Eddie Perez

Congress passed a bipartisan measure extending the $8,000 home buyer tax credit to April 30, 2010. The extension is estimated to contribute approximately $22 billion to the economy.

The legislation, which is part of a larger bill that also extends unemployment benefits.

The law also includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

For more valuable information please go to Making Homes Affordable.

Since there is more time to utilize the $8,000 tax credit, make this your opportunity to find the ultimate Hoboken home. Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

The Department of Housing and Urban Development is making an attempt to simplify the process of looking for a loan. On Jan. 1, 2010, a new Good Faith Estimate form, or GFE, will be introduced that will outline the costs of a loan, including a revised settlement statement which shows your final loan costs and is signed at closing. HUD has made the estimation that an average borrower will save nearly $700 because they can now clearly define costs and compare loans.

For many buyers it can be difficult to understand the costs that are built in to their loan. If a buyer is given a loan where the cost is very clear it will make it easy to compare other loans and make informative decisions.

While shopping for a loan we all need to take the time to compare the different loans that are available. Hopefully, the new Good Faith form will help buyers better understand the type of loan they will be getting.

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.

As reported by the National Association of REALTORS® pending home sales have risen for an eight consecutive month making this the longest period of growth since 2001.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.

The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

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.

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.