Robert Millaway

Good Afternoon First Time Home Buyers,

Despite this interesting economy, it is a great time for First Time Home Buyers to purchase a home.  The government has came out with 2 programs to make it very affordable for first time home buyers.  The first is the Federal Housing Tax Credit for First Time Home Buyers.  The tax credit is up to $7,500.  This opportunity is only available on homes purchased on or after April 9, 2008 and before July 1, 2009.  I encourage you to look at this website about the tax credit: www.federalhousingtaxcredit.com.

The next program is though the State of New Jersey.  The NJ Housing and Mortgage Finance Agency offers a First Time Home Buyer program that will allow up to a 4% grant for down payment and/or closing costs.  However, if the grant is received, then the buyer is not eligible for the tax credit.

Along with all that, the FHA still requires that a minimum investment of only 3% of the sales price which is changing to 3.5% as of January 1, 2009.  So if you are on the fence, now is the time to buy.

Thank you for your time.

Mike Kucharski

FrontGate Mortgage Company

Direct: (856) 296-5265