New Jersey Mortgages – Sun National Bank Center http://sunnationalbankcenter.com/ Fri, 11 Jun 2021 22:42:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://sunnationalbankcenter.com/wp-content/uploads/2021/05/sun-national-bank-center-icon-150x150.png New Jersey Mortgages – Sun National Bank Center http://sunnationalbankcenter.com/ 32 32 Why Wealthy Second Home Owners Buy on Maryland’s East Coast https://sunnationalbankcenter.com/why-wealthy-second-home-owners-buy-on-marylands-east-coast/ https://sunnationalbankcenter.com/why-wealthy-second-home-owners-buy-on-marylands-east-coast/#respond Fri, 11 Jun 2021 17:33:00 +0000 https://sunnationalbankcenter.com/why-wealthy-second-home-owners-buy-on-marylands-east-coast/

This article is reproduced with permission from The escape house, a newsletter for secondary owners and those who want to be. Subscribe here. © 2021. All rights reserved.

Maryland’s east coast has long been viewed as an economic and social backwater. Nowadays, this is proving to be an attractive feature for families looking for vacation homes in secluded locations. Constance Mitchell Ford of The Escape Home has the scoop.

The east coast is on a peninsula between Chesapeake Bay and the Atlantic Ocean. The bay and its tributaries have over 11,000 miles of shoreline, about half of which is in the state of Maryland while the other half is in Virginia. Maryland’s east coast consists of nine counties that are largely agricultural and generally have higher poverty rates than the state as a whole.

While vacationers have long flocked to the hunting country and riverside communities on the east coast, the area is best known for harvesting shellfish and raising chickens. (Perdue Farms is one of the area’s largest employers.)

As an increasing number of wealthy second home owners settle in the area, the east coast is starting to acquire a slightly more upscale vibe as new shops, arts events, and hospitality services sprout to cater for newcomers. But don’t expect the east coast to stray too far from its agricultural roots, as many cities are determined to maintain a rural and outdoor atmosphere where fishing, hunting, sailing and bird watching remain popular activities.

“If you are a boater, you will love it here. If you are an outdoor enthusiast, you will love it here. If you’re the type who wants to shop at Nordstrom, this isn’t the place for you, ”said Stacy Kendall, co-owner of Cross Street Realtors in Chestertown, Maryland, located in Kent County. She said most of the stores are owned by small traders, not national retailers.

The east coast was hit hard by the 2007-2009 recession and took longer than the rest of the country to recover. As late as 2019, home values ​​in some east coast counties were still declining and a large percentage of homeowners struggled with underwater mortgages. “For reasons unknown, we have never bounced back like the rest of the riverside markets. We stayed artificially depressed – until the pandemic, ”said Coard Benson, real estate agent at Bensondulingroup.com in Easton, Md., Located in Talbot County. “Once word got out that Talbot is a place card for the wealthy second home owner… they came running,” he said.

Growing demand, of course, has led to bidding wars and rapid increases in prices. Here’s a look at three counties on the east coast that are experiencing strong buying activity. Housing markets in all three counties are relatively small with limited stocks, which means prices are unlikely to drop in the near future.

Talbot

Talbot County boasts of having 600 miles of shoreline on the Chesapeake Bay and has become an increasingly popular vacation home market for residents of Washington, DC and Baltimore. Both towns are 90 minutes away by car, but their atmosphere is very different. Benson describes the affluent residents of Talbot as “straight out of an Orvis catalog,” referring to the retailer aimed at fishing, hunting and boating enthusiasts. Models in an Orvis catalog are often pictured with a Labrador Retriever by their side, a common sighting in Talbot.

In April, the number of homes sold in Talbot increased 33% from the same month a year ago, and about half were purchased as second homes. Prices, meanwhile, jumped 46% to $ 695,600, according to data from the Maryland Association of Realtors Inc. Average prices in Talbot are now the highest in the state.

According to Benson, the average is skewed up by escalating prices on a dwindling supply of waterfront vacation properties, which has led to bidding wars. “Before the pandemic, we would have around 175 waterfront listings, but in the past eight months we’ve had 35-40 listings,” he said, adding that the cheapest listing prices at the water’s edge have doubled in the past year, from $ 500,000. to $ 1 million.

Dorchester

For centuries, fox hunting (or fox chase away as some prefer to call it) has been associated with the East Coast in general and Dorchester in particular. But the biggest attraction for real hunters are waterfowl and sika deer, which have drawn vacation home buyers as far as New York City, New Jersey and Pennsylvania.

Known as the “Heart of Chesapeake Country,” Dorchester is less than four hours from Manhattan by car and has become particularly popular with Wall Street bankers and real estate executives.

Dan Shoemaker, owner of Exit on the Bay Realty in Cambridge, Maryland, said some of his New York clients transfer money “from the stock exchange to (Dorchester) real estate”. Some, he said, buy expensive waterfront properties for second homes while others buy hunting properties, including farms, marshes and swamps.

Dorchester has one of the cheapest housing markets in the state. In April, sales were up 45% from the previous year, while average prices rose 11% to $ 254,500. Land prices vary greatly depending on the type and location. A real estate website recently listed a 233-acre hunting property in Cambridge with a list price of $ 460,000, approximately $ 1,974 an acre, and a 60-acre property was listed for $ 345,000, or approximately 5 $ 750 per acre.

Kent

Located on the upper east coast, Kent is known for its historic waterfront towns, rolling farmland, numerous marinas, and many outdoor activities such as fishing, boating, biking and hiking. bird watching. Some sailing enthusiasts believe that picturesque Kent County has one of the best sails in the world.

One particularly popular spot is Rock Hall, a quaint fishing, sailing, and boating town that has water on three sides and is sometimes compared to Key West, Florida, due to its arts and entertainment scene. .

Although a farm was recently sold in Kent for $ 4.5 million, average prices in April were $ 371,200, up 30% from a year earlier.

This article is reproduced with permission from The escape house, a newsletter for secondary owners and those who want to be. Subscribe here. © 2021. All rights reserved.


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“Financing the American Dream” Host Shines a Light on Bucks Real Estate Market https://sunnationalbankcenter.com/financing-the-american-dream-host-shines-a-light-on-bucks-real-estate-market/ https://sunnationalbankcenter.com/financing-the-american-dream-host-shines-a-light-on-bucks-real-estate-market/#respond Wed, 09 Jun 2021 02:04:03 +0000 https://sunnationalbankcenter.com/financing-the-american-dream-host-shines-a-light-on-bucks-real-estate-market/

Sue Meitner knows there is a human side to the numbers she calculates. As a mortgage broker, she loves the feeling she gets after helping someone buy their first home or their dream home.

“It’s great to see their tears of joy or to see their child choose their room. It’s very gratifying, ”said Meitner, president of Centennial Lending Group at Horsham.

