First Time Buyers in New Jersey may be able to take advantage of down payment assistance by working with a lender that is approved by New Jersey’s Housing Finance Agency-NJHMFA. Superior Mortgage offers up to 4% of the mortgage amount in down payment and closing cost assistance to buyers using the NJ’s First Time Buyer Program.
The surprising part of this program are the maximum income limits used to determine eligibility. This is where living in one of the most highly taxed states in the nation actually benefits a home buyer. Maximum income limits are based on county and the number of members in the household.
For example, in Monmouth and Ocean County a 1 to 2 family household can earn $85,000 per year and if there are 3 or more members that figure increases to $97,750. In Middlesex, Hunterdon and Somerset Counties, these figures get as high as $96,700 or $111,205 depending on family size. Loans can be amortized over a 40 year period which helps keep monthly payments manageable.
Lenders have to be approved through the state to offer this product so make sure you speak to an experienced Lender that is knowledgable about the program and can actually offer it as an option.
New Jersey’s FHA Mortgage Source
Superior Mortgage Corp.
1030 Hooper Ave.
Toms River, NJ 08753
732-818-0802
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