Loans & Mortgages News Blog

Northern NJ First Time Home Buyers Questions About the $8k Tax Credit

The American Recovery and Reinvestment Act of 2009 has had many New Jersey First Time Home Buyers asking questions about how to qualify.

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1st Time Home Buyer Tax Credit Officially Extended

First time home buyers rejoice!!!! Congress has officially extended the deadline for the $8,000 first time home buyer tax credit to April 30, 2010.   Under the extension, the deadline of April 30 refers to the contract date.  This means that the 1st time buyer must have a sales contract on a house by April 30 2010 to be eligible, but he/she has an additional 60 days to close the purchase.  This means that New Jersey first time home buyers have until June 30th, 2010 to close on their new homes to be eligible for the $8,000 first time buyer break – great news!!! Who is eligible for the $8,000 credit?  First-time home buyers and those who have not owned a primary residence in the last three years prior to the purchase. Do income limits apply?  Yes – and the income thresholds have increased from the last bill.  The full amount of the credit is available to married couples who make up $250,000 per year (adjusted annual gross income) and single filers who make up to $125,000.  See the official IRS website for more detail. ________________________________________________________________________________ FREE Home Buying Guide Reveals Insider Tips… Click Here To Get Your Copy Today! ________________________________________________________________________________ Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.

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Do FHA Jumbo Loans Make Sense for 1st Time New Jersey Home Buyers?

Is the phrase “ FHA Jumbo Loan ” an oxymoron?  In order to answer that question, you have to understand the history of FHA loans.  In 1965 the Department of Housing and Urban Development (HUD) was formed.  Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home buyer who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA who insures the loan for the lender.  So why would someone who has less than a perfect credit history think he/she could qualify for a jumbo loan

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Los Angeles FHA Loan – $742,520!

Los Angeles County FHA loan limits allow for a total loan amount of $742,520 with the up front mortgage insurance premium financed into the loan.  I closed a $950,000 purchase last week with this loan amount for a first-time buyer .  The FHA rates were lower than the High Balance Conforming rates and the buyer was allowed to get FHA gift money from his brother.

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FHA Jumbo Loans – Good for Bergen County and the Northern New Jersey Market

Have you heard about FHA Jumbo Loans? In 2008, the economic stimulus package was put into place.  Part of the package was to offer FHA Government Insurance on higher loan limits than in the past.  These larger FHA loans are known as FHA Jumbo Loans aka FHA Jumbo Home Mortgage Loan. FHA Jumbo Loans can be used to purchase or refinance a home in Bergen County and other high-cost areas in New Jersey.

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