Are you ready to buy a home, but your finances are stretched thin? The Housing Partnership offers special financial programs to help you turn your home buying dream into a reality.
Build Savings to Cover Home Buying Costs
Are you still two or more years from being able to buy your home?
If you are a Habitat for Humanity-selected homeowner who lives or works in Morris County, you may be eligible for the Individual Development Account (IDA). This is a systematic matched savings club for income-eligible households who are two or more years away from homeownership and are working on debt and credit issues. The Club will provide you with $1,000 in matched savings at your closing. As a participant in the matched savings program, you are required to Financial Fitness meetings.
Start Saving with First Home Club
Have you found it difficult to start saving for the down payment on your home? Let the First Home Club Program help!
This Club matches your savings so they add up much faster. You can earn $4 for every $1 you put in, up to maximum match of $7,500.
To qualify, you must have attended the Step by Step or Paso a Paso (Español) workshop and meet with a counselor to assess your readiness. You must also:
Meet income eligibility guidelines. Contact us for details.
Establish a savings account with one of First Home Club’s sponsor banks (currently Fulton Bank, HSBC, Investors Bank, Peapack-Gladstone Bank, M&T, and Valley National Bank)
Systematic savings program for a minimum of 10 months ( you save a total of $1,880)
Call us to find out more!
FHC money can be used to cover costs associated with buying your home such as down payment, title insurance, settlement fees, inspection fees, closing costs, attorney fees, appraisal fees, acquisition costs, or mortgage insurance.
Get Down Payment Assistance
You can qualify for $5,000 in down payment assistance through the Housing Partnership’s Down Payment Assistance program, if you are purchasing a home in Morris, Sussex, or Eastern Warren County.
You will receive this assistance in the form of a zero-interest loan, which must be repaid at the time of resale, refinance or renting.
To qualify for assistance, you must:
Be a first-time home buyer
Have completed Step by Step or Paso a Paso (Español)
Completed a one-on-one counseling session
Submit a completed application prior to signing a real estate contract
Get a mortgage through one of the Housing Partnership’s member banks
Have an income up to but not exceeding 120% of the HUD median income
Want to buy a house with no money down ?
First Time Home Buyers who are currently working, have established credit and are interested in purchasing a home in Warren*, Sussex and in eligible rural areas of Morris County may be eligible to apply!
Households must also be within income guidelines based on household size below:
No down payment requirements
No private mortgage insurance (PMI)
Fixed interest rates for up to 33 yearsInterest rates as low as 1% for eligible families
Clients must complete our home buyer education workshops
Client must meet with a Home Ownership Specialist to determine eligibility for programs
Clients must submit applications and applications are reviewed for compliance with program guidelines.
Completion of home buyer education does not guarantee eligibility for program.
Funds are currently available on a first come first serve basis.