On Friday, June 11th NJ law makers approved a new bill which is waiting on Governor Chris Christie’s signature. The new bill which was just approved is intended to jumpstart the New Jersey housing market by granting $100 million dollars for home purchase tax credits. When Chris Christie signs the bill, home buyers will be eligible to receive a $15,000 or 5% of the home purchase price (whichever is less) in tax credits distributed in equal increments throughout the first three years. Home buyers will get $5,000 dollars in the first year, $5,000 dollars in the second year, and $5,000 dollars in the third year.

This is an amazing opportunity to make the American dream much more affordable in the state of NJ. If you purchase a $300,000 home with a 30 year, fixed rate of interest at 4.75%, your monthly principal and interest payment will be $1,565 a month. Now if you add in the $5,000 dollars you will be receiving for the next three years it will be like making only 9 mortgage payments for the year or only paying $1,148 a month.

With home prices at their lowest levels is years, interest rates at historical Lowes and a $15,000 tax credit, there is just no better time to purchase a home. If you have any questions about the new tax credit or would like to learn more about it, do not hesitate to call me at 732-650-8696 extension 2005. We will be sure to educate you on all the programs that are available for you as well as take the time to closely analyze your financial situation and make sure that we put you in a much more comfortable and safe place so that you can secure your financial future.