You have all kinds of excellent answers here. The key to all of them is to consult with a good mortgage professional first. You really couldn't find a better time in the last 10 years or more, to be a first time buyer. With inventory at an all time high, rates staying low, the tax credit incentive and sellers in a very negotiable state, now is the time to take the leap. There are great deals out there and you can structure a deal where the seller will pay all of your closing costs! Call a good mortgage person right away. If you need a list of the best, call or email me and I will forward one on to you.
Good luck in your search!

Hi 1st Time Home buyer,

You are in a great position! Yes, there are a few 1st-time home buyer programs in NJ. However, they do have restrictions and caveats to which you may not want to adhere. Of course there is also the wonderful First-Time Home buyer Tax Credit offered this year of 10% of the purchase price of the home you purchase (up to $8,000) . Your AGI will probably fall in the realm of eligibility. Also 13 states, including New Jersey are allowing state programs to do short-term bridge loans to allow that money to be used for closing costs and a portion of the downpayment - under FHA loan programs. You'd still have to put down the first 3.5% and you'd have to sign a promissory note to pay back the loan as soon as you receive the credit. But the announcement was just made on Friday and I don't have all of the details. There are other programs based upon your employment such as The Officer Next Door and the Teache Next Door programs. To sum it up - with the interest rates being as low as they're going to be for a while, I think, with affordability being at its highest level in years and with the tax and tax credit incentives - I can truly say that there's never been a better time to buy a home. Call me if you'd like the name of 3 or 4 excellent loan officers. Visit my website if you'd like to start your search on-line with no hassle from me! :-)
Kim

Kim Thomas, Broker
Realty Executives Brown & Pope
Voorhees, NJ
856-308-5989 http://www.KimThomasHomes.com
email: kim@kimcanhelp.com

New Jeresy does have a 1st time home buyer program, but if you have 3.5% down payment it is probably not the best option for you. Ideally you start with a mortgage professional and he/she could advise the best program and financing to fit your personal needs. I work with a team of highly trained professionals from mortgage brokers to home inspectors and will be more than happy to point you to the professionals that can help you get started on you quest for home ownership.

Good Luck!


Robert J Millaway
Sales Associate, SRES, e-Pro
Boomer and Senior Real Estate Specialist
Coldwell Banker Elite Realtors
(856) 547-4900 x254 office
(856) 938-6380 cell
(856) 546-9080 fax http://www.RobertMillaway.com
BobtheRealtor@robertmillaway.com

I have an easy- to understand flyer I can send to you if you like (my email is listed below) on the federal tax credit that ends December 1, 2009. There is also the state offer of fronting some of that tax credit up front.

New Jersey has a program called NJHMFA Smart Startwhich allows for a secondary loan program for down payment and closing costs. You qualify as the limit is $98,160. The main problem with that program is the higher interest rates charged.

You would most likely be better off taking out an FHA loan which requires 3.5% down (perhaps using the federal tax credit up front) and asking the seller to assist with closing costs.

elisa@ElisaDewees.com

Hi First Time Homebuyer, the expanded federal tax credit that was introduced in January is the most obvious benefit for you. To take advantage of this benefit, your home purchase must close by 11:59pm on Nov 30, 2009. Although it may sound a long way off, it will be here before you know it. It takes time to find a home, negotiate the contract and seal the deal, so the time to act is now!

At a glance....
-You are considered a first time buyer if you have not owned a home in the three years prior to the date of the 2009 purchase
-The home you purchase must be used as your principal residence
-The tax credit is equal to 10% of the purchase price up to a maximum amount of $8,000
-The full tax credit is available to individuals with adjusted gross income of less than $75,000, or married couples with incomes under $150,000 (looks like you qualify given your comment!)
-You must live in the residence for 3 years as your primary residence - if you do not, then you must pay back the credit in full
-Deadline for closing transaction to qualify is 11:50pm on Nov 30, 2009.

Combine this with lower prices and good borrowing rates, and you have a terrific buying opportunity.

If you are lacking adequate funds to close, talk with your mortgage rep about FHA programs that permit seller concessions. In essence, you inflate the purchase price to cover a certain amount towards your closing costs/prepaids. Many of the fist time buyers I am working with are successfully building this into their contracts.

As a further incentive, you can consider participating in the Tax Credit Loan Program (TCLP) if you get your mortgage through the New Jersey Housing & Mortgage Finance Agency's Home Buyer Program. This allows you to get a loan of up to $5,000 secured by the anticipated federal tax credit. You can use this money for your down payment or closing costs, and pay it back without accruing interest, when you receive the tax credit.

Sweet....

If I can be of further assistance, please do not hesitate to reach out to me.

Good luck and best,
Jeannie Feenick
Search and connect at http://www.feenick.com

If I can be of further assistance, do not hesitate to reach out to me.

1st Time - I do not work on NJ, and I am sure you will get some answers from local practioners. However, VA and FHA loans are good first time home buyer loans and are offered on a federal basis. VA can be no money down. FHA requires 3.5% of the sales price down ($8750 for a $250K house). In addition, there was a ruling on Friday that will allow you to use the $8000 federal tax credit (which it sounds like you'll qualify for - but investigate it further), towards your closing costs. The other option is to ask the seller to pay your closing costs for either a VA or FHA loan. There also could be some state/local incentives. Beware, many people are expecting inflation to start kicking in - this means if you re a homeowner, you're likely to benefit. If you are a renter it may be stiffling. This looming prediction, plus interest rates that are inching up and the expiration of the tax credit (Nov 30), means that buying now may be the best decision you ever made... But, you're not alone. All this is fueling the 1st time home buyer market and it is becoming quite competitive now with multiple bids on well priced homes, and increasing prices. My advice - get in touch with a local lender quickly and see what programs they have available to you and if you qualify for the amount you want to spend.

Good luck.

There are numerous programs available for first time buyers. You will certainly want to take advantage of the 1st time buyer tax credit. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009. Also see the attached URL (web references) for some other programs currently available in the State of NJ.

I see you live in my local area. Feel free to give me a call – Depending on what your looking for, I may already know of a few properties in your price range that may be of interest!

John Agnello
Realtor®
Long & Foster, Real Estate Inc.
1415 Route 70E Suite 106
Cherry Hill, NJ 08034
(609) 320-6700 – Cell
(856) 310-9229 – Fax

Realtor® specializing in the sale and purchase of Residential Real Estate / Servicing the Gloucester, Camden & Burlington Co. areas.