Are there any programs in Monmouth County, NJ for 1st time home buyers?
December 31st, 2009 by admin
My husband and I would like to purchase our own home, and we would like to know if there are any programs for 1st time home buyers. We make pretty good money about $88,500 yr.
No related posts.
Fannie Mae & Freddie Mac may be able to help you – also the FGederal government has a $7,500 (credit) for first-time home buyers.
Any knowledgeable real estate broker should have info for you, but your bank would also have that info – and you may cut out the broker’s fee if you go directly to a bank with foreclosed properties. Also your city/town council and HUD can direct you.
Yes, find a good loan officer, maybe a recommendation from a real estate attorney or realhome buyerssure to tell them you want an FHA Mortgage, and ask how long they have been doing FHA loans. There is no other loan that is better suited for first time buyers, it has a 3% down payment requirement plus closing costs. The costs can be paid by the seller as well (negotiated when the offer is made) the 3% down payment can be a gift from a relative or your own money.Food for thought-after Jan 1 2009 the minimum down is going to 3.5 %. Also, if you buy a home now or in the next few months, the government is giving you a huge tax credit in april when you file your tax return-major bonus, aside from the fact that you make too much money per year to not be owning-the tax savings you will have from home ownership will be tremendous as well over renting. Hope this helps.