Buying a Home with as Little as 3-5% Down Payment

Buying a Home with as Little as 3-5% Down Payment
 


We have recently
reported on the misconception that many buyers have regarding the down payment necessary to purchase a home. Multiple studies reveal that 40-50% of Americans believe you need between 15-20% of a down payment to be eligible to purchase a home.
This misconception came about as the government just last year debated new
guidelines for residential mortgages because of the housing collapse in 2007. Some were arguing that there should be a minimum of 20% or even 30% down payment on all mortgage loans. However,
those standards were never implemented.

To counter this misunderstanding, Christina Boyle, Freddie
Mac
’s VP and Head of Single-Family Sales & Relationship Management, in a recent Perspectives explained that a person “can get a conforming, conventional mortgage with a down payment of as
little as 5 percent”
.
3% Down Payments Available Soon?
Just last week, Federal Housing Finance Agency Director
Mel Watt announced that mortgages requiring
only a three percent down payment may soon be available:
“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working
with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. Through these revised guidelines, we believe that the Enterprises will be able to responsibly serve a targeted segment of
creditworthy borrowers with lower-down payment mortgages by taking into account “compensating factors.”

Bottom Line

If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options. You may be pleasantly surprised. Contact me directly for
a NO Cost, NO OBLIGATION review, and ask me about our “BUYER READY” program. This is so much more than a PRE-QUALIFCATION!
 
Gerald Santoro
 
Mortgage Banker
NMLS# 630694
198 Route 9 North
Manalapan, NJ 07726
732-241-4015 : Direct
866-475-3094 : e-Fax
 
National Direct Lender
 

 

gsantoro@bankingunusual.com
APPLY NOW….
 
 

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Kansas. Member FDIC.

The Allaire Village Auxiliary’s Annual Stocking Stuffer Sale returns!

Allaire Village, Inc.4263 Atlantic AvenueFarmingdale, NJ 07727732-919-3500 www.allairevillage.org

Friday, November 7th: 10am-3pmSaturday, November 8th: 10am-3pmSunday, November 9th: 12pm-3pm

Start your Holiday shopping early at the Allaire Village Auxiliary's annual Stocking Stuffer Sale! The Auxiliary have been hard at work and have been voted "most likely to put Santa's elves out of business" by our Villagers! Shop for ornaments, crafts, small gifts, stocking stuffers, and fun holiday treats of all kinds! This is a wonderful way to support The Historic Village at Allaire as and give a unique gift to a loved one in your life! For more info, please call 732-919-3500. "Like" The Historic Village at Allaire on Facebook to receive the latest news, updates, photos and more!

 

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Allaire Village Incorporated | 4263 Atlanitc Avenue | Farmingdale | NJ | 07727

 

Rumson Single Family Houses

$725,000
24 Bay Street
Rumson, NJ 07760 • #21431916
Under Contract

$899,000
13 Woodmere Avenue
Rumson, NJ 07760 • #21431808
Active

$579,900
89 Avenue
Of Two Rivers, Rumson, NJ 07760 • #21410292
Active

$1,599,000
20 Robin Road
Rumson, NJ 07760 • #21433177
Closed

$1,478,000
83 W River Road
Rumson, NJ 07760 • #21415243
Closed

$749,000
58 Bingham Avenue
Rumson, NJ 07760 • #21441718
Active

$1,125,000
2 Crabapple Lane
Rumson, NJ 07760 • #21424508
Under Contract

$499,000
36 Allen Street
Rumson, NJ 07760 • #21431020
Active

$1,099,000
7 Warren Street
Rumson, NJ 07760 • #21436085
Active

$585,000
32 Grant Avenue
Rumson, NJ 07760 • #21450095
New Listing

$3,250,000
148 Rumson Road
Rumson, NJ 07760 • #21434029
Closed

$2,450,000
138 Bingham Avenue
A, Rumson, NJ 07760 • #21401146
Active

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3 questions to ask before purchasing a home in today’s market

If you are thinking about purchasing a home right now, you are surely getting a lot of advice. Though your friends and family have your best interests at heart, they may not
be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home.