Meitner is the author of a book on the mortgage industry – “Crazy, Lucky Girl: Do You Have the Keys to Success? – in 2015 and is now the local host of the television show “Financing the American Dream” which appears on CNBC, Fox Business and Bloomberg Television.

Meitner features homes and businesses across Southeastern Pennsylvania in its segments for the nationwide TV show, teaching viewers the value of owning real estate.

Mortgage bank Sue Meitner meets real estate agent Jeff Lavine at a New Hope home as they film a segment of "Fund the American Dream."

After:Funding the American Dream – New Hope

Since she started hosting segments of the show in January, she has featured homes and businesses in New Hope, Ambler, Philadelphia, and on the Main Line. She plans to film another segment in Bucks County this month, highlighting homes and businesses in the Doylestown area.

“If anyone has a good list, contact them,” she said, noting that she can email her at her company. About 20 houses are consulted before she selects the houses to present.


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Polling stations are closed and New Jersey awaits primary election results https://sunnationalbankcenter.com/polling-stations-are-closed-and-new-jersey-awaits-primary-election-results/ https://sunnationalbankcenter.com/polling-stations-are-closed-and-new-jersey-awaits-primary-election-results/#respond Wed, 09 Jun 2021 00:06:31 +0000 https://sunnationalbankcenter.com/polling-stations-are-closed-and-new-jersey-awaits-primary-election-results/

It’s 8 p.m. and the polling stations are now closed, even in Cedar Grove.

Gov. Phil Murphy ran unopposed in the Democratic primary as he seeks to become the first Democratic governor since 1977 to be re-elected for a second term. With approval ratings of 57%, Murphy is the first Democratic governor of New Jersey to run for re-election with job approvals on the good side since Richard J. Hughes in 1965.

Republicans will nominate a candidate to take on Murphy, with former Assembly Member Jack Ciattarelli entering Election Day as a clear frontrunner.

Ciattarelli faces three opponents: Hirsh Singh and Phil Rizzo, who campaigned as staunch supporters of former President Donald Trump, and Brian D. Levine, former mayor of Franklin Township and outspoken landowner of Somerset County.

Singh, a Peter Pan-like character making his fifth run for public office since 2017, Rizzo, a former real estate developer and pastor of a Hudson County church, is a first-time candidate.

The only head-to-head GOP primary poll was two weeks ago and it showed Ciattarelli with a six-point lead over Singh, 29% -23%, with 38% of likely Republican primary voters still undecided. Rizzo was 8% and Singh 2%.

The 120 seats in the New Jersey legislature are up this year, with contested primaries in 12 of 40 districts.

Here are the legislative races to watch, in the order in which we watch them

* Ward 2: If there is any upheaval to come, it will be in the historically competitive Atlantic County district, where conservative icon Seth Grossman challenges Republican organization candidate, former Assembly member Vince Polistina (R-Egg Harbor Township).

A former outspoken Atlantic County landlord and Atlantic City city councilor, Grossman has already claimed victory. He won a four-lane GOP congressional primary in 2018 with 52.5% in the municipalities that are part of the 2nd Legislative District. Polistina has been absent for twelve years.

Democrats believe they can overturn a Senate seat they lost four years ago. Republican Chris Brown (R-Ventnor) is retiring and four-term MP Vince Mazzeo (D-Northfield) is unopposed in the Democratic primary.

* Ward 39: Incumbents Bob Auth (R-Old Tappan) and DeAnne DeFuccio (R-Upper Saddle River) take on Saddle River City Councilor John Azzariti and former Saddle River GOP City Chairman John Kurpis. Auth and DeFuccio are on the organizing line in Bergen, where around 85% of GOP primary voters live, but Azzariti and Kurpis have the line in Passaic. The endorsement of Azzariti and Kurpis by newly elected State Senator Holly Schepisi (R-River Vale) complicates the race.

Auth, who came within 8 votes to beat Schepisi in a special election for the state Senate in March, has the backing of a local political organization led by his mentor, the late state senator. Gerald Cardinale. DeFuccio won Schepisi’s former seat in the Assembly in April, beating Azzariti by 7 votes.

* Ward 26: If an offline incumbent wins anywhere, it will be in the heavily Republican district of Morris-Essex-Passaic where five-term MP BettyLou DeCroce (R-Parsippany) seeks re-election after losing the GOP convention of Morris County by 9 votes. The Morris GOP is launching its line for the first time this year, so there is no history as to whether or not the organization’s approval influences primary voters.

Jay Webber (R-Morris Plains), a seven-term holder, shows up on the Morris line with little-known IBEW Local 102 member who beat DeCroce in Morris, Christian Barranco. DeCroce is alone in play in Essex and Passaic, but Morris accounts for 78% of the Republican primary vote. Morris County Commissioner Tom Mastrangelo is also preparing a candidacy for the assembly. Webber will be hard to beat and DeCroce has a brand that has won the Morris GOP primaries since 1983.

* District 37: Senate Majority Leader Loretta Weinberg retires after nearly 16 years in the upper house, sparking a bitter fight between the two members of the 37th State Assembly: Gordon Johnson (D-Englewood) and Valerie Vainieri Huttle (D-Englewood). Johnson has the Bergen Democratic organizational line and the support of Weinberg, Murphy and Senate Speaker Steve Sweeney. Vainieri Huttle skipped the Democratic Bergen convention, which Johnson had locked down, and relinquished his Assembly seat to face Johnson in the primary. She is building on a solid progressive record.

The Senate primary opened two seats in the Assembly. Tenafly Democratic Town Hall President Shaima Haider and former Englewood Cliffs Town Councilor Ellen Park show up with Johnson on the organizing line. Teaneck advisor Gervonn Romney Rice and Tenafly board chair Lauren Kohn Dayton present themselves to the Assembly on Vainieri Huttle’s list.

* Ward 10: MPs Greg McGuckin (R-Toms River) and John Catalano (R-Brick) are unlikely to lose the primary, so the thing to watch in the Republican Quarter sure is how many votes the former GOP chairman has from Ocean County George Gilmore can provide for his candidates: former Toms River Republican Club president Geri Ambrosio and Brian Quinn, a 34-year-old engineer and political newcomer from Toms River.

* Ward 13: MP Serena DiMaso (R-Holmdel) is running for re-election after Republicans refused to back her for a third term. She faces off against Monmouth GOP candidate Vicky Flynn, chair of the Holmdel Board of Education. The other incumbent, freshman Gerald Scharfenberger (R-Middletown), is widely seen as a lock for a renomination.

* Ward 20: State Senator Joseph Cryan (D-Union) is challenged by Congressman Jamel Holley (D-Roselle) in what has become a bitter Democratic primary fight. Cryan has the support of just about everyone – among them: Murphy, State Sen. / Union County Democratic Chairman Nicholas Scuatri, Elizabeth Mayor Christian Bollwage and a myriad of unions – and Holley has struggled to raise funds or show grassroots strength, even those allied to his anti-vaccination positions.

