NJ First Time Home Buyer Tax Credit Pre-Fund Program -> One Under the Belt!

Want to use your first time home buyer tax credit NOW to purchase a home?

It is possible!! Steve Kappre at Treasury Mortgage had the first "Tax Prefund Mortgage Program"settle last Monday. It was a seemless transaction where the buyers utilized $5,000 of the (up to) $8,000 tax credit the government is currently offered to first time home buyers who close before December 1st of 2009.

Here is how it works.

When you apply for your mortgage as a first time home buyer let your lender know that you would like to utilize a portion of the tax credit NOW to purchase your first home. If the lender says it isn't possible than RUN THE OTHER WAY!! What they may really be saying is either they don't offer the program, or there is a good chance they don't even know the option exists. Certainly not all mortgage lenders are made the same, nor have access to the same programs.

When your loan is approved it is approved with the designation of the"Prefund" program.  You can use this $5,000 towards either your down payment or your closing costs (or both). The first time home buyer prefund program can be used under the umbrella of Conventional, FHA, VA, or USDA (100%) guidelines.

This variety of options truly gives the first time home buyer a great wealth of options.

There are times when one option will allow an approval where another option will not. Your loan officer/mortgage lender should be able to advise you of what direction to take and why that direction is in your best interest. The interest rates for such programs are right in line with other conventional, FHA, VA, or USDA rates.

There really isn't a better time to consider buying a home.  Take the time to educate yourself and put all the cards on the table. Below is a few other articles that may help you better understand first time home buyer options.

HELPFUL LINKS

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

      

Treasury Mortgage - 550 Bridgeton Pike, Mantua, NJ 08051 - 1810 Springdale Road, Cherry Hill, NJ 08003

Licensed by the NJ Department of Banking and Insurance