New Jersey first-time home buyer programs
When the housing market is unstable and the economy is depressed, becoming a first-time home buyer may feel like a dream deferred. The New Jersey Housing and Mortgage Finance Agency's purpose is to offer first-time home buyer programs to its residents. There are several programs offered based on income and home location.
First Time and Urban Target Area Program
This program offers below-market, fixed-interest loans to first-time home buyers. A down payment of 3 percent is required from the borrower's own assets. Some closing costs can be gifted by family members, government agencies or nonprofit organizations. A borrower's debt-to-income ratio can be up to 33 percent, and a total monthly debt load as high as 38 percent is acceptable. New and existing single-family homes and condominiums and two-to-four unit buildings at least five years old are included in the program. The loan is only administered for homes within an urban targeted area.
Home Plus Program
Home Plus allows qualified first-time home buyers home-improvement loans up to $15,000 as part of the first mortgage. The fixed-rate loan is intended for those purchasing a home needing immediate repairs in an urban area. Improvements include painting, roof replacement, renovating a kitchen or bath, installing improved heating or air conditioning, renovating, electrical systems and plumbing, or enlarging rooms. Solar energy improvements, energy conservation and handicap accessible improvements are also eligible.
New Jersey Grant Program
Through the New Jersey Department of Community Affairs, New Jersey provides a first-time home buyer grant program called Individual Development Accounts. The IDA is a matched savings account program that provides a match rate of $2 for every $1 deposited in an IDA account. Eligible homes are owner-occupied single-family or two-family homes in New Jersey. Qualified applicants are employed for at least 20 hours a week and have a median household income at or below 120 percent of the area's median income. Households experiencing a bankruptcy do not qualify.
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