Assembly Democratic Conference leader Annette Quijano (D-Elizabeth) is vying for the Cryan ticket with Reverend Reginald Atkins, the Democratic municipal president of Roselle and former mayor. Holley’s running mates are newcomers Christian Veliz and Diane Murray-Clements.

Jason Krychiw and the Assembly candidates on his slate dropped out of the race in April after Krychiw was caught lying about his resume, but it was too late for his name to be taken off the ballot.

There are less competitive primaries for the State Senate in the 18th, 24th and 28th arrondissements, and for the Assembly in the 12th and 30th arrondissements.

Here are the city hall races to follow, in the order we watch them

* Edison: City councilor Sam Joshi has the organizing line in the Democratic primary for mayor against Mahesh Bhagia, the Democratic city president of Edison. Middlesex Democrats endorsed Joshi after the state attorney general assembled a grand jury to investigate a racist leaflet in a local campaign four years ago that Bhagia allegedly orchestrated. Joshi has the support of Murphy, US Senators Bob Menendez and Cory Booker, Representatives Frank Pallone, Bonnie Watson Coleman and Andy Kim, Assembly Speaker Craig Coughlin, State Senator Vin Gopal, Committee Chairman Judicial Assembly of Raj Mukherji, Sweeney and Middlesex County. Democratic President Kevin McCabe. The winner will face Republican Keith Hahn.

Parsippania: Former city councilor Louis Valori has the line for the Republican nomination, but he faces a challenge from former mayor James Barberio, who was ousted by Democrat Michael Soriano in 2017. Soriano is unopposed in the primary Democrat in his candidacy for a second term.

* Atlantic City: Mayor Marty Small, Sr. faces a main challenge from pro-Trump Democrat Thomas Foley, a former member of the Assembly and free landowner who has the backing of former City Council Chairman Craig Callaway and the democratic organization of Atlantic City. Small has Murphy’s line of organization and approval.

* Camden: Mayor Vic Carstarphen, who took office last month, is running for a four-year term in the Democratic primary. He has the backing of the powerful Camden County Democratic machine, along with Murphy, Menendez, Booker and Rep. Donald Norcross. He faces off against school board member Elton Custis, city councilor Felicia Reyes-Morton and Luis Quinones, a teacher.

* Lambertville: Former mayor David DelVecchio hopes to return to the post he held for 27 years until his loss in the 2018 Democratic primary. The woman who ousted him, Julia Fahl, is not seeking re-election and DelVecchio is the favorite against Andrew Nowick, a political newcomer.

* Morristown: Mayor Tim Dougherty is running for a fourth term against Esperanza Porras-Field, a perennial candidate whose only apparent strength is the approval of Morristown PBA Local PBA 43.

We also watch other local races

Also: a Democratic primary for two borough council seats at Red Bank, where incumbents Hazim Yassin and Kate Triggiano face a main challenge from Bruce Maida and Jacqueline Sturdivant. All four candidates are listed in the Monmouth Democratic Organization column.

Maida and Sturdivant have the backing of Democratic City President Ed Zipprich, but Yassin and Triggiano are backed by Murphy and Gopal.

In Toms River, there are Republican primaries for four contested neighborhood council seats. Most interesting is in Ward 2, where incumbent Dan Rodrick, who was elected Democrat in 2017 but changed parties a year later, is running for re-appointment against the organization’s candidate Jason Crispin.

Thomas Hannen, a three-term committee member for the Township of Cranford, lost party support for re-election and is running against Kate Rappa. Rappa was approved by Murphy.

In Dover, three of the four members of the council of aldermen face challenges in the Democratic primary. Murphy took sides in some of those races.

The New Jersey Globe will also keep an eye on a race for sixteen Democratic County Committee seats in Collingswood, where the Camden County Democratic organization is looking to reclaim the seats it lost two years ago.

Progressives are trying to get seats on the Democratic County Committee in Hudson; The Hudson Republicans have a fight between county president and incumbent Jose Arango and incumbent Republican state committee member Joshua Sotomayor Einstein.

Less competitive are the Democratic primaries for the county clerk in Atlantic and Bergen, the sheriff in Essex, and the deed and mortgage registry in Hudson.

The GOP-backed candidate for Bergen County Sheriff Robert Kugler is currently facing criminal charges for allegedly providing free police escorts for a funeral home he owns. His main Republican opponent is Harry Shortway, the mayor of Midland Park, 83.


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GOP incumbents secure primary nomination for 39th NJ assembly https://sunnationalbankcenter.com/gop-incumbents-secure-primary-nomination-for-39th-nj-assembly/ https://sunnationalbankcenter.com/gop-incumbents-secure-primary-nomination-for-39th-nj-assembly/#respond Wed, 09 Jun 2021 00:00:00 +0000 https://sunnationalbankcenter.com/gop-incumbents-secure-primary-nomination-for-39th-nj-assembly/

This story was updated at 23:37

NORTH JERSEY – Polling stations are closed and unofficial voting totals are underway for the 39th District Assembly race.

With 100 percent of the constituency reporting, the Associated Press declared incumbent Republicans Robert Auth and Deanne DeFuccio the main race winners.

The total unofficial votes are shown below:

  • Robert Auth (i), R – 5,462
  • DeAnne DeFuccio (i), R – 5,242
  • Jean Azzariti, R – 3 265
  • Jonathan Kurpis, R – 3,029
  • Karlito Almeda, D –
  • Melinda Iannuzzi, D –

Azzariti and Kurpis won Passaic County, but Auth and DeFucci were supported by their performance in Bergen County.

Due to the undisputed nature of the Democratic primary, the Associated Press declared Almeda and Iannuzzi the winners of the 39th.

Auth has been a member of the General Assembly since 2014, and is a member of three committees: trade and economic development, financial institutions and insurance, and justice.

DeFuccio won a special election in March to take the seat of Holly Schepisi, elected to the Senate in 2021, replacing the late Gerald Cardinale.

Almeda, 26, a resident of Mahwah, is a graduate of Ramapo College and deputy legislative director to Senate Majority Leader Loretta Weinberg.

He hopes to win the seat, paving the way not only for young people entering the workforce facing “one of the worst economic downturns of our time”, but also for solving community problems in the district.

“Right now, my peers are entering the workforce in one of the worst economic downturns of our time, and as a result, more young adults are living at home with their parents than since the Great Depression. lawmakers who represent us – working families wondering in the middle of the night how they’re going to pay their family’s medical bills, food, rent, mortgages; grandmothers who fear they can’t afford to live in the community where she raised her family, my peers who want their own chance to achieve the American dream – a good job, affordable housing, a clean environment and good health care, ”he said in a Q&A Patch.

