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Home Buying in Fairview : Real Estate Advice

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Activity 7
Wed Sep 28, 2016
Buck Seymour answered:
Hi Chris,

Yes, you can use FHA financing to purchase up to a 4 unit property, provided you will be living in one of the units. And you can use the projected rental income from the other units to help you qualify, if needed. You will need a 3.5% down payment with FHA.

And with this, You may also qualify for the NJ First Time Home Buyer and Smart Start program that will cover your required 3.5% down payment. We are an approved NJ lender for this program. There are income limits as well as purchase and loan amount limits, so feel free to give me a call and discuss further. I'm happy to help.

Buck Seymour
1st Advantage Mortgage
Mortgage Loan Originator
NMLS 250024
Direct Line: 609-467-6024


https://www.facebook.com/mortgageinsider/
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Fri Apr 30, 2010
Tim Robbins answered:
Here is what the IRA Has TO SAY

First-Time Homebuyer Credit – Purchases Made In 2009 And 2010

The Housing and Economic Recovery Act of 2008 created a new refundable tax credit, beginning in 2008, for individuals who are qualified first-time homebuyers of a principle residence in the United States. Topic 611 explains the general rules that apply to this credit for 2008. The American Recovery and Reinvestment Act of 2009 made changes to the credit for qualified purchases made in 2009.


Original Rule Changes For 2009:

Qualifying taxpayers who buy a home after December 31, 2008, and before December 1, 2009, can claim a first-time homebuyer credit of 10% of the home's purchase price, up to $8,000 ($4,000 for married filing separately).
Qualified 2009 homebuyers do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date.
Taxpayers who qualify for the 2009 credit can elect to claim the credit either on their 2008 tax return or on their 2009 tax return.

The Worker, Homeownership, and Business Assistance Act of 2009 extended the First-time Homebuyer Credit deadline to include qualifying purchases made by taxpayers who enter into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010.


Rule Changes For Qualified Purchases Made After November 6, 2009:

Credit Limitation: The credit limit remains $8,000 for qualified first-time homebuyers, however, long-time residents who owned and used the same principal residence for any 5 consecutive years of the last 8 years prior to purchasing a subsequent new principal residence, may now qualify for a tax credit of up to $6,500.
Income Limitation Is Increased: The Modified Adjusted Gross Income Limitation at which the credit will begin to be phased-out is increased to $125,000 for single taxpayers and $225,000 for joint taxpayers.
Purchase Price Limitation: No credit shall be allowed for the purchase of any residence if the purchase price of such residence exceeds $800,000.
Restriction for Age and Dependents: No credit shall be allow for the purchase of any residence unless the homebuyer (or spouse if married) has attained age 18 as of the date of such purchase. In addition, no buyer may take a credit if he or she can be claimed as a dependent on someone else's return.
Documentation Requirement: Buyers will be required to submit a copy of their settlement statement to claim the tax credit.
Claiming the Credit: Under the new law, as under the old, 2009 homebuyers may claim the credit on either their 2008 or 2009 returns, and 2010 buyers may claim their credit on either their 2009 or 2010 returns.

For more information on the new rules for 2009 and 2010 you may refer to the following references on the IRS Website at www.irs.gov.: The Form 5405 Instructions, the 2009 IRS News Release (IR-2009-14, Feb. 25, 2009), the First-Time Homebuyer Credit Information Center article, and additional topics on this subject.

This come directly from the IRS
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Tue Apr 6, 2010
Debra (Debbie) Rose answered:
Ljji hi...

As you may know, in NJ we start with signed contracts (signed by buyer and seller) that then go through a 3 day attorney review, during which time either party can get out of the contract with no reason given.
The home is considered to be "under contract" once the attorney review is complete. The buyer then generally has 10 days in which they can have inspections done.

You ask a good question............as to whether the attorney review has to be complete in order for the contract to be considered "binding"., for the purposes of the buyer's credit.

I would tend to think that having the contracts fully signed and initialed would be enough, but I will check with a local attorney tomorrow, and find out for sure.
I will get back to you if I find out that the attorney review needs to be completed.

Good luck!
Debbie Rose
Prudential NJ Properties
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Sat Jun 7, 2008
David answered:
Yes, great place, great builder, great niche community without water slides, golf courses, amusement parks, circuses, and light towers, or windmills, statues of horses, and out of place names. There actually is a creek which is deep and there is much wildlife still in the area. The homes are beautiful and the neighborhood is small and quaint with nice wide streets, over-sized lots and close to a new mall popping up near the freeway but far enough away to be in the country. Load up the wagon and head to Sloan Creek. One of the nicest little slices of town left. ... more
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Thu Jun 5, 2008
Kara Moore asked:
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