realty transfer fee collections shows that high taxes on real estate have a detrimental impact on the state economy.

Top Relocation Destinations 2008

Allied Van Lines have released their annual survey of top relocation destinations.

1. TEXAS tops the list for the 4th year in a row iwth 1903 in bound
2. North Carolina with 800 inbound
3. Virginia with a gain of 398

Biggest Losers:

Michigian
Pennsylvania
no surprise New Jersey
Illinois

World's Most Expensive Real Estate

Global Property Guide's 2009 List of the world's most expensive real estate is:

1. Monte Carlo $45,000 per square metre( = .8361 square yard)
2. Central Moscow $20,853 per square metre
3. London $20756
4. Tokyo $17,998
5. Hong Kong $16,125
6. New York $14,898
7. Paris $12,122
8. Singapore $9,701
9. Rome $9,166
10. Mumbai $9,163

For more info you can visit www.globalpropertyguide.com

Thoughts on Home Staging

It is a quick, intensive house make over that creates a theater for the home buyer. Staiging is a hybrid of advertising and marketing, which carefully designs the house to appeal to the statistically probable buyer.
Stagers create a property to appeal to the buyers not how they live NOW but how they aspire to live.
Homes that have been staged get faster market attention, sell rapidly for a higher price, are more organized and make the moving process lerss stressful for the seller

Call for Full Restoration of the Property Tax Deduction

In his budget address on March 10, 2009, Governor Jon Corzine called for a one-year suspension for all non-senior households, regardless of income, to deduct property taxes from their state tax filings. Reacting to overwhelming public angst, Governor Corzine recently adjusted his budget plan to include the restoration of the property tax deduction for senior citizens and households earning up to $150,000.
Although the partial restoration of this critical deduction is a step in the right direction, NJAR® still needs your help! Governor Corzine still has plans to eliminate property tax rebates for everyone except senior citizens and households who make less than $75,000. Given current economic conditions, this is the worst possible time to propose any legislation that undermines the basic foundation of homeownership.
Take action by participating in NJAR®'s new letter-writing campaign calling for the full restoration of the property tax deduction. Additionally, encourage your clients, friends and family to send a public letter to lawmakers.

Most Active Towns in 2008 with Condo Sales

January 200891 Sold Condos by TownAverage Condo SOLD price$339,279
Most Active Town in Condo Sales1.Long Branch 122.Freehold 113.Howell 10
February 2008107 Sold Condos by TownAverage Condo SOLD price$316,498
Most Active Town in Condo Sales1.Tinton Falls 162.Freehold 113.Long Branch 9
March 2008107 Sold Condos by TownAverage Condo SOLD price$294,969
Most Active Town in Condo Sales1.Freehold 162.Middletown 113.Tinton Fall 11
April 2008115 Sold Condos by TownAverage Condo SOLD price$325,691
Most Active Town in Condo Sales1.Manalapan 152.Freehold 153.Howell 11
May 2008 139 Sold Condos by TownAverage Condo SOLD price$334,763
Most Active Town in Condo Sales1.
Long Branch192. Tinton Falls 163. Manalapan 11
June 2008 131 Sold Condos by TownAverage Condo SOLD price$338,278
Most Active Town in Condo Sales1.Long Branch 16
2.Tinton
Falls163. Freehold Twshp. 15
July 2008132 Sold Condos by TownAverage Condo SOLD price$317,337
Most Active Town in Condo Sales1. Freehold Twshp 192. Tinton Falls 153.
Long Branch 11
August 2008127 Sold Condos by TownAverage Condo SOLD price$316,986
Most Active Town in Condo Sales1. Tinton Falls 152. Freehold Twshp. 123.
Long Branch 11
Sept 2008134 Sold Condos by TownAverage Condo SOLD price$304,534
Most Active Town in Condo Sales1. Tinton Falls 172. Howell 163.
Long Branch 14
Oct 2008131 Sold Condos by TownAverage Condo SOLD price$ 332,915
Most Active Town in Condo Sales1. Manalapan 142. Freehold Twshp 123.
Asbury Park10
Nov 200856 Sold Condos by TownAverage Condo SOLD price$ 284,781
Most Active Town in Condo Sales1. Tinton Falls 92. Freehold Twshp. 83. Manalapan 6
Dec 2008 79 Sold Condos by TownAverage Condo SOLD price$ $297,218
Most Active Town in Condo Sales1.
Middletown2.
Asbury Park3. Manalapan

236 Fair HAven Rd, Fair HAven NJ

Testing my new wida angle lens during my open house at 236 Fair Haven Rd. NJ. Lot's of people coming to this open house because we dropped the price 10,000 to $479,000 and as a result I am hoping someone will definitely put pen to paper.

