First Time HomeBuyer

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

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 [...]

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

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 [...]

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

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

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, [...]

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

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

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 [...]

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4 Out of 10 Buyers Bought Their New Home Using an FHA Loan in November 2009

Realtor.com did a survey on recent home buying activity and found that just under 40% of buyers in November 2009 purchased a home with a FHA mortgage loan.  Realtor.com also found that 51% of buyers were buying for the 1st time. FHA is critical to new home buyers, especially first time home buyers because the first [...]

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How To Max Out Your New Jersey Home Buyer Tax Credits to $9500.00

We all know about the $8,000.00 max credit for new home buyers extended until April 30, 2010.  But how many know about the additional $1,500.00 available on top of that?  Here’s how to get it. I challenge someone to show me the buyer who moves into a New Jersey home and doesn’t need something improved.  [...]

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FHA Mortgage Qualification and Requirements in New Jersey May Get Tougher

What bad timing for New Jersey home buyers. Just when even more people are trying to buy new homes with the extended tax credit, HUD is considering asking Congress for authority to make changes to the FHA mortgage program.  All the changes would either make it more difficult or more costly for borrowers to buy [...]

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Getting Ready to Buy Your First Home in New Jersey with an FHA Mortgage Loan

Needless to say, there are swarms of people inquiring with lenders right now about buying their first home in New Jersey.  Smart move.  With low rates, low home prices AND a tax credit, it would be foolish to wait – if you qualify and if buying makes sense. Many of the calls I receive are [...]

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Homebuyer Tax Credit Extended Until April 30, 2010

After much debate and discussion, the Homebuyers’ Tax Credit has officially been extended to April 30, 2010.  The housing tax credit extends the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30 deadline until April 30, 2010.  It also expands the program to offer a credit of [...]

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First-Time Home Buyer Tax Credit Extension – There May be New Life

The Senate reached a tentative agreement to extend the First-Time Homebuyer Tax Credit.  But passage is still not a guarantee. Under the proposed terms, it would extend the existing credit for first-time home buyers (up to $8,000), and would offer a new credit of up to $6,500 for some existing homeowners.  The reduced credit would be available to all [...]

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