There are three questions you should ask before purchasing in today’s market:

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing
to do with finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money:

·        
A good place to raise children and for them to get a good education

·        
A place where you and your family feel safe

·        
More space for you and your family

·        
Control of the space

What non-financial benefits will you and your family derive from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

When looking at future housing values, Home Price Expectation Survey provides a fair assessment. Every
quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment &
market strategists about where prices are headed over the next five years. They then average the projections of
all 100+ experts into a single number.

Here is what the experts projected in the latest survey:

·        
Home values will appreciate by 4% in 2015.

·        
The cumulative appreciation will be 19.5% by 2018.

·        
Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 11.2% by 2018.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by an increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National
Association of Realtors
, Fannie Mae and Freddie Mac have all projected that mortgage interest rates will
increase by approximately one full percentage over the next twelve months.

Bottom Line

Only you and your family can know for certain the right time to purchase a home. Answering these questions will help you make that decision.
 
 
Gerald Santoro
 
Mortgage Banker
NMLS# 630694
198 Route 9 North
Manalapan, NJ 07726
732-241-4015 : Direct
866-475-3094 : e-Fax
 
National Direct Lender
 

 

gsantoro@bankingunusual.com
APPLY NOW….
 
 

You may opt out at any time by replying to this message and letting the sender know you no longer wish to receive email from them. This e-mail and any files transmitted with it are confidential, and are intended
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the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or disclose such information for any purpose other than to provide the services for which you are receiving the information. Peoples Bank is headquartered in Lawrence,
Kansas. Member FDIC.

3 Questions to Ask Before Buying a Home

You may opt out at any time by replying to this message and letting the sender know you no longer wish to receive email from them. This e-mail and any files transmitted with it are confidential, and are intended
solely for the use of the individual or entity to whom this e-mail is addressed. If you are not one of the named recipients or otherwise have reason to believe that you have received this message in error, please notify the sender and delete this message immediately.
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the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or disclose such information for any purpose other than to provide the services for which you are receiving the information. Peoples Bank is headquartered in Lawrence,
Kansas. Member FDIC.

FOR SALE: 11 Byron Manchester, NJ 08759 Renaissance

image from cdn2.photos.flexmls.com

Beautiful expanded Wellington model w/gourmet kitchen package.

 featuring gleaming hard wood floors, 2 spacious bedrms, formal l/r & d/r, family rm w/vaulted ceiling, den can be used as office or bedroom. Kitchen has beveled granite counters, 42'' cabinetry, breakfast bar, tile floor. Master bdrm features custom walk-n-closet & adjoining master bath soaking tub, shower stall,tile & dual sinks. Florida room off the eat in kitchen for all seasons,& patio for summer enjoyment. Baseboard heat & c/a 

MLS:21432480

 

Price: $ 319,700
Bedrooms: 2
Bathrooms: 2
Year Built  2004
Garage  2

 

 

 

 

 

 

Job Uncertainty Outweighs Attractive Low Rates

 

Job Uncertainty Outweighs Attractive Low Rates

In early September, interest rates for U.S. home loans dropped to their lowest levels in over a year, according to Freddie Mac. Despite these rate decreases, less homebuyers
got off the fence and into new homes. This carried over to the decrease in loan applications, which were down 12 percent on the year ending in August. 

The coming months are especially crucial for home loan rates, as the Federal Reserve completes its "tapering" of Bond purchases, and particularly Mortgage Backed Securities. The program was credited with boosting the housing industry since its inception in
late 2012. And since home loan rates are tied to Mortgage Bonds, any significant Bond market activity impacts financing for housing. 

According to the August National Housing Survey conducted by Fannie Mae, prospective homebuyers may be hesitant to commit to mortgages due to job instability and lack of income growth, in addition to tighter credit standards. These are the primary short-term
concerns for housing ahead of interest rate fluctuations.

