First Time Buyer Alert!

If you are a first time buyer thinking of buying your first home in Lakewood what a great time to buy!  Not only can you take advantage of the tax credit, you may also be eligible for Lakewood’s first time buyer down payment assistances program. The program offers a deferred payment, zero percent (0 %) interest second mortgage. The program offers $7,500.00 on condominiums, $10,000.00 dollar on single family home, and $14,000.00 on two family homes. The loan does not have to be paid back until you sell the property. Think about what that does for your purchasing power. For those first time buyers thinking of buying and living in a two family home the program offers an even greater incentive. Not only will you get the $14,000.00 dollar interest free second mortgage amount, but if you live in the home for at least ten years the loan is forgiven. You don’t have to pay it back! 

Keep in mind that you will receive the tax credit as long as you meet the April 30th, deadline. If the purchase price of your home is at least $80,000.00 you will receive the full $8,000.00 tax credit. So you could feasibly be working with $15,000.00 on a condo, $18,000.00 on a single family home or $22,000.00 on a two family home by combining these two programs.

Any way you look at it, it is worth checking into Lakewood’s first time buyer program to see if you are eligible. The program criteria will dictat eligibility, so if you are a first time buyer it's worth checking into. This loan product is offered at First Federal of Lakewood and Key Bank.  For more information you may visit www.onelakewood.com. Scroll down and on the right side click on First Time Buyers Home Program. There you will find everything you need to know about the program as well as city contact information.

Monica Woodman is a Realtor with Prudential Lucien Realty.