Let’s say you’re thinking of buying a home in Englewood.  You see that many of the homes there are from the early 20th century so you’d like to know about the city’s history.  Just go to the City of Englewood website where you’ll find the Our History page that takes you from Englewood’s earliest days to the present.

The River Vale website is the place to go for local events – it’s always on their home page.   Park Ridge and Westwood does this too along with many other local communities.  You may find important changes on a town’s home page – this year Westwood began registering it’s various Recreation Department activities online; the announcement is on it’s home page right now.

Town websites are also a great help when you need a form.  For example, if you want to put up a fence on your property and you live in Cresskill, the fence permit form can be downloaded from the Cresskill Boro website Some towns like Tenafly actually have a step by step guide for you when it comes to getting a permit

Many community sites have portions of their building codes right on their websites.  Old Tappan has their entire borough code on line.

You may be amazed at how much information can be found on a town website.  If you’re thinking of buying a home or if you’re a Bergen County resident now, check out the borough website.  You’ll be glad you did.

There’s also an intermediate level which is a special allowance for higher cost areas like Bergen County. Such mortage loans are at $417,000 – $625,000 with moderately higher interest rates than conforming loans. This is a super conforming loan but marketing folks have coined the phrases Jumbo and Super Jumbo. You’ll see a Jumbo Mortgage at $417-625,000 and Super Jumbo above $625,000.

OK, now you should have a good basic idea of how things work. Here’s where it gets interesting:

Fannie and Freddie are increasing the conforming mortgage loan limits to $729,750 on May 4th. This came about due to the economic stimulus package which was signed into law on February 17th. Wells Fargo will start taking applications for these loans on Monday, April 27th and I’m sure other banks will begin before May 4th too.

New Jersey MLS data shows that the 2008 average sales price for a single family home in Bergen County was $570,217. Even with a 20% down payment, this put a buyer into jumbo loan territory. In several towns it was often impossible for many buyers to qualify and is part of the reason that upper mid range homes have had such a hard time.

In the upper mid range market, it’s really been tough due to the restrictions on conforming loans. Loosening up lending for these homes creates more buyers for sellers. For real estate in Bergen County this is huge. Bergen County is the 18th most affluent county in the US; many of our towns have been severely impacted by the $417,000 limit and even $625,000 didn’t quite work.

For example, Tenafly had an average sales price last year of $915,581, Old Tappan was $1,147,159 and Woodcliff Lake was $838,309 plus many other Bergen County towns have scores of homes that will benefit. If you are a home buyer who’s looking at $850,000 homes, think of how this will help you! You won’t have to pay a point and your interest rate just dropped.

Think of the impact this will have on real estate in Bergen County and across the United States. Buying a home is never an isolated transaction. Real estate is a chain of events – there are homes sold above and below your own transaction so anything that happens in one price range affects it all. This is going to have quite an impact.