Fall Season, Falling Prices?
A September report from Redfin forecasted that the fall season could see a small rebound in U.S. home sales, as well as lower prices. 

According to the report, "The number of homes that sold above list price in July was down nearly 26 percent from a year ago." Indeed, at the end of August the S&P/Case-Shiller Index of property values showed its smallest 12-month gain since January 2013. Lower
prices, still-low home loan rates and more supply could push sales higher. 

"While home prices have clearly moderated nationwide since the spring, the geographic drivers of price increases are shifting," said Sam Khater, deputy chief economist at CoreLogic. Warmer climates in the west and southwest will continue to attract homebuyer
interest well into autumn, added to consistently hot markets in the northeast. 

The Bottom Line
Home loan rates remain near their lowest levels in months. If you would like to inquire about housing and home loan eligibility, please contact me

 
 
Gerald Santoro
 
Mortgage Banker
NMLS# 630694
198 Route 9 North
Manalapan, NJ 07726
732-241-4015 : Direct
866-475-3094 : e-Fax
 
National Direct Lender
 

 

gsantoro@bankingunusual.com
APPLY NOW….
 
 

You may opt out at any time by replying to this message and letting the sender know you no longer wish to receive email from them. This e-mail and any files transmitted with it are confidential, and are intended
solely for the use of the individual or entity to whom this e-mail is addressed. If you are not one of the named recipients or otherwise have reason to believe that you have received this message in error, please notify the sender and delete this message immediately.
Any other use, retention, dissemination, forwarding, printing, or copying of this e-mail by unauthorized recipients is strictly prohibited. This e-mail and any files transmitted with it may contain nonpublic personal information about consumers subject to
the restrictions of the Gramm-Leach-Bliley Act. You may not directly or indirectly reuse or disclose such information for any purpose other than to provide the services for which you are receiving the information. Peoples Bank is headquartered in Lawrence,
Kansas. Member FDIC.

FOR SALE: 200 Portland D15 Highlands, NJ 07732

15_Foyer

Tucked away in the beautiful "hills of highlands" awaits a special place!

With its million dollar views nearby & its practicality to all of life's necessities including; great restaurants, beaches, NYC ferry's & shopping what more could you ask for at such an affordable price. If it's a relaxing lifestyle that you want, away from the hustle & bustle yet steps away to lots of fun, then this is the place for you! Freshly painted in aneutral tone this unit is ready to move in.

MLS #: 6795430

Price: $ 217,700
Bedrooms: 2
Bathrooms: 1
Year Built 1978
   

200 Portland Map

FOR SALE: 79 Ironwood, Middletown, NJ 07748

Ironwood

Immaculate Townhome with Walk Out Basement!

Commuters Rejoice! Privacy abounds on this premier lot that backs up to wooded "green acres". Wood floors through out, fireplace looking out to the expanded rear deck. Master bedroom with walkout balcony, 2 walk in closets, master bath w/shower stall & soaking tub are only a few of the features that make this a home. Soon to be finished a full walkout basement with sliding glass doors gives you add'l room for all your entertaining desires. Easy access to GSP, train station, lots of shopping.

MLS #: 21438695

Price: $435,000
Bedrooms: 3
Bathrooms: 2.5
   
Year Built: 2002

 

2014-10-23_18-31-36

 

FOR SALE: 605 Patten Ave. Long Branch, NJ 07740

599 PattenPostcard

Absolute Waterfront Property with Stunning Views!

Brand New Everything! Be the first to live in this almost-finished 2350-SF townhouse in River Pointe. Has 3 bedrooms, 2.5 bathrooms, master suite with dual sinks, linen closet, whirlpool tub for tired bones, dual walk in closets, separate shower, casual living room with wood floors, classic dining room, impressive family room with gas fireplace, stylish kitchen with breakfast area. Pet Friendly community.

MLS # 21302128

Price: $579,000
Bedrooms: 3
Bathrooms: 2.5
Square Feet: 2,330

Wherewearelocated

 

 

 

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