Buy a home...but it is often a complex process involving many steps. The more you know about the real estate purchasing process, the more likely we can go from purchase to closing smoothly.

The pages to the left will give you a general idea of the process. (they are intended to be a guideline only, since each transaction is unique and may not always follow these steps)

 

IMPORTANT INFORMATION ABOUT BUYING A HOME !!!

We can't make predicitions about when home prices will "bottom out", until we start to see them go up again. Waiting on the sidelines to "see what the market will do" may not be in your best interest right now. Qualified buyers should consider these reasons why waiting may not be a the best position to take.

  • As of January 1, 2009, FHA will be raising their minimum down payment from 3% to 3.5% as of January 1, 2009

  • FHA, Fannie Mae and Freddie Mac loan limits will go DOWN as of January 1, 2009. According to HUD, Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passiac, Somerset, Sussex and Union counties will see the maximum FHA insured loan amount for single family homes drop from $729,750 to $625,500. For more information visit :

www.fha.gov or www.fhfa.gov

  • Qualified first time home buyers can only get the tax credit of up to $7500 (through the 2008 Housing and Economic Recovery Act) up to July 1, 2009. For more information visit:

http://www.njar.com/government_affairs/issues/federal/pdf/tcchart.pdf

 

If you are a first time buyer you may also qualify for the NJ Smart Start Buyer Assistance Program. For more information visit :

 

http://www.nj.gov/dca/hmfa/consu/buyers/ownprg/smart.html

(be sure to speak to a qualified mortgage lender for more specifics)

 

 

You should also consider speaking to a mortgage representative as soon as you have a fully signed contract of sale.

With the numerous mortgage programs available today, based on your financial qualifications, purchase price and dollar amount (or percent) of the purchase price you plan on using as a down payment, they can help you determine your buying power and help us present a strong offer to a seller.

I can provide you with a list of recommended Mortgage Representatives