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FINDING AFFORDABLE HOUSING
/WNERSHIP 2ESOURCES FOR )NDIVIDUALS WITH $ISABILITIES
s &URTHER INFORMATION ON PURCHASING A HOME THROUGH ONE OF HMFA’s homebuyer programs and brochures on the home buying process also can be requested by calling 1.800.NJ.HOUSE OR VISIT WWWNJHOUSINGGOV . Refinancing For Home Owners through New Jersey Housing and Mortgage Finance Agency The Stay At Home Program provides for the refinancing on an existing single family home that has been and will contin- ue to be used as the borrower’s primary residence or a two-to- four unit dwelling in which one unit has been and will continue to be the borrower’s primary residence and the remaining unit(s) MAY BE RENTED 4HE LOAN WILL BE FOR A TERM OF YEARS AT A lXED interest rate. s &URTHER INFORMATION ON PURCHASING A HOME THROUGH ONE OF HMFA’s homeownership programs can be requested by calling .*(/53% OR VISIT WWWNJHOUSINGGOV . HMFA publishes a guide to buying a home at WWWSTATENJUS DCAHMFAHOMEOWNERSHIPOWNERSRElNANCE Financial Qualifications and Leasing A principle of Supportive Housing contends that the person with a special need or his/her guardian must have control over their housing. This is achieved most effectively through the signing of a lease. With control comes responsibility. The lease is a legal agreement that must be read and understood before signing. Residents should anticipate and plan contingencies when their roommates must change. Landlords may require that tenants demonstrate their financial ability with a positive credit and rental history. In affordable housing, these standards may be waived. Agencies and services exist to assist tenants with these issues. Housing Counseling Agencies The U.S. Department of Housing and Urban Development (HUD) approves local agencies that can provide housing and financial counseling for those seeking affordable housing. These organizations supply various services such as money management counseling, financial literacy training, credit counseling, foreclosure avoidance and assistance locating affordable rental properties. For more information visit WWWHUDGOVOFlCESHSGSFHHCCFCINDEX CFM WEB,IST!CTION SEARCHSEARCHSTATE .*lLTER3VC DFC Credit Information / Credit Repair For more information on credit and credit repair contact New Jersey Division of Individual Affairs at www. NJCONSUMERAFFAIRSGOV.EWS#ONSUMER"RIEFSCREDIT REPORTS AND CREDIT REPAIRPDF or call toll free 888.656.6225.
Programs exist to help people with disabilities buy and maintain their own homes. There are national, state and local programs that offer mortgage assistance and other types of housing aid to help better serve people with disabilities. Local banks and housing counseling organizations can provide guidance and information about buying a home. In some instances, families purchase a home for their adult child with a disability to operate as a group home or home sharing. Cooperative arrangements have also been made for a few families to own the group home. Home ownership can be costly and include unexpected expenditures for repairs. The advantages and disadvantages must be weighed carefully before making a decision to buy a home. Freddie Mac publishes a fact sheet on home ownership vs. renting. They suggest that if someone intends to build equity, stays in the home at least four years and has funds for ongoing maintenance/home improvements, home ownership has financial advantages. The buyer must have a source of steady income, a favorable credit rating and a down payment in order to finance a mortgage on the property. For more information visit www. FREDDIEMACCOMHOMEOWNERSHIP RENT?OR?BUYRIGHT?FOR?YOUHTML . There are several programs to assist people with low incomes to purchase, renovate or refinance a home of their own with minimum down payments, subsidies and/or low interest mortgages. The Housing Mortgage Finance Agency or your local bank may have special mortgage rates for first-time homebuyers. With home ownership come additional responsibilities and financial expenses. These factors must be considered carefully when contemplating the purchase of a home. PROGRAMS FOR HOME BUYERS - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY (HMFA) Buying a house is a big step with a rewarding outcome – a home to call your own. The New Jersey Housing and Mortgage Finance Agency (HMFA) promotes affordable homeownership and housing opportunities for New Jersey residents. The Homeward Bound Program PROVIDES FOR A YEAR loan at a fixed interest rate and no points. The program is open to first-time homebuyers, trade up and trade down borrowers. The home must be the borrower’s primary residence or a two-to- four unit dwelling in which one unit will be the borrower’s primary residence and the remaining unit(s) may be rented. The Smart Start Program provides down payment and CLOSING COST LOANS OF UP TO OF THE lRST MORTGAGE AMOUNT TO qualified First-Time Homebuyer Program borrowers and certain Homeward Bound Program borrowers.
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