New Jersey | Assistance, MCC Tax Credit, Grants, No Money Down For First Time Home Buyers, 2013
by Stephen Webber, Your Road Home.com, Retired after 34 Years of Real Estate for First Time Home Buyers
Reminder; A first time home buyer is someone who has not owned their primary residence for three years.
New Jersey offers assistance, support, guidance, grants, and down payment assistance!
And they offer seminars, and direction to the cooperating lenders and loan officers.
#38 Seminars, Classes and Education will explain how to find the better seminars.
Your primary concerns are income limits, availability of funds, and geographical restrictions.
Also research the MCC Tax Credit for first time home buyers. The best tax credit ever! The tax credit increases a family’s disposable income by reducing its federal income tax obligation. Some States allow the additional disposable income to be added to the clients income so larger loan. It is valid for the life of the loan as long as the borrower occupies the property as their primary residence. MCC Tax Credit
Pencil the tax credit and you will discover it is better than the big tax credit offered in 2009.
Articles #6, #7 also offer Useful Information on how to determine which assistance will best serve your goal.
Critical is your choice of loan officer and lender. Few loan officers have experience with the State agencies that offer grants, assistance and support the MCC tax credit and so will avoid the subject. Unfortunately some in early planning will indicate they have experience with the agencies than after the loan application is well underway begin to direct the client away from the agency and the MCC tax credit.
Before you interview loan officers: #13 Consultation Interviewing Loan Officers. The supporting articles will also serve you well.
When you interview real estate agents, article #21 Consultation Interviewing Real Estate Agents, ask if there is any reason sellers will not cooperate with the programs. Be sure you ask the question of someone who has worked with the programs.
Best of Luck, Stephen Webber, 34 Years of Real Estate for First Time Home Buyers