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Jerry Barker's Blog

By Jerry Barker | Broker in Atlantic City, NJ

Atlantic City First Time Home Buyer Program

the city of atlantic city is offering first time home buyer incentives

BASIC PROGRAM GUIDELINES

  1. Eligible Applicants (Households);
  2. Who have resided in Atlantic County for the previous 12 months or are employed in Atlantic City,
  3. Who have not owned a home for the previous 2 years,
  4. Who have the ability to obtain a fixed rate mortgage through NJHMFA approved lenders*,
  5. And meet established income guidelines.

ELIGIBLE PROPERTIES

  1. Single family properties including townhouses and condominiums located within Atlantic City, New Jersey,
  2. Sales price of property cannot exceed $350,000.00,
  3. Property must be primary residence and maintained as same.

PROGRAM FINANCING

  1. The Program may provide down payment assistance up to 10% of the purchase price and up to $5,000.00 of eligible closing cost for a combined total amount not to exceed $30,000.00.
  2. All down payment and closing cost assistance is offered to the homebuyer as a deferred 0% interest loan, secured by a mortgage, to be repaid to the program based on the proceeds from resale, refinance or any changes in title and a portion of the appreciation as detailed in the recapture provision. 

HOUSEHOLD INCOME REQUIREMENTS 2012

Any income up to $100,000.00

Income Includes: Wages, Tips/Commissions, Pension / Retirement, Unemployment, Disability, Social Security, Investment Income, Alimony, Child Support, Business Income, Rents, Royalties, Welfare, Annuities, Death Benefits

 
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