Hoboken The November Numbers

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While the November numbers aren’t something to throw a party over….From the Inside Hoboken Real Estate mortgage guys….

Good news this morning! Effective Monday, 12/7/09, we will be able to get PMI for conventional loans on condominiums up to 95% of the purchase price. This means that a buyer can make a 5% down payment and not have to do a FHA loan … hence, no spot approval. Here are the parameters:

Purchase Money loans Up to $417,000 — 95% Loan to Value allowed — a 680 minimum Fico required — 41% debt to income ratio max
Purchase Money loans from $417,000 to $729,750 ( Hudson County ) — 90% Loan to Value allowed — a 700 minimum Fico required— 41% debt to income ratio max

This definitely relieves some of the pressure that has been created with the uncertainty of FHA spot approvals. These guidelines are for primary residence purchases only.

Hoboken Real Estate
November Numbers
Sold Condos 56
Avg DOM 108
Information deemed reliable but not guaranteed

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