2009 New Jersey Mortgage Limits

The New Year has rolled in and brought with it an exceptional time to purchase a home in New Jersey.  If you are considering purchasing your first home or trading up you should start preparing yourself.  FHA loan limits go as high as $625,500 in Monmouth County, Ocean County and Middlesex County, NJ.

New Jersey home prices peaked a couple of years ago and are now back in  range of first time buyers.  Combine this with low FHA Mortgage rates and the $7,500 Tax Credit and it presents the perfect opportunity for the First Time Home Buyer to enter the market again with as little as 3.5% down payment.  Relatives making a gift down payment on behalf of the buyers will actually let them move into the home without having to worry about saving up for a large down payment.

The key is being prepared so when you find the right house you can make the offer without having to worry about qualifying for a mortgage loan.  In addition, being appoved subject only to an appraisal will make your offer stand out from others.

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