Read more: Electoral profile: Karlito Almeda for the 39th Assembly of the NJ

Iannuzzi was joined on Tuesday by Senate candidate Ruth Dugan at a polling station in Westwood, even amid storms in the area.

Tuesday’s election will determine a party nomination, and the results are not official until certified by the county clerk.

Patch will update this story as the results arrive.

Come back to Patch tonight for the final count of the votes. Subscribe to free news alerts for election results.




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Wisconsin man surpasses world push-up record but adds to total | national news https://sunnationalbankcenter.com/wisconsin-man-surpasses-world-push-up-record-but-adds-to-total-national-news/ https://sunnationalbankcenter.com/wisconsin-man-surpasses-world-push-up-record-but-adds-to-total-national-news/#respond Tue, 08 Jun 2021 10:50:00 +0000 https://sunnationalbankcenter.com/wisconsin-man-surpasses-world-push-up-record-but-adds-to-total-national-news/






Nate Carroll of Winneconne completes his 1,500,231st push-up Sunday at the 50-yard line at MetLife Stadium in New Jersey. Carroll broke the world record for pumps in a year as part of an effort to raise funds for the Tunnel to Towers Foundation, which pays off mortgages and provides housing for families of deceased first responders.




A man from Wisconsin appears to have broken the world record for the most push-ups in a year in his efforts to raise funds for the families of deceased first responders.

Nate Carroll of Winneconne completed his 1,500,231 push-ups on the 50-yard line at halftime of the 48th Fun City Bowl, a New York City first responders football game at MetLife Stadium on Sunday. East Rutherford, New Jersey.

And while the record – held since October 1989 by British athlete Paddy Doyle – has yet to be verified by the Guinness Book of Records and the Republic’s Official Record Register of Record Holders, Carroll continues to add to its total. . He has until Sunday to complete a year of push-ups.

He averages over 4,100 push-ups a day, but has done up to 7,000 on some days to raise funds for the Tunnels to Towers Foundation, established in the aftermath of the September 11, 2001 terrorist attacks.

“It was an honor to set a new world record here in New York in front of members of the (New York Police Department, New York Fire Department and Port Authority Police Department) and others. first responders, “Carroll said in a late statement. Sunday by the Tunnels to Towers Foundation. “I want this record to pay tribute to the sacrifice made by so many heroes on this tragic day.”






Nate Carroll 2

Nate Carroll celebrates Sunday after setting the record for most push-ups in a year.




The Stephen Siller Tunnel to Towers Foundation’s Fallen First Responder Home program has paid off mortgages or provided housing to 250 families since its inception in 2014. The charity, named after a deceased New York City firefighter on September 11, 2001, helps the families of law enforcement officers and firefighters killed in the line of duty who leave young children behind.

Carroll, 45, grew up in Manawa, where he played football, basketball and baseball in high school, then spent seven years in the Marine Corps reserves. He graduated from UW-Oshkosh in 2000. The two-time Ironman competitor and long-distance runner has a knack for ultra-competitive efforts.

He did 1 million push-ups in 2019 to thank law enforcement officers across the country, did 5,000 push-ups in a 50km, 10-hour run in October on the Glacial Trail 50K in Greenbush and pumped another 3,000 in the middle of the 26-mile Jail Break Marathon in Wautoma in September.

The divorced father of three began his quest for a world record on June 14, 2020. He hit 1 million push-ups on March 2.

Carroll has done a lot of these push-ups over the past year in the living room of his ranch-style home, but has also taken breaks to do push-ups while mowing his lawn and shoveling snow. He pushed them outside on his church balcony, under the bleachers at sporting events and in his office at the Wisconsin Resource Center, a mental health facility in Oshkosh for inmates where he has worked for 20 years as a social worker. .






Nate Carroll 3

Nate Carroll, a social worker from Winneconne, has done the vast majority of his push-ups over the past year in his living room.




Each pump is documented in a logbook, and most are posted on his YouTube channel as a time-lapse. It also relies on witnesses to ensure accountability. Carroll has filed a claim with Guinness World Records, which will collect videos, personal verification letters, and likely conduct interviews to verify his integrity.

“Trying to balance that number of push-ups with being a dad and working full time sometimes creates hurdles that you sometimes have to overcome,” Carroll told the Wisconsin State Journal last month. “I try to integrate my pumps into my daily activity. Setting aside time to do 4,000 push-ups is impossible. You really have to make it a priority and be ready to commit to it and accept the fact that you have to build this into your day.



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Polling stations open for the 2021 New Jersey primary elections https://sunnationalbankcenter.com/polling-stations-open-for-the-2021-new-jersey-primary-elections/ https://sunnationalbankcenter.com/polling-stations-open-for-the-2021-new-jersey-primary-elections/#respond Tue, 08 Jun 2021 10:10:01 +0000 https://sunnationalbankcenter.com/polling-stations-open-for-the-2021-new-jersey-primary-elections/

Norman Rockwell, Election Day, 1944. Photo: Cedar Rapids Museum of Art.)

Hello, New Jersey.

It is 6 a.m. and the polling stations are now open, and the elections have returned to in-person voting after a one-year hiatus for a mostly postal election made necessary by the coronavirus pandemic. Polling stations are open until 8 p.m.

Gov. Phil Murphy is unopposed in the Democratic primary as he seeks to become the first Democratic governor since 1977 to be re-elected for a second term. With approval ratings of 57%, Murphy is the first Democratic governor of New Jersey to run for re-election with job approvals on the good side since Richard J. Hughes in 1965.

Republicans will nominate a candidate to take on Murphy, with former Assembly Member Jack Ciattarelli entering Election Day as a clear frontrunner.

Ciattarelli faces three opponents: Hirsh Singh and Phil Rizzo, who campaigned as staunch supporters of former President Donald Trump, and Brian D. Levine, former mayor of Franklin Township and outspoken landowner of Somerset County.

Singh, a Peter Pan-like figure, is making his fifth run for public office since 2017, Rizzo, a former real estate developer and pastor of a Hudson County church, is a first-time candidate.

The only head-to-head GOP primary poll was two weeks ago and it showed Ciattarelli with a six-point lead over Singh, 29% -23%, with 38% of likely Republican primary voters still undecided. Rizzo was 8% and Singh 2%.

The 120 seats in the New Jersey legislature are up this year, with contested primaries in 12 of 40 districts.

Here are the legislative races to watch, in the order in which we watch them

* Ward 2: If there is any upheaval to come, it will be in the historically competitive Atlantic County district, where conservative icon Seth Grossman challenges Republican organization candidate, former Assembly member Vince Polistina (R-Egg Harbor Township).

A former outspoken Atlantic County landlord and Atlantic City city councilor, Grossman has already claimed victory. He won a four-lane GOP congressional primary in 2018 with 52.5% in the municipalities that are part of the 2nd Legislative District. Polistina has been absent for twelve years.

