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Let's Talk
Real Estate
by Jarlynn Hyde
THE BEST OF TIMES
The present may well be the best of times for first-time home buyers. Not only are home prices as low as they have been in years, but mortgage rates are at historic lows. In addition, the government is offering first-time home buyers a tax credit worth $8,000 or 10% of their home's value (whichever is less). First-time buyers, for the purpose of the tax credit, are those who have not owned a home in three years. According to the IRS, the credit does not have to be paid back if the home remains the buyer's primary residence for at least 36 months after the purchase date. The credit phases out for those whose adjusted gross income exceeds $75,000 ($150,000 for joint filers).
The clock is running down on the first time home buyers credit. Make the most of this credit before it disappears on December 1st. Whether you are searching for your next home, get away, or something else, we invite you to visit with our agents. If you have questions, or would like to make an appointment, please call or come by the office. Whether you are a first time home buyer or experienced investor we can provide useful information about how to choose the "right" property, making an offer, negotiating financing, mortgage rates, moving and everything involved in making an informed real estate decision in today's market.
HINT: According to the Treasury Department, nearly one out of two homebuyers bought for the first time last year.
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NJ Housing Mortgage Finance Agency Offers Cash Advance for First-time Buyer Costs
The New Jersey Housing Mortgage Finance Agency (NJHMFA) is offering cash payments of up to $5,000 for qualified first-time home buyers to help defray closing costs or satisfy down payment requirements and help new buyers to get into the housing market.
The loan, offered as part of NJHMFA's "Prefund" program, would function like a cash advance against the $8,000 tax credit being offered to first-time buyers who purchase a home between April 8 and December 1 of this year. In its simplest terms, purchasers would be provided with the payment as a loan and would be required to repay the advance when they receive their federal tax credit.
The cash advance is available to first-time home buyers who:
Arrange their financing through the NJHMFA. (Obtain a list of participating lenders by calling (800) NJ HOUSE)
Are qualified for the tax credit offered as a part of the federal stimulus program
Pledge to apply the proceeds of their tax credit to repay the cash
View the full details of the NJHMFA's First-Time Home Buyers Tax Credit Loan Program (TCLP).
NJ Housing Mortgage Finance Agency Offers Cash Advance for First-time Buyer Costs. Retrieved April 20, 2009, from New Jersey Association of Realtors Web site: http://www.njar.com/
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Home Ownership Preservation Effort
Families and communities across New Jersey are facing mounting difficulties as a result of the boom in sub-prime mortgage lending. If you are having trouble paying back your mortgage, help is available. Do not be embarrassed. Do not panic. But most importantly, do not do nothing. If you are having trouble with your mortgage payments, contact your mortgage lender. Do not ignore your lender’s letters and phone calls. Do not wait! Your financial future is worth a phone call.
The NJ HOPE alliance has designed this website to help you find the resources that are being used by people across the state to understand what type of mortgage they have, the terms of their loan, when the interest rate on their mortgage is going to reset and what steps they need to take to resolve their mortgage problems.
The NJ HOPE alliance is a collaborative effort to enhance homeownership preservation in New Jersey. Assisting New Jerseyans in achieving and maintaining the American Dream of homeownership is a shared goal among the members.
The following resources can help you navigate all stages of the mortgage process:
1. Call a counselor
If you are unable to make new arrangements with your lender or loan servicer, you should seek help from legal counsel or from a certified credit counselor and/or licensed debt adjuster. (For more info: http://www.state.nj.us/dobi/njhope/counselors.html)
If your lender cannot help you, contact the Homeownership Preservation Foundation at 1-888-995-HOPE, a 24 hour a day, 7 day a week toll-free hotline with trained counselors to help homeowners avoid foreclosure. When you talk to a counselor you won’t be judged and you won’t pay a dime for the advice or assistance. Call 1-888-995-HOPE or visit www.995hope.org today.
2. Look into refinancing your current mortgage
As part of the NJ HOPE initiative, banks may offer a variety of borrower assistance programs such as mortgage refinance loans, closing cost assistance, waiving of private mortgage insurance requirements and credit counseling. More...
The New Jersey Housing and Mortgage Finance Agency has developed the Mortgage Assistance Pilot (MAP) program to provide temporary financial assistance to income-eligible homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems beyond their control. For more information, call 1-800-NJ-HOUSE.
3. Anti-Predatory Lending Assistance
"Predatory lending" has become shorthand for describing a variety of lending practices that may be disadvantageous to borrowers. It can mean any type of abusive lending practice where the lender benefits through unworthiness, deceit, misrepresentation, bad faith, or dishonesty. (For more info: http://www.state.nj.us/dobi/njhope/predatorylending.html)
**BEWARE OF MORTGAGE LOAN MODIFICATION SCAMS**
4. Find affordable housing in New Jersey
The New Jersey Housing Resource Center (NJHRC) is designed to help all New Jerseyans with their housing-related needs by providing two key services: (1) a free online, housing information clearinghouse; and (2) a searchable registry of affordable for-rent and for-sale housing. More...
If you have further questions, contact the NJ Department of Banking and Insurance at 609-292-7272 or 1-800-446-7467.
(2009). NJ Home Ownership Preservation Effort. Retrieved April 20, 2009, from The State of New Jersey Web site: http://www.state.nj.us/dobi/njhope/
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