Buy or Refinance Your Jersey Shore Real Estate NOW!!

1.  Home Buyer Credit Act

  • DEADLINE: April 30, 2010 (June 30th with a signed, binding contract).
  • ELIGIBILITY: First-time buyers and repeat buyers (those who have owned and lived in one residence for 5 consecutive years of the last 8).
  • INCOME LEVELS; $125,000 individual and $225,000 for couples.
  • PURPOSE Allows buyers of Jersey Shore real estate to receive a tax credit (which may be claimed on this year’s taxes) of $6500 to $8,000.

***Remember that a tax credit is a dollar-for dollar reduction in what a taxpayer owes. If the credit exceeds the amount owed, a refund will be issued.

2. Home Affordable Refinance Program (HARP)

  • DEADLINE: June 2010
  • ELIGIBILITY: The mortgage loan on your Virginia Beach property must be owned by Fannie Mae or Freddie Mac and owner occupied. Property may include 1 to 4 units. Current mortgage must be paid current and up to date. Loan-to loan value cannot exceed 125% (previously 105%).

  • PURPOSE: To extend underwriting guidelines so as to allow “underwater” mortgage holders (those with loan balances which exceed the value of their Jersey Shore real estate) to avoid foreclosure.

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