Tax Credit and CTHM Programs Encourage First Time Buyers to Buy
Rocky Hill, CT – There are several reasons for first-time buyers to buy a home right now, according to Tony Rinaldi, Vice President of Connecticut Home Mortgage, the in-house mortgage company of Prudential Connecticut Realty.
In addition to the variety of mortgage programs that are currently available, a new tax credit is now available to first-time homebuyers, as part of the Housing and Economic Recovery Act signed by President Bush.
Under the new legislation, any U.S. citizen who has not owned a home during the past three years and who files taxes is eligible to receive a tax credit of up to $7,500 on a home they purchase. Certain income limits and escrow date restrictions apply.
“This tax credit will provide a nice incentive for those who have been thinking about buying a home, but have been hesitant to do so,” Mr. Rinaldi said.
In addition to the tax credit, buyers should note that there are a variety of attractive mortgage programs available at Connecticut Home Mortgage.
“We operate as both a mortgage banker and a broker, so we can offer the best of both worlds,” Mr. Rinaldi said. “We have dozens of lenders and investors and literally hundreds of loan programs to make sure we can get the best mortgage rate and program possible for each client.”
Connecticut Home Mortgage is fully staffed by Certified Mortgage Planning Specialists who can offer clients strategies that encompass debt, home equity and real estate investment in addition to mortgage counseling. The Certified Mortgage Planning Specialist (CMPS) Designation is governed by the CMPS Institute, and was created to help mortgage professionals integrate financial planning concepts into the mortgage process.
Many homeowners have become frustrated and confused with today’s mortgage market and the lack of both ethics and financial knowledge among many mortgage providers. The CMPS Institute is a joint effort by leaders in the mortgage and financial planning industries to raise professional standards among mortgage professionals and integrate sound financial planning advice into the mortgage process.
“Our specialists pledge to follow a code of ethics,” Mr. Rinaldi said. “They are very cautious in advising our clients and will only recommend safe products for which they know our customers won’t have any problems qualifying.”
Connecticut Home Mortgage Planners also offer a JumpStart program which provides homebuyers with a written “loan commitment” which is an authentic commitment for a mortgage.
“Our JumpStart program gives homebuyers a distinct advantage when they are negotiating on a home,” Mr. Rinaldi said. “Often it enables them to get a better price or gain an advantage in a multiple offer situation.”
For more information on Connecticut Home Mortgage’s programs, call (800) 459-1585, ext. 201 or visit www.CTHM.com.
Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 12th largest in the United States, earning more than $5.1 billion in sales with more than 60 sales offices and more than 1,800 real estate agents. For more information, visit www.prudentialCT.com.