mortgage financing and programs

Archive for July, 2010

Mortgage Rates Continue to Set All-Time Record Lows

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The national average mortgage rate set a record low again last week according to the Freddie Mac Primary Mortgage Market Survey. This marks the fourth time in the past five weeks that a new record low has been set. The benchmark 30-year fixed rate mortgage now stands at 4.56%. At this time last year the rate was 5.2%. Many people could reap a significant savings by refinancing now. Even people that have refinanced in the last 18 months could benefit by refinancing again at these low rates. If you would like to take advantage of these extremely low rates fill out an Acre Mortgage loan request form, or give us a call at 800-511-3330.

NJ Governor Vetoes Home Buyer Tax Credit

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Home buyers in New Jersey won’t be receiving additional tax credits after all. Yesterday NJ Governor Chris Christie vetoed Home Buyer Tax Credit Bill (A-1678) citing lack of money in the state budget to fund the program. The bill which would have given some NJ Home Buyers up to $15000 in tax credits spread over three years had previously breezed through the state legislature with little resistance.

NJ Home Buyer Tax Credit Awaits Governor’s Approval

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Federal home buyer tax credits may have expired but in New Jersey a new tax credit issued by the state will be available soon. That is if the Governor actually signs the new legislation. The NJ State Assembly and the State Senate easily passed the tax credit that would provide buyers up to $15,000 spread over three years. Total amount set aside for the tax credit is $100 million with 75% of the money earmarked for new construction to help stimulate the ailing construction sector of the economy. Claiming the credit would be on a first come first serve basis.  The credit would expire once the $100 million is exhausted.  The tax credit has been sitting on Governor Christie’s desk since June 11th awaiting his signature but it is unclear if the Governor will approve it given his concerns with the state’s budget crisis.

Closing Deadline for Tax Credits Extended

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Home buyers that qualified for Federal Stimulus Home Buyer Tax Credits but have not yet reached settlement now have a little more time.  The deadline for closing on such purchases has been extended until September 30, 2010.  The previous deadline was June 30th. As many as 180,000  home buyers were in jeopardy of losing their tax credits had Congress not extended the deadline.

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