First Time Homebuyers Can Now Submit Applications for Assistance
Trenton, NJ – The New Jersey Housing and Mortgage Finance Agency (NJHMFA) today announced that it is making funds available to provide up to $10,000 in downpayment and closing costs assistance to first time homebuyers purchasing homes in Atlantic, Burlington, Camden, Essex, Gloucester, Mercer, Passaic and Union counties.
The HomeSeeker Program is federally funded from the U.S. Department of the Treasury’s Hardest Hit Fund. The program is designed to stabilize housing markets hardest hit by foreclosures. Previous funding for HomeSeeker was available to homebuyers purchasing homes in Atlantic, Camden, Essex, Gloucester, Passaic and Union counties. Funding has now been expanded to include the counties of Burlington and Mercer.
NJHMFA is making an additional $10 million available for the HomeSeeker Program to assist 1,000 first time buyers with purchasing a home. More than 800 homeowners have previously purchased their homes with financial assistance from the HomeSeeker Program.
“HomeSeeker has been a tremendous success, generating widespread interest and participation from lenders and homebuyers, as well as helping to invest in those counties severely impacted by the Great Recession and the subsequent foreclosure crisis,” said Lt. Governor Sheila Y. Oliver, commissioner of the New Jersey Department of Community Affairs (DCA) and chairwoman of the NJHMFA board. “We look forward to providing many more opportunities for first time buyers to own a home.”
HomeSeeker assistance is in the form of an interest-free, forgivable second mortgage loan. There is no monthly payment, and the loan is only repayable if the homeowner sells, refinances, or ceases to occupy the home within five years of the loan closing date.
“Downpayment and closing costs are often the primary challenge for first time buyers in purchasing a home, and HomeSeeker provides qualified homebuyers with the funds needed to close that gap,” said NJHMFA Executive Director Charles A. Richman. “Helping working families realize the goal of home ownership by assisting them with downpayment or closing costs assistance is a vital part of our agency’s mission.”
To learn more, first time homebuyers should go to www.theroadhomenj.com to find a participating mortgage lender or call 1-800-NJ-HOUSE.
NJHMFA, an affiliate of DCA, is a leader in providing and advocating for affordable housing opportunities. Among its programs, the agency provides mortgage loans and downpayment and closing costs assistance to help homebuyers achieve their ownership dream. For more information on NJHMFA programs, visit www.njhousing.gov.
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