The definition of a first time home buyer according to HUD is:
Someone who has never owned a home
Someone who owned a home but sold it over 3 year ago
Someone who is divorced and buying on their own for the first time
How will homebuyer education help me?
The Homebuyer education workshop will provide you with the foundation to start your homeownership journey. The information will provide you with the ins and outs of buying a home and how to best prepare.
What are the benefits of Homebuyer Education?
Studies show that people who complete home buyer education are less likely to default on their mortgages. You will also have access to special first time home buyer programs and mortgages. Individual one-on-one counseling sessions are also included after completion of the workshops – to help you determine where you are in the process of buying and working with a HomeOwnership specialist to set up a course of action to get you into your first home.
Do I have to complete both nights?
Yes, you are required to complete both days of workshops.
Do I have to be low income to participate?
No. Everyone and anyone who is considering purchasing their first home is welcome to attend our workshops! HomeOwnership is more than likely the biggest purchase in a person’s life and we want to ensure that they are successful.
Affordable Home Program FAQs
What is an Interested Parties List?
An Interested Parties List is a list of names of households wishing to purchase affordable housing in the municipalities administered by the Housing Partnership. Everyone on the list is notified of available units and given the opportunity to enter a lottery for the home should they desire.
How do I get on the Housing Partnership's Interested Party List?
How long does it take on the Interested Parties List?
There is no way of determining how long you will wait for a home. Since most are re-sales, there is no way of knowing when someone will decide to sell their home, nor can we determine where you will place in the lottery for the home.
Do I need a down payment and good credit?
Yes. Every affordable homes requires that you have 5% of the purchase price as a down payment, closing costs and have funds available for closing costs.
How big are the homes?
Homes are generally anywhere from 600 square feet up to 1,200 square feet depending on the number of bedrooms. Typically, these homes do NOT have garages and most are condos and/or townhouses.
Can I buy a two bedroom if I am single?
Yes, you can get one additional bedroom than your household needs however priority will always be given to a household who requires two bedrooms.
Things to know before purchasing an income restricted home
Incomes are determined by projecting your gross income for next twelve months.
All incomes are used in determining your eligibility even if you do not claim them on tax returns. This includes Child Support and Alimony.
Asset limits apply.
Must be used as your primary residence
Sales price of all affordable homes (whether purchasing or selling) are determined by the NJ Dept. of Community Affairs (DCA).
Home improvements (i.e. kitchen remodel) are not used in determining resale value.
Units cannot be rented out without permission from the Administrator and Municipality and only if temporary for extraordinary circumstances.