Real Estate - Residential and Commercial
New $100M Tax Credit for NJ Homebuyers
As of June 11th, the bill has passed the NJ legislature and has gone to Governor Christie for his signature. Under the bill (A1678), home buyers would get $15,000 in tax credits over three years or 5 percent of their home's purchase price, whichever is less. Most of the program’s money — $75 million — would be set aside for new homes, but $25 million would be reserved for homes resales.
What you might not know: It may take up to six months for the bank to approve
Watch out for liens! Besides the mortgage-holder, there may be others such as water/sewer, electric, etc., who are owed money.
Stricter FHA Guidelines
The Federal Housing Administration has mandated that buyers put 3.5% down on an FHA loan. In addition, home buyers will now undergo an extensive background check to include employment history and credit history. The credit check will be performed twice, and in order to be accepted, buyers will not be allowed to deviate on credit spending between the two checks.
Questions for Buyers and Sellers
We are here to advise you on either end of a real estate transaction. We understand you have questions and we are always ready to help.
We understand your requirements are very particular. Please contact us for a free consultation in these matters.
|Home | Real Estate | Small Businesss | Litigation | Non-Profits | Contact | Disclaimer||
©2011 Jennifer L. Jack, LLC. All Rights Reserved.
Web Design NJ by Toms River Web Design