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.
