10B — July 14 - 27, 2017 — Southern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
S outhern N ew J ersey
or one Bur l ington County couple, home ownershipwasashared Financing help available for first-time homebuyers, veterans View from the Top: Overcoming the Obstacles of Downpayment, Closing Costs F their homes for five years, the loans are forgiven. looking at homes, they also were looking online for pro- grams to help them as first- time buyers. not saved anything toward a downpayment, according to the data.
NJHMFA Executive Director Anthony L. Marchetta. “As the real estate market con- tinues to rebound, our pro- grams, such as HomeSeeker and Smart Start, are bringing more home ownership oppor- tunities to individuals and families across New Jersey.” Both programs are open to first-time buyers and what most people might not know is that you're considered a first-time homebuyer if you have not owned a home within the previous three years. And, if the homebuyers remain in
NJHMFA’s HomeSeeker provides $16,000 in financing to first-time homebuyers and veterans looking to purchase in Atlantic, Camden, Es- sex, Gloucester, Passaic and Union counties – considered hardest hit by the financial crisis. With $16 million in funds from the federal Hard- est Hit Funds program, Ho- meSeeker will assist approxi- mately 1,000 homebuyers. Encouraging homeownership in housing markets that have been hardest hit by foreclo- sures will strengthen demand in those areas, stabilize the housing market and rebuild communities, and prevent future foreclosures. HomeSeeker just began in April, but recent homebuyer seminars in Paulsboro and Newark drew widespread interest in the program, with another planned in August for Camden. In addition to HomeSeeker, NJHMFA offers Smart Start, which is designed to provide assistance to first-time buy- ers purchasing in any New Jersey county provided the home is located in a Smart Growth area. Smart Start, funded through the NJHM- FA’s own resources, offers first-time homebuyers zero- interest downpayment and/ or closing cost assistance for up to 4% of their mortgage amount. You can find Smart Growth areas listed at thero- adhomenj.com. For both assistance pro- grams, homebuyers must ob- tain first mortgage financing through an NJHMFA mort- gage program. NJHMFA pro- grams provide 30-year loans at a fixed interest rate with no points. The programs are open to first-time homebuy- ers, and trade up and trade down borrowers. Using the Smart Start pro- gram made it possible for the Burlington County couple to move back to New Jersey. For them, help with the downpay- ment and closing costs was tremendous, and in their words, “made a huge differ- ence in our lives.” For more information about these NJHMFA programs or to find a participating lender, please visit theroad- homenj.com or call 1-800-NJ- HOUSE. n
dream. But t he down - payment and closing costs were limit- ing factors in their abil- ity to buy a home. The c ou -
While savings or gifts from parents can help, downpay- ment and closings costs can be a formidable obstacle to buy- ing a home for any age group. “The desire to own a home is a long-held dream for many residents. Helping people realize their goals by helping them with downpayment or closing cost assistance is a vital part of the New Jersey Housing and Mortgage Fi- nance Agency’s mission,” said
In one nationwide survey of about 24,000 renters, Apart- ment List, an online rental marketplace, found that while 80 percent of millennial rent- ers want to buy a house or condo, 68 percent say they have saved less than $1,000 for a downpayment. Often faced with high levels of student debt and the high cost of renting, nearly half -44 percent say they have
Anthony Marchetta
ple, originally from New Jer- sey, had been renting an apartment in Pennsylvania. At the same time they were
Attention Homebuyers: Apply Now to Get Toward Your New Jersey Home Purchase! $16 , 000
Forgivable Downpayment Assistance for First-Time Buyers &Veterans for Homes Located in Atlantic, Camden, Essex, Gloucester, Passaic and Union Counties HomeSeeker Offers DiscoverMore ForgivableAssistance Programs and Find a Participating Lender at www.TheRoadHomeNJ.com
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