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The New Jersey Housing and Mortgage Finance Agency is able to help first-time homebuyers
because it is authorized to issue tax-exempt bonds which permits the agency’s borrowing costs
to be kept low and it can pass this low cost on to first-time homebuyers in the form of low-
interest rate mortgage loans to those who meet the necessary requirements.
You are a first-time buyer if you have not owned a home for the past three years, also the
property you are buying must be your principal residence and situated in New Jersey. Although
you do not have to be a New Jersey resident to apply for the loan or a citizen of the United
States you must be a permanent legal United States resident.
You can apply for a loan through the participating lenders listed on the website Maybe you feel that you have bad credit or no credit. It is not a good idea to make assumptions as to whether your credit is good or bad, each borrower’s credit history is considered on an individual basis and a lender can evaluate your
credit history and advise you about what you need to do, and credit counseling agencies are an
excellent help if your credit needs to be repaired.
The amount you can borrow based on your salary varies, depending on interest rates, the
length of the mortgage term, taxes and insurance costs and other factors. There is a mortgage
calculator on the website that can give you an estimated amount.
The benefits of being a first- time home buyer are many. You are offered a below the normal
market fixed rate interest. Down payments required can be as little as 3.5% when coming
from the borrower’s own assets. Help for certain closing costs can be given by non-profit
organizations or government agencies .Loans are paid over a 30 year period with a fixed
interest rate .Eligible properties are 2-to 4- family dwellings which have been in existence for 5
years or more, including One family units and condominiums.
There are also advantages when
you buy in what are called Urban Target Areas that are designated by the U.S. Department
of Housing and Urban Development (HUD).The advantages are that ,You are allowed higher
income limits in qualifying for a loan, and higher housing purchase prices are accepted. To
check which areas are designated Urban Target Areas in New Jersey use the site evaluator tool.
New Jersey has put into operation what is call a Smart Start Program which helps participants
who are in the Agency’s first mortgage homebuyer’s program and who are purchasing homes
in Smart Growth Areas. They offer them a second mortgage to help them with their down
payment or closing costs up to 4% of the first mortgage. Check out the HMFA site for more
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