Democrats believe they can overturn a Senate seat they lost four years ago. Republican Chris Brown (R-Ventnor) is retiring and four-term MP Vince Mazzeo (D-Northfield) is unopposed in the Democratic primary.

* Ward 39: Incumbents Bob Auth (R-Old Tappan) and DeAnne DeFuccio (R-Upper Saddle River) take on Saddle River City Councilor John Azzariti and former Saddle River GOP City Chairman John Kurpis. Auth and DeFuccio are on the organizing line in Bergen, where around 85% of GOP primary voters live, but Azzariti and Kurpis have the line in Passaic. The endorsement of Azzariti and Kurpis by newly elected State Senator Holly Schepisi (R-River Vale) complicates the race.

Auth, who came within 8 votes to beat Schepisi in a special election for the state Senate in March, has the backing of a local political organization led by his mentor, the late state senator. Gerald Cardinale. DeFuccio won Schepisi’s former seat in the Assembly in April, beating Azzariti by 7 votes.

* Ward 26: If an offline incumbent wins anywhere, it will be in the heavily Republican district of Morris-Essex-Passaic where five-term MP BettyLou DeCroce (R-Parsippany) seeks re-election after losing the GOP convention of Morris County by 9 votes. The Morris GOP is launching its line for the first time this year, so there is no history as to whether or not the organization’s approval influences primary voters.

Jay Webber (R-Morris Plains), a seven-term holder, shows up on the Morris line with little-known IBEW Local 102 member who beat DeCroce in Morris, Christian Barranco. DeCroce is alone in play in Essex and Passaic, but Morris accounts for 78% of the Republican primary vote. Morris County Commissioner Tom Mastrangelo is also preparing a candidacy for the assembly. Webber will be hard to beat and DeCroce has a brand that has won the Morris GOP primaries since 1983.

* District 37: Senate Majority Leader Loretta Weinberg retires after nearly 16 years in the upper house, sparking a bitter fight between the two members of the 37th State Assembly: Gordon Johnson (D-Englewood) and Valerie Vainieri Huttle (D-Englewood). Johnson has the Bergen Democratic organizational line and the support of Weinberg, Murphy and Senate Speaker Steve Sweeney. Vainieri Huttle skipped the Democratic Bergen convention, which Johnson had locked down, and relinquished his Assembly seat to face Johnson in the primary. She is building on a solid progressive record.

The Senate primary opened two seats in the Assembly. Tenafly Democratic Town Hall President Shaima Haider and former Englewood Cliffs Town Councilor Ellen Park show up with Johnson on the organizing line. Teaneck advisor Gervonn Romney Rice and Tenafly board chair Lauren Kohn Dayton present themselves to the Assembly on Vainieri Huttle’s list.

* Ward 10: MPs Greg McGuckin (R-Toms River) and John Catalano (R-Brick) are unlikely to lose the primary, so the thing to watch in the Republican Quarter sure is how many votes the former GOP chairman has from Ocean County George Gilmore can provide for his candidates: former Toms River Republican Club president Geri Ambrosio and Brian Quinn, a 34-year-old engineer and political newcomer from Toms River.

* Ward 13: MP Serena DiMaso (R-Holmdel) is running for re-election after Republicans refused to back her for a third term. She faces off against Monmouth GOP candidate Vicky Flynn, chair of the Holmdel Board of Education. The other incumbent, freshman Gerald Scharfenberger (R-Middletown), is widely seen as a lock for a renomination.

* Ward 20: State Senator Joseph Cryan (D-Union) is challenged by Congressman Jamel Holley (D-Roselle) in what has become a bitter Democratic primary fight. Cryan has the support of just about everyone – among them: Murphy, State Sen. / Union County Democratic Chairman Nicholas Scuatri, Elizabeth Mayor Christian Bollwage and a myriad of unions – and Holley has struggled to raise funds or show grassroots strength, even those allied to his anti-vaccination positions.

Assembly Democratic Conference leader Annette Quijano (D-Elizabeth) is vying for the Cryan ticket with Reverend Reginald Atkins, the Democratic municipal president of Roselle and former mayor. Holley’s running mates are newcomers Christian Veliz and Diane Murray-Clements.

Jason Krychiw and the Assembly candidates on his slate dropped out of the race in April after Krychiw was caught lying about his resume, but it was too late for his name to be taken off the ballot.

There are less competitive primaries for the State Senate in the 18th, 24th and 28th arrondissements, and for the Assembly in the 12th and 30th arrondissements.

Here are the city hall races to follow, in the order we watch them

* Edison: City councilor Sam Joshi has the organizing line in the Democratic primary for mayor against Mahesh Bhagia, the Democratic city president of Edison. Middlesex Democrats endorsed Joshi after the state attorney general assembled a grand jury to investigate a racist leaflet in a local campaign four years ago that Bhagia allegedly orchestrated. Joshi has the support of Murphy, US Senators Bob Menendez and Cory Booker, Representatives Frank Pallone, Bonnie Watson Coleman and Andy Kim, Assembly Speaker Craig Coughlin, State Senator Vin Gopal, Committee Chairman Judicial Assembly of Raj Mukherji, Sweeney and Middlesex County. Democratic President Kevin McCabe. The winner will face Republican Keith Hahn.

Parsippania: Former city councilor Louis Valori has the line for the Republican nomination, but he faces a challenge from former mayor James Barberio, who was ousted by Democrat Michael Soriano in 2017. Soriano is unopposed in the primary Democrat in his candidacy for a second term.

* Atlantic City: Mayor Marty Small, Sr. faces a main challenge from pro-Trump Democrat Thomas Foley, a former member of the Assembly and free landowner who has the backing of former City Council Chairman Craig Callaway and the democratic organization of Atlantic City. Small has Murphy’s line of organization and approval.

* Camden: Mayor Vic Carstarphen, who took office last month, is running for a four-year term in the Democratic primary. He has the backing of the powerful Camden County Democratic machine, along with Murphy, Menendez, Booker and Rep. Donald Norcross. He faces school board member Eustis Custis, city councilor Felicia Reyes-Morton and Luis Quinones, a teacher.

* Lambertville: Former mayor David DelVecchio hopes to return to the post he held for 27 years until his loss in the 2018 Democratic primary. The woman who ousted him, Julia Fahl, is not seeking re-election and DelVecchio is the favorite against Andrew Nowick, a political newcomer.

* Morristown: Mayor Tim Dougherty is running for a fourth term against Esperanza Porras-Field, a perennial candidate whose only apparent strength is the approval of Morristown PBA Local PBA 43.

We also watch other local races

Also: a Democratic primary for two borough council seats at Red Bank, where incumbents Hazim Yassin and Kate Triggiano face a main challenge from Bruce Maida and Jacqueline Sturdivant. All four candidates are listed in the Monmouth Democratic Organization column.

