|
First Time Homebuyers Alert! There are alot of Mortgage programs geared toward 1st Time Homebuyers! What is a 1st time homebuyer? You may qualify if you have not owned or claimed a home on your income tax return within the last 3-years. What are some of the features and programs available: State of NJ First Time HomeBuyer/Smart Start Qualified Buyers can receive a grant from the State of NJ in the amount of 4% of their (1st mortgage amount). These monies can be applied to Buyers Closing Costs, Prepaids and/or Downpayment. There are income limitations. Also note this program will accept credit scors below 620! IRS is here to help With this program the IRS will pay 1st timebuyers upto $8000. via mail after closing has taken place. Certain requirements must be met. This program ends December 1st, 2009. So call today to see what it means to you! USDA The major benefits are: - 100% mortgage LTV based on the APPRAISED value
- Zero down payment and there is no minimum contribution required.
- No limit on seller concessions or gift
- No mortgage insurance required
- No reserves required
- 30 year fixed rate only
- Lenders must be USDA approved.
- Low interest rates, this is not a sub-prime mortgage
- Flexible Credit Guidelines.
- **properties must be located in US Rural development areas and income limits do qualify.
Police and Fire Mortgage
Active members of the New Jersey Police and Firemen's Retirement System (PFRS) with one year of creditable service are eligible for this program. Members may buy a home (first-time or trade-up) or refinance an existing home. Maximum mortgage amount is $ 359,650. Interest rate is 30 year fixed. Program rates are set semi-annually in February and August. If you would like more info on any of these programs of would like to see what you qualify for please call Melody "Deal" Leschak at 609-841-0311. Additional Links: http://first-time-home-buyer-s.com/first_time_home_buyer_grant_new1.htm
|