Hoboken, NJ

An investigation has been started by the U.S. House committee to determine whether lenders used the property boom to encourage people to buy by using deceptive tactics.

The central part of the investigation will focus around Countrywide Financial Corp. Countrywide was bought by Bank of America in July 2009 and was considered the largest U.S. mortgage lender.

Find the latest update regarding the First-Time Home Buyer Tax Credit.

For assistance in navigating your way in the complicated process of purchasing your first home, please contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

It is a great time to be a first-time home buyer in this market. Existing single-family home prices are down and interest rates are near historic lows. And you can’t forget about the first-time buyer $8,000 tax credit.

Following are a few first-time home buyer tips you may want to consider:

1. Think about the long term future.Purchasing a home requires long-term planning. If you are unsure of where you will be in the short term future, you might want to reconsider your plans to buy. The more time you spend in your home gives you a better opportunity to recoup your investment.

2. Don’t settle for the first home you see. Calculate how much home you can afford. A good way to do this is to browse online listings to become familiar with the market. It is tough to find everything you want but if you prioritize your needs and wants you may have a good chance of finding what will really suit you.

3. Find a good buyer’s agent. A good buyer’s agent does a lot more than just hand you listings. The agent can help you with many things, from a loan preapproval, to a home inspection, but above all is ready to put all of your interests first.

4. Remember the high price that comes with owning a home. Many first-time home buyers will focus on the actual price of a home and forget to consider the other costs that come with it. Don’t forget about closing costs, basic maintenance and utilities.

For more great information go to Everything You Need To Know About a Short Sale.

There are so many advantages to being a first time buyer in this current market. For more information regarding how I can help you negotiate the best deal on your first home, contact Eddie Perez, Broker-REALTOR, CDPE. My market includes Hoboken, Jersey City, Weehawken and Union City. I can be reached at eddie@InvestHoboken.com or 201-344-2886.

Highly regarded housing consultant. John Burns Real Estate Consulting, recently released a survey of home builders regarding the type of financing their buyers’ used. The survey states that almost 60 percent of new home buyers relied on low down-payment mortgages from the government.

20 percent of buyers used conventional financing, 7 percent got a jumbo loan and 7 percent of buyers paid cash.

Other important facts that were included in the survey was that the total of unsold finished inventory has dropped and sales are slow, particularly among builders who do not have a lot of appeal to first-time home buyers.

For more great information go to Look What $334,000 Buys You in Hoboken.

As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

There has been a tentative agreement in the senate to extend the current $8,000 tax credit for first-time home buyers. In addition, there will be a new $6,500 credit offered to existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

The new requirements are that home buyers must be under contract by April 30, 2010, and close before July 1.

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