Maida and Sturdivant have the backing of Democratic City President Ed Zipprich, but Yassin and Triggiano are backed by Murphy and Gopal.

In Toms River, there are Republican primaries for four contested neighborhood council seats. Most interesting is in Ward 2, where incumbent Dan Rodrick, who was elected Democrat in 2017 but changed parties a year later, is running for re-appointment against the organization’s candidate Jason Crispin.

Thomas Hannen, a three-term committee member for the Township of Cranford, lost party support for re-election and is running against Kate Rappa. Rappa was approved by Murphy.

In Dover, three of the four members of the council of aldermen face challenges in the Democratic primary. Murphy took sides in some of those races.

The New Jersey Globe will also keep an eye on a race for sixteen Democratic County Committee seats in Collingswood, where the Camden County Democratic organization is looking to reclaim the seats it lost two years ago.

Progressives are trying to get seats on the Democratic County Committee in Hudson; The Hudson Republicans have a fight between county president and incumbent Jose Arango and incumbent Republican state committee member Joshua Sotomayor Einstein.

Less competitive are the Democratic primaries for the county clerk in Atlantic and Bergen, the sheriff in Essex, and the deed and mortgage registry in Hudson.

The GOP-backed candidate for Bergen County Sheriff Robert Kugler is currently facing criminal charges for allegedly providing free police escorts for a funeral home he owns. His main Republican opponent is Harry Shortway, the mayor of Midland Park, 83.


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Most Risky Housing Markets – 24/7 Wall St. https://sunnationalbankcenter.com/most-risky-housing-markets-24-7-wall-st/ https://sunnationalbankcenter.com/most-risky-housing-markets-24-7-wall-st/#respond Mon, 07 Jun 2021 17:00:45 +0000 https://sunnationalbankcenter.com/most-risky-housing-markets-24-7-wall-st/

Real estate is one of the few sectors to have thrived during the COVID-19 pandemic. Sales of existing homes in 2020 hit their highest levell in almost a a decade and a half – and increasing demand has pushed up house prices. Median home sales hit a decades-long high of $ 278,000 in the first quarter of 2021, up 17.7% from the previous year, according to ATTOM Data Solutions.

Despite a strong housing market, there are still many counties where the housing market is at increased risk from the impact of the pandemic, either directly or indirectly.

These areas have above-average foreclosure rates and shares of homes with above-average underwater mortgages, meaning that the value of outstanding loans exceeds the total value of the property. Some of these markets are also much less affordable than average with high home ownership costs relative to local incomes.

Based on an index of these three metrics – foreclosure rate, share of underwater mortgages, and affordability – at the county level, 24/7 Wall St. identified the most risky housing markets. All data in this story was compiled in the first quarter 2021 Coronavirus Special Report ATTOM Data Solutions, a real estate and real estate data company.

Many of the counties on this list are located in the eastern United States, stretching from Florida through the mid-Atlantic to New England. The pandemic has taken above-average economic and public health devastation in some of these counties. County in every state with the most COVID-19 deaths.

“The pandemic remains significant and may pose a threat to the progress made so far and, by extension, could affect sales of homes andd price, ”said Todd Teta, product manager at ATTOM in a press release. Indeed, the housing market is booming, but many American homeowners remain vulnerable.

Click here to see the most risky housing markets.

To determine the most sensitive housing markets, 24/7 Wall St. examined data from ATOM Data Solutions First Quarter 2021 Coronavirus Special Report on the susceptibility of county-level housing markets to risks associated with the coronavirus pandemic. The counties were ranked based on a composite index of the percentage of residential properties foreclosed in the first quarter of 2021, the percentage of average local wages needed to cover major expenses related to the owning a median priced home in the first quarter of 2021, and the percentage of properties with outstanding mortgage balances above their estimated market values ​​in the fourth quarter of 2020, i.e. underwater mortgages. All components of the index come from ATTOM data solutions and were weighted equally. Supplementary data on unemployment and the labor force come from the Bureau of Labor Statistics and are not seasonally adjusted.


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Investors Bank completes millions of loans; Apartments in Rivet 26 for rent | Business Notes https://sunnationalbankcenter.com/investors-bank-completes-millions-of-loans-apartments-in-rivet-26-for-rent-business-notes/ https://sunnationalbankcenter.com/investors-bank-completes-millions-of-loans-apartments-in-rivet-26-for-rent-business-notes/#respond Wed, 02 Jun 2021 20:32:19 +0000 https://sunnationalbankcenter.com/investors-bank-completes-millions-of-loans-apartments-in-rivet-26-for-rent-business-notes/

Investors Bank concludes more than $ 556 million in mortgage loans

Investors Bank completed more than $ 556 million in Commercial Real Estate Loans (CREs) during the first quarter of 2021. The loans were made to refinance existing commercial mortgages, acquire facilities and build multi-family housing.

One of the bank’s most significant recent deals was a $ 45 million loan to refinance the existing commercial mortgage for a 104,500 square foot mixed-use building in Jersey City. The property houses 132 residential units and commercial spaces.

Among the bank’s recent CRE deals, a $ 13.4 million loan to refinance the existing commercial mortgage for a 46,600 square foot multi-family building in Kearny. The property houses 45 residential units.

Ribbon cutting for the restaurant Mi Lindo Mexico in Bayonne

An inauguration ceremony took place for the restaurant Mi Lindo Mexico, a new company in Bayonne. Located at 424 Avenue C, the Mi Lindo is owned and operated by Jose Manuel and Minerva Castro. They bring to Bayonne the authentic Mexican cuisine they grew up with. They offer a pick up and delivery service. Mayor Jimmy Davis, First Ward Council Member Neil Carroll, At-Large Council Member Juan Perez and Second Ward Council Member Sal Gullace were in attendance to celebrate the grand opening.

Rentals at Rivet 26 are now leased on the West Side of Jersey City

Hampshire, Claremont Development and Circle Squared Alternative Investments have announced the final stages of construction of RIVET 26, Jersey City’s latest luxury apartment complex located at 26 University Place Boulevard at University Place in the city’s west end . Pre-rental for new studio, one and two bedroom residences is now available.

The completion of RIVET 26 will mark the next chapter in the ongoing creation of University Place, a redevelopment plan designed to transform the emerging neighborhood of West Jersey City into a vibrant life-work-play community. Developed in collaboration with the University of New Jersey City and Jersey City, University Place will include the construction of eight buildings, 1,000 new luxury rental residences and access to more than 120,000 square feet of retail, a hub of performing arts, cafes, theaters and lush green spaces. space. When completed, RIVET 26 will join RIVET, a 163-unit luxury apartment building also completed by The Hampshire Companies, Claremont Development and Circle Squared Alternative Investments in 2019, as the next part of the visionary mixed-use master plan to create the last dynamic and pedestrian district.

