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Tougher rules give rise to new tactics for mortgage shoppers
Though the baseline standard for a new qualified mortgage is that a borrower's total debt-to-income ratio should not be greater than 43 percent, lenders say there is wiggle room if you search for it. For example, conventional loans being sold to giant

Foreclosures up locally, bucking national trend
In New Jersey, the State Supreme Court imposed a formal moratorium on foreclosures that did not thaw until the March 2012 sweeping settlement between major mortgage lenders and various states. But Blomquist said neither Pennsylvania nor New Jersey 

3 Things to Know Before Shopping for Your First Home
However, when looking at some of the mortgage calculators and home affordability calculators available online, some of the numbers can be deceiving. There is much more of a cost In New Jersey, the figure jumps to $6,400. In terms of a monthly

Low delinquency rates prove mortgage lending's too tight
Low delinquency rates prove mortgage lending's too tight The newest poster children are New York and New Jersey, with delinquency rates of 12.4 percent and 14.6 percent, joining Florida still at 14.6 percent, all three boosted by self-inflicted local legal mire and flinching from foreclosure. California and

Morganville New Jersey Mortgage Lenders Brokers - Emergency Report - Don't obtain a mortgage in Morganville, NJ until you watch this special video by mortgage lender and ...

Affordable Project Breaks Ground in Camden, NJ

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) began work on the second redevelopment phase of a neglected and obsolete public housing property in Camden, N.J. The $21.5 million development will encompass 72 affordable units for families earning up to 60 percent of the area’s median income. Michaels Development serves as the developer of the project, which also includes a prospective 58-unit third phase, according to Yardi Matrix data.  

Located at South 10th Street and Carl Miller Boulevard in the city’s Centerville neighborhood, Branch Village Townhomes will be roughly 5 miles from downtown Philadelphia. Five two-story buildings were demolished to make room for the new community. The community is set to include nine new three-story buildings. Five of the one- to three-bedroom apartments will be set aside for homeless individuals.  

Complex financing

NJHMFA provided $2.6 million in financing and also awarded nine percent LIHTCs, which are expected to generate $15.5 million in private equity. Additional funds come from the U.S. Department of Housing and Urban Development ($1.5 million), TD Bank (a $13.4 million construction loan) and Berkadia Commercial Mortgage (a $4.1 million commercial mortgage loan).

US average mortgage rates ease; 30-year at 4.83 percent

WASHINGTON (AP) — Long-term U.S. mortgage rates declined this week, in a quiet pause after weeks of market anxiety over rising interest rates.

Home borrowing rates still remain at their highest levels in more than seven years, dampening the outlook for prospective homebuyers. Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages eased to an average 4.83 percent this week from 4.86 percent last week. A year ago, it stood at 3.94 percent.

The average rate on 15-year, fixed-rate loans slipped to 4.23 percent this week from 4.29 percent last week.

Anxiety over rising interest rates, which result from strength in the economy, has buffeted financial markets in recent weeks and spilled over into the housing market.

U.S. stocks rallied on Tuesday and Wednesday after falling sharply from early October through the last few days of the month — a skid that wiped out their gains from earlier in the year.