It is actually $4,000 for a single person. This link is from the IRS website; it has detailed information. http://www.irs.gov/newsroom/article/0,,id=213375,00.html.

The NJ program is a loan program which you are obligated to pay off as soon as you receive the First-Time Homebuyer Credit.

No Sophia, you may not use the $8,000 as a down payment. It is a tax credit which is 10% of the purchase price and not to exceed $3,750 if you are single or $8,000 if you married. In order for a single person to qualify, the income may not exceed $95,000 and married couples may not exceed $170,000.

I am a realtor in Bergen County and I work in the areas of Fort Lee, Edgewater, Englewood Cliffs and all the surrounding towns. Let me know if I can assist you farther.

Hi Sophia, there is a specific state program that provides this possibility. My suggestion is to talk with a mortgage rep quickly - if you need a suggestion let me know. If you are hoping to take advantage of this for the Nov 30 deadline you may be too late - but only a mortgage rep can answer the question for sure.

There is a possiblity that the tax credit will be extended - the National Association of Realtors is lobbying hard for this. I have voiced my support to the cause as well.

I will say that the tax credit is one aspect of the stimulus that has indeed worked - the stats are impressive - as of mid Sept, approx 1.4 million people had filed for the credit and $11.2B had been "paid out". The estimates I've heard expect about 1.8 million in total filings and $14.4B in $$ refunded. That's a WOW alright!

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

In NJ there is a Pre Fund program where the state of NJ will "loan" you $5000 of the tax credit at closing. I've attached the link below but your mortgage professional should have all the details and forms you need to get it.

http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/tclp.html

The Federal 1st Time Home Buyers Tax Credit info can be found at:

http://www.federalhousingtaxcredit.com/2009/index.html

Realtors across the country are working closely with our elected officials to extend and expand the tax credit. We encourage everyone to contact their elected officials and let them know you think it should not only be extended but expanded to include all home buyers. A healthy housing market helps the economy in so many ways...we need to keep the program going!

Here's a link to help you find yor congressmen and senators:

http://www.usa.gov/Contact/Elected.shtml

Good luck with your purchase!

Barbara L Smith
Weichert Realtors
cell/text: 609-980-7593
email: BarbSmith321@comcast.net