Designed by project architect Netta Architects, RIVET 26 will bring 199 modern rental residences and 10,000 square feet of service-oriented ground floor retail to the University Place community. With interior design overseen by Interior Motives, RIVET 26’s 84 studios, 102 one-bedroom apartments, and 13 two-bedroom apartments echo the highest standards of city living with 9’6 ” ceilings, oversized windows, washer and dryer, contemporary kitchens with stainless steel appliances, undermount sinks, quartz counters, modern two-tone white and gray cabinets, mobile kitchen islands and subway tile backsplashes. Some residences also offer private outdoor space, dens and double vanities.

Property management services for RIVET 26 will be provided by RHO Residential. For more information on RIVET 26, call 201-204-0500 or visit www.Rivet26.com. For more information on the retail rental opportunities available, please contact Bobby Antonicello Jr. of Grid Real Estate at (551) 795-2836.

Two vets and a native Hoboken open salon

Jersey City SW3AT infrared sauna studio has announced the opening of a second location in Hoboken. With a location already in Jersey City, 172 Newark Ave., Third Floor, the Mile Square City location will open to the public on June 23 from 4 p.m. to 7 p.m.

The Hoboken location will be at 89 Hudson Street. SW3AT was created by Hoboken native Tamiah Brevard-Rodriguez and his wife Alyza. For this new location, Tamiah suggested Hoboken as it was personally meaningful for her to feel that she was giving back to the city where she grew up.

In this expansion, another Hoboken native stepped up. Local U.S. Navy veteran Sage McDonald will run the store as he leaves the military after five years of consecutive deployments.

There will be 15 free sessions available on a first come, first served basis. Send an email to info@SW3AT.com at RSVP.

Mile Square ELC Expands Preschool Program

A program designed to effectively prepare children for entry into the Hudson County Kindergarten program will be available to a larger group of parents than ever before. Mile Square Early Learning Center (MSELC), a provider of pre-kindergarten 3 and 4-year-old educational programs in Hoboken, has announced an expansion of its preschool bridging program with additional classrooms added in the Street building at 301 Garden St ., Hoboken.

The program uses a thematic learning model with children using blocks to learn balancing, measurement, and geometric and mathematical concepts. The sand and water table games allow children to learn to pour, measure, do science, etc. Puppets, dolls, housekeeping and dramatic play are used to encourage creativity and develop language skills. Tools of the Mind, used by the Hoboken Board of Education, for 3- and 4-year-olds has some of the elements built into the Preschool Transition Program to effectively combine the programs.

The preschool bridging program will grow from one classroom to four that will be fully equipped with a range of appropriate teaching materials, books and other important educational resources. In addition to providing children with tools to improve their math and science skills, weather maps, charts and polls, there are also daily outdoor activities and special trips for students to broaden their experiences. .

Registration has already started for the Fall 2021 MSELC Preschool Transition Program which is open to children who miss the preschool deadline in Hoboken, Jersey City, Weehawken and other local municipalities in Hudson County, formerly Abbott. Children whose parents work in the area will also be eligible.

The program, which runs Monday to Friday, 7:30 a.m. to 6 p.m., is offered to children 2.5 to 3.5 years old who will be 3 years old after the September 30 public school deadline. In addition, there are four options for the length of the day so that each family can tailor the care of their child to their needs. Families can also choose a 10 or 12 month option.

For more information on the program, pricing, and how to register your child, visit http://www.mselc1979.org or call 201-659-6086. Although there is no registration deadline, places are limited and will be available on a first come, first basis.

The HCCC Foundation organizes a fundraiser for a golf outing

The Hudson County Community College (HCCC) Foundation will be holding its 19th annual golf outing on Monday, July 12 at Forest Hill Field Club in Bloomfield. Proceeds from the event will go to HCCC students and the development of the College.

The golf outing will offer activities to appeal to golfers and non-golfers. The itinerary includes check-in from 8:00 am to 8:45 am; continental breakfast from 8 am to 9 am; departure of the shotgun at 9:30 am; and cocktails, lunch and awards ceremony at 2 p.m. Refreshments will be served on the green.

Sponsorship options are as follows: Lunch guest only $ 100; Sponsor of the hole $ 400; Individual golfer $ 500; $ 500 cigar sponsor; Sponsor of the hole with Quartet / VIP package $ 2,200; Sponsor of the $ 4,000 cocktail; Golf Cart Sponsor with Foursome $ 4,000; Breakfast Sponsor with Foursome $ 4,000; Breakfast Sponsor with Foursome $ 4,000; Prize Sponsor with Foursome $ 4,000; and tournament sponsor with Foursome $ 6,000.

More information and reservations are available by contacting Mirta Sanchez, Assistant to the Vice President for Planning and Development, at 201-360-4004 or msanchez@hccc.edu.

Established in 1997, the HCCC Foundation is a 501 (c) (3) non-profit corporation that grants tax-exempt status to contributions. The Foundation supports and promotes the college and its students by raising awareness and developing financial resources.

The HCCC Foundation has awarded more than 2,000 scholarships, totaling $ 2 million, to students. Each year, students benefit from the hundreds of Good Books and Good Knives provided by the Fondation des Etudiants Culinaires. Each year, the Foundation also provides $ 40,000 to help students with course materials.


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Promontory MortgagePath Adds First CDFIs to Minority Partnership Plan https://sunnationalbankcenter.com/promontory-mortgagepath-adds-first-cdfis-to-minority-partnership-plan/ https://sunnationalbankcenter.com/promontory-mortgagepath-adds-first-cdfis-to-minority-partnership-plan/#respond Wed, 02 Jun 2021 16:45:00 +0000 https://sunnationalbankcenter.com/promontory-mortgagepath-adds-first-cdfis-to-minority-partnership-plan/

Promontory MortgagePath, a mortgage fulfillment service provider, has announced the first two participants in a partnership program with minority-owned banks and credit unions seeking to expand homeownership opportunities in the communities they serve.

Homeownership is often presented as a way to reduce the wealth gap between minorities and whites. A recent study by Zillow found that the typical black household has only 23% of wealth owned by a typical white household, and low levels of homeownership accounted for 49% of this gap.

Industrial Bank, a Washington DC-based community development financial institution, was integrated and began offering mortgages through the Promontory MortgagePath Platform in April. The bank also has branches in New Jersey and New York.

The other participant, Optus Bank, based in Columbia, South Carolina, which holds both the minority depository institution and CDFI designations, is in the process of being implemented.

“We strive to create wealth for all clients, with a special focus on those affected by the legacy of 400 years of exploitation and racism,” said the President and CEO of Optus Bank, Dominik Mjartan, in the press release. “With Promontory MortgagePath, our goal of creating $ 100 million in black wealth over the next 10 years is more achievable.”