It is interesting to see how much more you can get with a wide angle lens. I also tested my tripod in standing postion as well as holding it with my hand to see if I still jiggle and as you can see no jiggling.

there does seem to be a little distortion but not alot of fish eye which I was afraid of. You do get a good sense of the rooms.

Direct: (732) 245-4031 Issue # 178

In This Issue:
This Month's Free Offer
Home Selling Question
Just Sold!
Just Listed! Do you know of a Buyer for this house?&bsp;
Thank YOU for YOUR Referrals

Welcome To The Latest Issue and Hello again.

Who's The Largest Private Landowner In The U.S.?
I've heard McDonalds, the Catholic Church, and TIAA-CREF. But according to Wikipedia, Ted Turner owns more land than any other American and uses much of it for ranches to re-popularize bison meat (for his Ted's Montana Grill chain), amassing the largest herd in the world.

Top 10 U.S. Cities For Technology Wired Magazine surveys the top cities in the country for technology. The places that if you want to geek out, you will find true happiness. Criteria included: proximity to top-ranked engineering schools, tech jobs per capita, Geek2Geek Dating Service postings, Craigslists postings, Dorkbot attendees (), availability of free wifi, comic book stores per capita, and Circuit City stores per capita. As you can see, this is not the most scientific of lists, but in it's own sort of way, it probably is fairly accurate. So without further ado, here are the…
The Top 10 Cities For Technology (and Geeks):
Seattle, WA
San Francisco, CA
Los Angeles, CA
Austin, TX
Orlando, FL
Raleigh–Durham, NC
Pittsburgh, PA
New York City, NY
Boston, MA
Washington DC
FREE MLS Online Search For A Monmouth County Homes To search for a home right now, click here: http://www.swiftpage3.com/SpeClicks.aspx?X=2V0P9FXZHQP20DFC01YWWX
This Month's Free Offer: Five Easy Steps To Selling Your Home After serving your neighbors 10 years, I know selling your home is a big deal. Many people just aren't clear how to start. To make it easy for you, here are 5 simple and easy steps to get your questions answered and get on the right track…
1. Call me at (732) 245-4031 We'll chat by phone a few minutes and answer all your questions. Take me for a "telephone test drive" to see if you're comfortable. If not, just tell me "don't call me, I'll call you," and I won't call you. I promise.
2. Get a free, quick, over-the-phone estimate of your home valueEven if you follow nearby sales, it's hard to know the value of YOUR home, so let's get that handled. (If you want a more accurate figure, just invite me over to see your home.)
3. Get a list of easy, fix-ups for your home I know simple things to increase your home value…
4. Free sit-down consultation & game planGet the details on how I sell so many homes for clients. Let's figure out your timing and a step-by-step game plan for selling and possibly buying another home. Know I'll always "give it to you straight": no empty promises or flattering you with a high price you won't get. Good, honest advice.
5. Take the plunge, but with a life-preserverPerhaps we'll decide to work together. Signing a listing contract is a big decision, so let's take the pressure off. You'll have the right, in writing, to cancel our agreement for any reason.
If this makes sense and you like my approach, let's talk… Call me at (732) 245-4031. I look forward to your call!
Send This Free Newsletter To A Friend Subscribe them with a quick email to TellAFriend@GloriaB.com with their email address in the subject line.
Remember to email your questions, comments, compliments, corrections, critiques, &rebuttals to Questions@GloriaB.com .
Home Selling Question
"How does the home sale tax exemption work?"
Answer:Under current IRS Code Section 121 rules, if you've owned & lived in your home for 2 of the past 5 years (730 of the past 1826 days), you can sell and exclude up to $250,000 of your gain if you're a single, or $500,000 for couples.
NOTE: There are MANY exceptions that allow you to sell & avoid gain without having owned/lived in for the 2 years.Please verify the above with your favorite tax professional.
Just SOLD!23 6th Avenue Atlantic HiglandsDetails
JUST LISTED! Oceanport $419,000More Details
Cute as a Button 2 bedroom 2 bath Must SEE! Beautifully renovated 2 bedroom, plus office, 2 bath house, in the Great town of Oceanport. Many extras: decorative molding, hardwood and ceramic tile floors, recessed light, built-ins, updated eat-in kitchen with granite counters and stainless steel appliances, butlers kitchen w/laundry room. Beautiful lot with fenced yard and deck. High efficiency furnace & central air system, new windows and doors. Low taxes. Contingent upon owners firm relocation.
Thank You For Your Referrals
Thank you Mr. & Mrs. Ciambrone for referring your son to buy a home
Have a great week,
Gloria Benaroch 10 Years Experience Broker Associate --- Coldwell Banker, Rumson NJ(732)245-4031 Gloria@GloriaB.com -- http://www.swiftpage3.com/SpeClicks.aspx?X=2V0P9FXZHQP20DFC04YWWX
If a friend would enjoy this enewsletter, forward it to them. To subscribe, email Subscribe@GloriaB.com with "subscribe" in the subject line.
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in Eastern Monmouth County.
This free e-newsletter tells you how to be more successful with your real estate transactions. You receive it because you subscribed, entered your email address at my site(s), or were referred. By reading it, you agree you: 1) understand this is opinion & not advice; 2) will seek professional tax, legal, and real estate advice; 3) are solely responsible for use of content, 4) hold Gloira Benaroch-Garland, and Coldwell Banker Residential Brokerage harmless. Questions may be paraphrased for clarity/brevity. Disregard this email if you have a listing or buyer-broker agreement..
Copyright 2009 Gloria Benaroch, All Rights Reserved.

