August 2017

NJ HomeSeeker Grant Guideline Eligibility Overview

NJ HomeSeeker Grant Guideline Eligibility Overview

The New Jersey Housing and Mortgage Finance Agency (HMFA) launched the HomeSeeker Down Payment Program is now providing qualified NJ First Time Home Buyers $16,000 towards a down payment or closing costs. 

There are requirements that a home buyer needs to meet in order to be eligible.

Lucky for you, we’ve summarized the main requirements in our HomeSeeker Grant Guideline Eligibility Overview into four categories:

  1. Eligibility Requirements
  2. Approved NJ Counties
  3. County Household Income Limits
  4. Max Purchase Prices
  5. Approved Type of Homes
img 69 NEW Affordability Calc Banner

Here are the eligibility details for your review:

1. Eligibility Requirements

In order to be considered a qualified grant candidate, you have to satify the following requirements:

  • 1st Time Home Buyer
  • Searching for Homes in NJ
  • Have less than 20% down payment
  • Credit Score over 620
  • Qualified for a mortagge
  • Owner Occupied Homes (not investment property)
  • Live in the home at least 5 years

If you you said yes to all of the above, you’re one step closer to receiving a HomeSeeker Grant!

One of the requirements is to search for homes in NJ – which leads to our next category.

2. Approved NJ Counties

The program is only available to first time home buyers who are looking to purchase homes in the following approved NJ counties:

  • Atlantic
  • Camden
  • Essex
  • Gloucester
  • Passaic
  • Union

Some counties also have specific requirements for eligibility, which segues into our next category.

img 64 Get A Rate Free Rate Quote

3. County Household Income Limits

Further eligibility requirements extend to household income limits specific to the purchase home’s county.

Home Buyers looking in the following counties have household income limits of:

  • Atlantic, Camden & Gloucester = $127,680
  • Essex & Union = $131,880
  • Passaic = $135,100

4. Max Purchase Prices

In addition, there are also purchase price limits depending on type of dwelling:

  • Single Family limit = $437,349
  • Multi Family limit = $559,854
img 77 Get A Rate Small Apply Now Blog CTA

And last but not least…

5. Types of Homes

There are also property eligibility requirements for the grant – Homes must be either:

  • Single Family
  • Multi Family
  • Condo or
  • Townhomes

Finally, A First Time Home Buyer Grant

We wanted 1st Time Home Buyers in NJ to take advantage of this grant opportunity, which could go towards a down payment or closing costs. 

However, time is running out – over 62% of dedicated available funding for the grants have already been used up – and the program just stared in April 2017!

There is only $6,000,000 left in the fund – Don’t miss your chance!

If you satisfy all of the eligibility guidelines and want to get started or if you’d like to ask one of our Home Loan Advisors questions, feel free to contact us at 888-562-2611.

img 33 Learn More About Get A Rate

Was this article helpful?

Related posts
How To Pick A Team Of Home Buying Pros
June 2016
How To Pick A Team Of Home Buying Pros

From the desk of Michael Sema: Buying a home requires a team of pros including a Real Estate Agent, Attorn...

Buying a Home
Marriage Equality: How It Changed The Home Loan Process
June 2015
Marriage Equality: How It Changed The Home Loan Process

On Friday, June 26 2015, the United States Supreme Court ruled in favor of same sex marriages, making it lega...

Buying a Home
8 Must Do’s Before Buying A House In NJ
May 2015
8 Must Do’s Before Buying A House In NJ

It’s the perfect time to house hunt.  The weather has FINALLY warmed up, flowers are bloomin...

Buying a Home
Free Sign Up For Unest: A Home Buyer Course That Saves Thousands
April 2017
Free Sign Up For Unest: A Home Buyer Course That Saves Thousands

https://www.youtube.com/watch?v=RcrnMFYuUnc >>Access Code At End Of Blog<< We're so excit...

Buying a HomeFinancial Tips