Promontory MortgagePath presented the program last October. At that time, the Danbury, Connecticut-based company noted that there were more than 1,100 certified CDFIs which managed approximately $ 222 billion in assets. In addition, of the more than 5,400 federally insured financial institutions in the country, 149 are minority deposit-taking institutions.

“These community-driven financial institutions are the cornerstone of wealth building opportunities for the clients they serve,” said Gene Ludwig, CEO of Promontory MortgagePath and former Comptroller of the Currency in the Clinton administration in the latest report. ad. “CDFIs and MDIs are an essential part of solving major societal problems – from unemployment to stagnant wages – that so many communities face. These problems are more acute for Americans of color.”

The program provides institutions with exclusive prizes, resources and joint marketing activities with the aim of reducing the barriers that prevent them from participating in mortgages and doing so profitably, the company said.


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Guide to Physician Mortgages https://sunnationalbankcenter.com/guide-to-physician-mortgages/ https://sunnationalbankcenter.com/guide-to-physician-mortgages/#respond Wed, 02 Jun 2021 04:10:27 +0000 https://sunnationalbankcenter.com/guide-to-physician-mortgages/

What is a doctor mortgage?

Physician mortgages help physicians buy a home, often with no down payment or mortgage insurance and more flexible eligibility requirements. Physician loans can also be refinanced. They are ideal for doctors and other health care professionals who have a harder time qualifying for a typical mortgage due to their considerable college debt and limited savings.

“Since medical school costs tend to be astronomical, doctors can have a lot of debt that would otherwise prevent them from getting a traditional mortgage,” says Jeffrey Zhou, CEO of Fig Loans, a personal loan lender based in Sugar Land, Texas.

“Due to medical education requirements, many doctors are much older before they enter the workforce and they don’t have the down payment to buy a house; yet they have the income to qualify for a home, ”adds Mikell Richards, regional sales manager at United Community Bank in Mount Pleasant, South Carolina.

How does a doctor loan work?

Mortgage loans for physicians can offer up to 100% financing without the need for private mortgage insurance (PMI), which is standard with conventional loans when you put less than 20%. This cost equals a portion of your loan amount each year, so eliminating this expense can save you a lot of money.

Physician loans also have high limits, typically $ 1 million or more depending on the mortgage lender. There may be different limits depending on how much you are funding – for example, 100% funding could be capped at $ 1 million, while 90% funding could go up to $ 2 million. There are also other types of physician loans that can help you establish your practice – these can be up to $ 5 million.

Most physician lenders also allow you to have a higher debt-to-income ratio because they know new physicians have significant student debt.

“New graduates and residents often work for very little money and have a lot of student debt, so they may be at a disadvantage for a typical mortgage,” says Luis Strohmeier, CFP, Los Angeles-based partner and consultant. heritage of Octavia Wealth Advisors. . “Student loans aren’t counted against you with a doctor loan, luckily. “

Who can get a doctor loan?

Physician mortgages are generally available to physicians with specific degrees, including physicians and DOs. Some lenders provide similar loans to other healthcare professionals including veterinarians, dentists, and orthodontists with DMV, DPM, DDS, and DMD degrees.

“Physicians, physicians currently on scholarship, and physicians who are still completing their hospital residency are eligible,” says Kennis Tong, a mortgage consultant at Valley National Bank, a regional bank that covers New York, New Jersey, Florida and Alabama. . “We check their status with their employer and requesting transcripts or a medical degree if necessary.”

A medical loan is a viable option if you are confident that you can handle all of your debt repayments, including student and credit card debt, in addition to your mortgage. If you know you’re going to be moving in a relatively short time, it might not be worth it, Zhou says.

Cost of a doctor loan

Generally, the same closing costs associated with a traditional mortgage apply to a doctor loan.

“Our bank, for example, charges a fixed set-up fee of $ 1,175 regardless of the loan program,” Tong said.

Are Medical Loans a Good Idea?

Benefits

  • 100 percent funding of $ 1 million or more
  • No mortgage insurance
  • Higher DTI ratio
  • More flexible credit, employment and income standards

Most physician loan lenders offer up to 100 percent financing, which means you don’t need to make a down payment and won’t be required to pay the PMI even if you don’t. nothing. You also might not need such a high credit score to qualify, and unlike conventional loans, you can often have a DTI ratio above 50 percent and don’t need a established income or employment history. up to 90 days before your employment begins, says Strohmeier.

“Usually, a doctor who is just starting out will see a substantial increase in income over the course of his career, which is why these lenders are more flexible with this loan product,” explains Richards.

The inconvenients

  • Adjustable rates
  • Only for main residences
  • Risk of over-indebtedness
  • Potentially ineligible condos or townhouses

Physician loans are generally not offered with a fixed interest rate (although some lenders do). This means that you will have an adjustable rate, which changes at certain intervals and can increase or decrease your monthly mortgage payment.

There is also the risk of becoming overwhelmed with your loan if the value of your home goes down, Strohmeier notes, “if, for example, you buy a house for $ 500,000 but the value goes down if the market corrects and you still owe that $ 500,000 “.

Loans to physicians also generally cannot be used to purchase investment property or vacation home or second home, and condos, townhouses, and multi-family properties may not qualify either.

Finally, because there is no down payment requirement, you won’t have a lot of equity upfront with a medical loan, which can be a problem if you have to sell, Richards points out.

“In these cases, borrowers need to be confident in their ability to make their loan repayments and ensure that they have payment reserves on which to fall back in case there is a negative impact on their income,” he said. Richards said.

Where to get a doctor loan

Mortgages for physicians are offered by many types of lenders, including major national lenders, independent mortgage companies, and community banks. Some lenders offering this type of financing (some including business or convenience loans) include:

  • Bank of America
  • BMO Harris Bank
  • Caliber home loans
  • Citizens Bank
  • Fairway Independent Mortgage Company
  • Fifth Third Bank
  • First National Bank
  • Flagstar Bank
  • Guaranteed rate
  • Huntington bank
  • TCF
  • TD Bank
  • Truist
  • United Community Bank
  • American Bank
  • National Bank of the Valley

“Spend time shopping and talking to loan officers,” Tong recommends. “For each of these different loans, find out how the process works, the total costs and conditions involved, and what to expect. “

Alternatives to the doctor mortgage

A doctor loan is not the only option available to doctors. If you qualify, you may be able to get another low-down or no-down loan, such as:

  • Conventional loan – As low as 3% or 5% decline with PMI
  • FHA loan – As low as 3.5% with at least a 580 credit score and FHA mortgage insurance
  • VA loan – Available to eligible military and veterans with no down payment and mortgage insurance
  • 80/10/10 piggyback loan – Two loans for 90% financing (80% on the first loan and 10% on the second), plus a down payment of 10%

Learn more:


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