According to the Monmouth County MLS and the Ocean County MLS, there were approximately 950 homes sold in Ocean County, NJ from August through October and 629 of those homes sold for $373,000 or less.
This data indicates that a majority of the transactions may have been eligible for a standard NJ FHA Home Loan. A buyer could have purchased these properties with only a three percent downpayment and a First Time Buyer may have even been eligible for a $7,500 tax credit.
Home prices are slightly higher in Monmouth County, NJ, however, 420 out of 1,100 transactions were still in range of a standard FHA Home Mortgage. Both counties still benefit from the increased FHA loan limits of $729,750 until the end of 2008.
The combination of low interest rates, a large inventory of homes to choose from and a First Time Buyer Tax Credit make it a great time to buy your first home in New Jersey.
New Jersey’s FHA Mortgage Source
Superior Mortgage Corp.
1030 Hooper Ave.
Toms River, NJ 08753
732-818-0802
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