Posts tagged as:

First Time HomeBuyer

Somerset New Jersey Homes for Sale

June 1, 2010

Click to visit listings. 

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New Jersey Mortgage Shoppers Can Rob The Bank With a Long Term Adjustable Rate Mortgage – Get the Facts Before You Judge

May 8, 2010

The 5-Year ARM Is a Mortgage Steal
Any borrower in the market for a mortgage loan in New Jersey right now should NOT pass up the savings that can be had with the 5/1 adjustable rate mortgage.  Rates are unbelievably low compared to the 30-year fixed rate.  These mortgages are prime rate, Fannie Mae and FHA loans.  [...]

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New Jersey Realtors Can Sell More Homes Faster With FHA Financing

April 25, 2010

Over the last 2 years, the FHA mortgage program has undergone major changes that has made it the financing option of choice amongst about 35% of home buyers and homeowners who are refinancing.   FHA has always been available to help people get financing who otherwise might not qualify to get a low rate, attractive mortgage.   [...]

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New Jersey Mortgage Applicants: What NOT To Do While Your Loan Application is Being Processed

April 25, 2010

To insure mortgage approval and closing, the most important step you can take as a New Jersey mortgage loan applicant is to NOT make any changes to your job or financial picture until your mortgage loan has closed and the keys to the home are in your possession.  I have written about this before, but it [...]

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12 “Must Know” Tips For New Home Buyers in New Jersey

March 30, 2010

For most people, buying a home is the biggest financial investment they will make in a lifetime.  Many homebuyers get involved in the process without knowing all the facts and without knowing how all the various pieces fit together.   Frankly, qualifying for the mortgage may be the simplest piece of the puzzle, yet it’s where home buyers place [...]

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New Jersey FHA Loans – Mortgages Still Available With Low Down Payments

March 19, 2010

More borrowers than ever before are flocking to New Jersey FHA loans to buy new homes and to refinance their current higher rate mortgages.
A mortgage backed and insured by FHA remains very popular for many New Jersey homeowners.  Currently, the minimum down payment for FHA is 3.5%.  However, later this year, buyers might need to have more [...]

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New Jersey Buyers Can Now Purchase Foreclosed Properties Using FHA Financing w/o Regard to 90-Day Anti-Flip Rule

February 3, 2010

Effective February 1, 2010, a new policy goes into effect that will speed the resale of foreclosed properties to buyers in New Jersey and other states.
To help achieve the national goal of stabilizing home values and improving conditions in communities where foreclosure activity is high, Shaun Donovan, HUD Secretary, announced a temporary policy that will permit FHA [...]

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Get Set, Get Ready to File Your Taxes and Claim Your Home Buyer Tax Credit

February 2, 2010

Are you planning to claim the home buyer tax credit when you file your taxes?  If the answer is yes, here are a few things you need to be aware of as you organize your documents.
Most important and unknown to most people is that you will NOT be able to do a quick efile if you’re [...]

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FHA is Making it Tougher to Get a Mortgage; Changes Might Shut the Door For Many Buyers

January 20, 2010

As we warned last year, the guidelines for getting an FHA mortgage will be tougher – effective early this year.  The announcement with specific changes will be published this week.  Perhaps as early as January 22, we will have the new Mortgagee Letter in hand.   (Mortgagee Letters are used by HUD to inform everyone of [...]

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The 2010 Home Buyer Tax Credit Made Simple. Learn the Facts and Know the Exceptions

January 5, 2010

When Congress opted to extend the home buyer tax credit on November 6, 2009, the credit was no longer a “first time” buyers credit.
Under the program’s new terms, first-time buyers are eligible for up to an $8,000 in tax credit.  Those already owning a home ( ”long-time” homeowner) get up to a $6,500 credit.  A “long-time” homeowner, according [...]

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The “Move Up” Home Buyer Tax Credit. Or Get a “Move Down” Credit Too

December 22, 2009

With the drop in property values, there are more than a few buyers who are “moving on down” to a home that costs less than the one they currently own.   Contrary to some of the information being banted about, the tax credit is equally available to homeowners who purchase down in price.  The price of the new home [...]

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What You Don’t Know – BUT Should Know – About The Home Buyer Tax Credit

December 19, 2009

The IRS has tightened up the ship on the monitoring of tax filings where the taxpayer is claiming the Home Buyer Tax Credit.  There has been far too much fraud and abuse.  People have actually claimed the credit who were not entitled to it.  Imagine that.
In some instances, it seems the IRS is making the [...]

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