Sent to: gloria@gloriab.comIf you prefer not to receivefuture e-mails of this type,Leave this List.
Sent By:
Coldwell Banker, Gloria Benaroch, Broker Associate
17 West River Road(o) 732-842-3200 x 118
Rumson NJ 07760U..S.A.

To view as a web page.
E-mail message checked by Spyware Doctor (6.0.0.386)Database version: 5.11870http://www.pctools.com/en/spyware-doctor-antivirus/

42 Riverside Oceanport NJ

42 Riverside Ave Oceanport
Back on the Market.

Market Watch for Monmouth County NJ

In January, the prospect for a strong Spring Real Estate Market is bleak as under contract properties were down by 27% from a year ago and the economic and financial crisis continue to depress home sales.

The under contract properties of this January are down 48% from January 2005; however New Jersey's actual foreclosure rate in January was .02% ranking it 32nd in the nation. By comparison the national average rate is .05% more than double that in New Jersey.

ON the other hand with mortgage rates dropping in the last couple of weeks,there may be a gentle 'Spring Surge' in home sales as long as mortgage rates fall and remain below 4.75% by the end of March.

Speeding in New Jersey....

I received this email from a trusted friend so I thought I's post this info for everyon to be aware.

the latest NJ State Police Initiative (Radio Station 101.5 FM
confirmed this info).

Starting today, New Jersey will launch a 30-day speeding ticket
frenzy. The state estimates that 9 million dollars will be generated
in speeding tickets. One million dollars will go to pay state troopers
over-time.

There will be 50 state troopers on duty at all times patrolling the 9
main intersections and highways as follows:

I-295 North and South,
I-95 Jersey Turnpike North and South
I-80 East and West
I-287 North and South
I-78 East and West
I-195 East and West
I-280 East and West
Route 130 - North and South
Garden State Parkway - North and South

5 MPH above the limit can justify a ticket and every state trooper is
supposed to pull a car over and
write a ticket every 10 to 20 minutes.

They have issued 30 brand new unmarked Crown Victoria cruisers and are
bringing in all of their part-timers on full time. If you work in NJ,
NY, DE or CT, you will probably be on one of these highways.. So,
please be on guard and drive safely!

Starting August 15 , the price of a violation to show your driver's
license, registration or insurance card at the time you are stopped ,
increased from $44.00 to $173.00. (Keep these documents in your car) ..
And the fine for not having all three documents is $519.00!

The fine for hand-held cell phone use while driving will be going up
to $180..00.

Please forward this to people in N.J. and let them know of this latest
Police & n bsp; Initiative

Save Energy and Tax Dollars Too! New Federal Tax Incentives for Energy-Efficiency Home Improvements

I received this from NJ Gas and thought I'd pass this information on.
Save Energy and Tax Dollars Too!
New Federal Tax Incentives for Energy-Efficiency
Home Improvements

On February 17, 2009, President Obama signed a stimulus bill, The American Recovery and Reinvestment Act of 2009, that made significant changes to the energy-efficiency tax credits. Tax credits that were previously effective for 2009 have been extended to 2010 and raised from 10 percent to 30 percent. The maximum credit was also raised from $500 to $1500 for the two years (2009-2010).*

Home improvements eligible under this act include:
Roofs
Insulation
Replacement windows and doors
High-efficiency heating and cooling systems
High-efficiency water heaters
Biomass stoves
There are also tax credits for geothermal heat pumps, solar water heaters, solar panels, windmills and fuel cells at 30 percent of the cost, without any upper limit. Click here for details and complete eligibility requirements.

So as spring approaches, remember those energy-saving home improvement projects can not only lower your energy bills and help conserve our natural resources, but also save you valuable tax dollars.

Tax credits for builders of new energy-efficient homes and designers of energy-efficient commercial buildings were also extended. Click here and scroll down to view the details.

*Additional incentives are available through New Jersey's Clean Energy Program.

