Jun. 27, 2008 - Fireworks Tonight

Independendance Day Celebration

4th of July Celebration

Tonight
Friday, June 27
6:00 p.m.

Municipal Complex
475 DeMott Lane, Somerset

Free Kids Zone with inflatable rides

Annual Clothesline Art Show  

Food vendors

Fireworks start at 9:15 p.m.
Bring Lawn Chairs
For information, call 732-873-1991

Rain date: July 11

Jun. 21, 2008 - HUD to reach out to 675,000

Marketing FHA mortgages to the masses 

In a move to market the benefits of FHA mortgage loans to those with good credit and those homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages, 675,000 letters will hit mailboxes soon. For more information regarding the stimulus package signed earlier this year by President Bush click here.

Below is the text of HUD's letter:

Dear Homeowner,

Do you need help with your mortgage?

Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months.

News reports cite the damaging effects of “sub prime loans” as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.

Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1-800-CALL-FHA or to visit www.fha.gov. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.

Many homeowners may also be able to take advantage of our recently announced FHASecure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.

Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to www.hopenow.com.

Again, please contact us at 1-800-CALL-FHA (800-225-5342) or go to www.fha.gov. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream — your home.

Sincerely,

Brian D. Montgomery
Assistant Secretary for Housing -
Federal Housing Commissioner

Jun. 15, 2008 - Property flipping rule suspended

The White House suspends policy

A Bush administration foreclosure policy, put in place in 2003, deterring the flipping of real estate in less than 90 days is being temporarily suspended. The Bush administration’s revised policy is hoped to speed the housing recovery.

The Federal Housing Administration (FHA) suspension will last for one year; allowing real estate marketed and sold by property disposition firms on behalf of lenders to immediately resell a purchased foreclosed property.

Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48 percent from the same month last year and up 7 percent from April, foreclosure listing company RealtyTrac Inc. said Friday.

Read the entire article here.  

Jun. 12, 2008 - That unwanted painting

A little research could reward you with cash

Q: What can be done with original art, the kind we buy at a local art fair, when a person grows tired of it and is ready for something else?

Is there a shop that handles watercolors, oils, etc.? I hate to donate these to thrift shops, as they often go unappreciated.

A: First, find out if the artwork has increased in value, advised Stewart Turnquist, with the Minneapolis Institute of Arts.

“One of the things that can happen over the years is that the artist has gained further recognition and the painting is worth more,” Turnquist said. You can check that using Internet search engines such as Google.

Many artists now have websites, or they might show their work as part of an exhibit. In addition, certain galleries in town represent certain artists. Contact the appropriate gallery and explain that you’d like to sell a piece.

Read more...

Source: Star Tribune (Minneapolis)

Jun. 7, 2008 - May 2008 Residential Sales

Franklin Township Residential Sales

The month ended with 41 Franklin Township single family residences sold between May 1 - 31, 2008. Sale prices ranged between $210,000 and 785,000.

The month ended with 483 active listings on the market, including 103 new listings.

If you have a question about a specific property in town, or stats for surrounding areas, please don't hesitate to contact me.

Source: Garden State MLS, L.L.C. **Info. deemed RELIABLE but not GUARANTEED - ALL Room Sizes are Approx.**

Jun. 6, 2008 - What matters more?

Location, location, location

Yeah...we've all heard the line before. However, what is a great location for me might not be the best location for you.  Maybe what is important to you is proximity to work, nightlife, places of worship or recreation.  A good location could be one that is surburban or urban.  Location is a very subjective thing.

What truely defines a good location is the ability to attract and appeal to the greatest number of potential buyers resulting in the highest resale price at the time of sale.  A good location, in terms of resale value, offers well maintained properties, a diverse and thriving economy, low crime rates, easy access to transportation and/or highways and close proximity to essential services and shops; to name a few.

Whether or not you have children in school, a good perceived location is one that's associated with quality schools.  Areas in and around Somerset offers choices between urban areas, such as New Brunswick with its variety of restuarants and night life or Franklin Township's varied surburban sections such as Quailbrook, Franklin Park or Wildflower Ridge. 

Jun. 2, 2008 - More mortgage news

Rules change June 6th

Matthew Zimmerman, C-21 Mortgage has shared the following information, affecting significant changes with Fannie Mae and the Mortgage Insurance (PMI) providers that become effective June 6^th, 2008.  

v     Fannie Mae has suspended/eliminated the need for an additional 5% down payment on properties located in areas the determined to be “declining markets”, therefore, conventional financing is now available up to a LTV of 97%. 

Matthew continues to say, "However, for every action, there is an opposite reaction, but in this case not necessarily an equal reaction": 

v     The Mortgage Insurance providers have updated their guidelines and have set a minimum credit score of 660, for any primary home purchase, and 680 for any 2-unit primary, second home or investment property purchase.

For "well qualified" buyers, Matthew says this is a positive.  It allows the buyer to purchase a home again without an 8% to 10% down payment.  For those buyers who have sub 660 credit, there is still an option of utilizing the FHA for their financing needs."

It is strongly suggested that buyers obtain a pre-approval letter based upon these new guidelines.  Matthew is available all this week, and next weekend as well, to offer free no obligation updated pre-approvals for qualified buyers. Need to know more? Call Matthew at 732-267-8527 and tell him Mike Adams sent you.

Jun. 1, 2008 - Mortgage rates on the move...up

Is now the time to lock?

Several days ago I received an email from one of my mortgage contacts with the following messsage, "...over the last 4+ months where 30 year fixed rates were consistently below 6%. With the recent movement today, rates have drifted up to 6.00% (at a slight cost of .25 points) and are sitting at 6.125 (no points) for a 30 year fixed (mortgage).  These same rates were as low as 5.75% to 5.875% for the better part of the last 4 months and as recently as a week ago."

Who knows where rates will go next?  The news media sights inflation fears for reason for last week's rise in rates.  If you find a reasonable deal now, could it be worth risking a deposit to lock it in for a month or two, if you can?  Only you can determine that.  You should know that as a rule of thumb, for each $100,000 you borrow, an additional tenth of a percentage point on your mortgage rate will add about $2,300 to the total amount of interest you will pay over the life of the loan.

Check current rates at: Bankrate.com, Century21Mortgage.com, WellsFargo.com or Zillow Marketplace.com

Let me introduce you to a choice of several mortgage advisors to discuss your borrowing needs without obligation.  Contact me at mjadams@century21.com today.