NJ First Time Home Buyers: NOW May Be the Best Time to Move (Series)
- The first time home buyer tax credit has been extended. You can still qualify for a tax credit of (up to) $8,000 if you are a first time home buyer in New Jersey. First time home buyers are considered those who have not owned real estate within the last three years. The current guidelines require a home buyer to be under contract by April 30th and to close by June 30th.
- As a first time home buyer in NJ, you can STILL finance a home with credit scores below 620. You read it right: No 620, 640, 700+ FICO score requirements. More recently we have closed purchases for qualifying borrowers with 593, 589, and 597 (middle) FICO scores. If you have been turned down by other lenders, give me a call. I'll let you know if buying is at all possible, and if not, give you great credit advice on how to effectively raise your credit scores.
- Down payment assistance programs, home buying grants, and other options are STILL available. These are available for the majority of New Jersey homes and locations. Here is more information for understanding all of your first time home buyer mortgage options.
- Zero down loans are also available for homes in most New Jersey areas. Some programs require the home to be in a specific geographic location, so check with your preferred NJ Mortgage Lender to see if you may qualify.
- Mortgage interest rates are still low. No matter what program you ultimately select, chances are the rates right now are going to be better then the rates available in the near future.
BE CERTAIN to use a local New Jersey Mortgage lender that specializes in working with New Jersey first time home buyers, or you can be almost certain that you will not be introduced to all of the programs available to you.
Not all lenders have access to all programs, especially first time home buyer programs and options.