Can I Use the Expanded and Extended Tax Credit Program to Buy a Home in New Jersey if I Don’t Have Perfect Credit?

Can I use the expanded and extended tax credit program to buy a home in New Jersey if I don’t have perfect credit?

You might have thought that you couldn’t meet the deadline to qualify for a tax credit on a home purchase because your credit score is less than perfect. But the expanded and extended tax credit program to buy a home in New Jersey is now law, and you have six more months! That will give you some room to work on your credit score.

The extended tax credit program offers first time home buyers six more months to get a home under contract to qualify for the $8,000. The expanded tax credit program allows homeowners, who’ve lived in their homes for five of the last eight years, to qualify for a $6,500 credit.

The first step to see if you can take advantage of the expanded and extended tax credit program to buy a home in New Jersey is to check your credit score, and work on improvements.

The best place to learn about your options to check your credit and increase your credit score is to speak with a mortgage professional. You can click here for a list of active mortgage professionals in New Jersey…they’re part of the ActiveRain professional real estate community.

The higher your credit score, the easier the mortgage approval process. Your credit score is made up of your payment history, the amount you owe, the length of your credit history and the types of credit you have.

Very simply, your credit score improves by paying bills on time, paying down credit card debt and having lines of credit.

But a mortgage professional after reviewing your credit report can offer suggestions to tweak your score. It’s important to speak with some one experienced in the world of home finance because, while not mysterious, credit scores are quirky.

This simple step will get you on your way to taking advantage of the expanded and extended tax credit program to buy a home in New Jersey if you don’t have perfect credit.

If you’d like some suggestions on mortgage professionals I’ve worked with feel free to contact me. And when you're ready to buy, give me a call!