You have gotten some really great answers here, but you really need to speak with a mortgage rep. I am not certain what you are refering to with the "match", but there are still programs out there (FHA) that will lend with 3% down. But it really depends on your credit and income. SMART START is also a good program, as it will give you up to $15,000 for closing costs or down payment assistance if you qualify in the terms of a 0% interest loan that does not need to be repaid if you stay in the home for 5 years, but it is only available in "Smart Growth" areas. The big question is IF you qualify (as free money has a lot of caveats), and in addition, the interest rate is higher on this loan than if you go FHA for instance. http://www.nj.gov/dca/hmfa/consu/buyers/ownprg/smart.html

The good thing for you is that rates are still historically low, and inventory is higher than it's been over the last few years. But you really should make sure you know exactly what you are getting yourself into. Real estate is a good investment as long as you can afford the monthly payments AND you plan on staying in the home for more than a few years, as it may take that long for us to get out of this economic slump. Do not, under any circumstances bite off more than you can chew. That is what started this mess in the first place, and you do not want to become another statistic!

If you need referrals to mortgage brokers that can help you choose the right loan for you, let me know and I can refer you to some good people. Good luck in your search!

Lisa Tempesta, Broker-Salesperson
Realtor® -Associate
Coldwell Banker Residential Brokerage / 2200 Rt. 10 West, Parsippany, NJ 07054
(973) 267-3030 x 129 / (973) 267-4161 fax / (973) 668-6322 cell
skype id lisa.tempesta / text 9736686322
connect with me on linkedin.com / plaxo.com / facebook.com

Hello John,
For a first time homebuyer in NJ, there are so many incentives that previous buyers of other years may not have had all at the same time: the first time homebuyer tax credit of a max of $8000( or 10% of the home purchase price) for purchases made effective Jan 1 - Nov 30 2009 and the best part is you don't have to repay it anymore , historically low interest rates, and still a good number of homes to choose from with home prices down like never before. You should talk with a local realtor as well as a reliable mortgage person to give you all the details and show all your options. Good luck and grab the opportunity if you can!
Shubee Ang

Hi, John!
How are you?
I hope the following may give you some idea:

THINGS YOU MUST KNOW ABOUT THE OBAMA HOUSING PLAN

1. This is effective for purchases on or after Jan 1 2009 and before Dec 1,2009.
2. Any unused amount of tax credit is refunded to the purchaser when the tax return if filed.

3. $8000 maximum credit amount or 10% of cost of home, whichever is less.
4. Income limit for individual is $75k and joint is $150k.
5. No repayment for purchases on or after Jan 1 and before Dec 1 2009.
6. If home is sold within 3 years of purchase, entire amount of credit is recaptured on sale and this only applies for homes purchased in 2009.
7. It is retroactive to Jan 1, 2009, not prior

Sincerely,
Yelena Tsuladze
mail to:YelenaT@optonline.net

The stimulus package will provide $8000 to first time homebuyers. You will get the credit when you file your taxes.