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:
- Eligibility Requirements
- Approved NJ Counties
- County Household Income Limits
- Max Purchase Prices
- Approved Type of Homes
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:
Some counties also have specific requirements for eligibility, which segues into our next category.
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
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
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.
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