Amazing Race from the Jersey Shore

This past Sunday I was walking the boards in Long Branch NJ takng advantage fo the wonderful weather I came across a group of girls gathered around 2 girls who were wearing only their bright pink tshirts. Curious I stopped to see what was going on on as one of the group was videoing these girls. Come to find out these two girsl from the Long Branch area presumably are applying to be on the amazing race.

So if you see them on the next season's show . YOU SAW IT HERE FIRST

2009-02-22-1018-44

From 2009-02-22-1018-44

Weekly Real EstateTalk Show Launched this weekend...

by the National Association of Realtor.

Beginning on February 14, satellite radio subscribers can hear Real Estate Today on America's Talk, XM Channel 158, Saturdays 5-7 p.m. EST; Talk Radio, XM Channel 165, Saturdays 1-3 p.m. EST; and Stars, Sirius-XM Channel 102, Saturdays 6-8 a.m. and Sundays 9-11 a.m. EST.

Real Estate Today will help build consumer confidence in the market and in the long-term value of real estate to help bring buyers back into the market. Real Estate Today will air online at www.RETRadio.com – visit the site anytime after the premiere to listen to current or past programs.

BREAKING NEWS Home Buyers Tax Credit Bill

A bill just passed the senate that will be a great way for buyers to BUY NOW!


Here are some of the things that this bill will do:



Provide a direct tax credit to any one who purchases any home!

Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less

Purchses must be made within one year of this legislation being enacted

This tax credit would not to be repaid unlike the current tax credit

Taxpayers would be able to claim the credit on their 2008 income tax return

This will only apply to the purchase of a principal residence

The Credit would be recaptured if the home sold within two years of purchase

This would sunset the current $7,500 housing tax credit on the date of enactment



Check with your preferred mortgage specialist to find out what information they have on this exciting possibility.



Will Keep you posted

Fair Market Value of the White House...

Drops $23,000,000
Think your home value is down since 2005? Per estimates, this 16BR/35BA, 55,000 sqft home on 18 acres dropped a not-so-cool $23 million the past year, to a still not-to-be-sneezed-at $308,058,000. Think of the monthly payments! Since you mentioned it… With 20% down and a 30-year 5% mortgage, your monthly payment would run you $1,323,000/month. You might even have to take a second job.

Hope for Homeowners

FHA Mortgage Rescue Program

Part of the Housing and Economic Recovery Act of 2008, passed in July 2008, includes provisions to help struggling homeowners replace their mortgages with 30-year fixed-rate loans backed by the Federal Housing Authority (FHA). Available from October 1, 2008 through September 30, 2011, the Hope for Homeowners program is designed to help homeowners who can no longer afford their monthly mortgage payments and have mortgages that exceed the market value of their homes.


Find Out More
More information about the Hope for Homeowners program is available online at www.HUD.gov (type “Hope for Homeowners” in the search window) or by calling (800) 225-5342. Both resources also offer information about the FHASecure program -- a program designed to help qualified homeowners who may be facing foreclosure due to an interest rate increase on their mortgage.

Real Estate is Local

The key to success this year is remembering that all real estate is local.

Grants To Help States Stabilize Housing Areas

The Housing and Economic Recovery Act of 2008 provided $3.92 billion in supplemental Community Development Block Grant Funds to help states mitigate the harmful effects of foreclosures -- declining home values, increased crime, significant loss of investment -- in very hard-hit communities

For more information on how these neighborhood stabilization grants may affect your area, browse online to www.SaveAmericasNeighborhoods.org/fact_sheets.asp.

Be sure to check with your state and local governments to find out about any local programs set up to help homeowners, buyers and sellers.

Identity theft a growing problem

Identity theft a growing problem here are some contact numbers:Stolen Checks:National Check Fraud Service 843-571-2143Scan: 800-262-7771Tele Check 800-710-9898CheckRite: 800-766-2748CrossCheck:707-586-0551Equifax Cehxk Systems: 800-437-5120International Check Services:800-526-5380Stolen ATM card, get a new card, new account number and password.Fraudulent Change of Address: Notify Us Postal Inspector go to website for all numbershttp://www.usps.gov/postalinspectors Social Securty Number Comprimised: 800-269-0271 or website: http://www.ssa.gov/oig CREDIT BUREAUS:Equifax PO Box 105873 Atlanta Ga. 30348-5873Credit Report: 800-997-2493 Fraud Alert: 800-525-6285http://www.equifax.com Experian PO Box 949 Allen tx 75013-0949Credit Report: 888-397-3741Fraud Alert: 888-397-3742http://www.experian.com Trans Union PO Box 390 Springfield, Pa 19064-0390Credit Report: 800-916-8800Fraud Alert: 800-680-7289http://www.tuc.com