There are several support programs in New Jersey that help buyers with finances to purchase a home. You should take advantages of these programs especially if you are a first time buyer who does not have enough money.
Buying a house is a big financial transaction; this needs you to weigh your options first before any decision is made.
Down payment levels vary with different programs. You should check with different New Jersey down payment assistance programs for qualification criteria for particular levels. For most programs, you need to be at least attained the age of 18 years and a residence of New Jersey.
There are home buying assistance programs run by the state as well as those run by the city. In state programs, the interest rate for getting down payment assistance is slightly higher compared to when you buy a house without financial help. You can also get a $10,000 principal reduction, 50% down payment paid and 9.5% assistance when it comes to the closing cost with a city program. In addition, you get a $1,500 grant for minimum housing standard repairs. There are also county and charity New Jersey down payment assistance programs that you may consider.
You can get down payment support from any of the following sources:
1.Nonprofit housing agencies
2.Federal and bank home loans and mortgage financing
6.Live Where You Work
8.NJ Smart Start
Check with NJ Housing Agencies will provide financial support, counseling and guidance on home financing. There are New Jersey down payment assistance programs suitable for any type of home buyer. Being a first time buyer, i.e. you have not bought a home in the last three years; you are more likely to get financial assistance. The first time home buyer program that is funded by NJ Housing and Mortgage Finance Agency (NJHMFA) will give you priority.
Below is a list of New Jersey Down Payment Assistance Programs:
- Jersey City First Time Home Buyer Program
- Burlington County First Time Home Buyer Program
- Gloucester County Home Buyers Program
- Hudson County First Time Home Buyer Program
- Camden First Time Home Buyer Program
- New Jersey Housing Authority
- Ocean County First Time Home Buyer Program
- Monmouth County First Time Home Buyer Program
- 2018 New Jersey Down Payment Assistance Programs
- Atlantic City Casino Reinvestment Development Authority Brighter Tomorrow Home Loan Program
- East Orange Home Buyers Purchase Program
- First-Time Homebuyer Program
- Live Where You Work Program
- New Jersey Housing and Mortgage Finance Agency
- Smart Start Program
- Vineland Strategic Neighborhood Assistance Program/Urban Coordinating Council Home Ownership Assistance Program