I have not heard of this before. You really may want to go back down to the building department and ask them what that means. The bottom line here is that you are responsible for getting the CO and will need to make whatever repairs are necessary to get the CO. The buyer really has no input into the CO that is between you and the township. Now if for some reason you do not get the CO then of course the buyer needs to know. Again, if the town is requiring the basement to be finished in order to obtain the CO then this is what you will be required to do. If not for this buyer then for another buyer, there is no getting around that. I still would speak to the town for clarification on what they mean and what the exact requirements are.... more
I agree with Laura's answer below. You will want to contact a rep from NJHMFA.
But as a loan officer who has originated these loans since 1997, I know NJHMFA underwriters will look at your last 3 years of tax returns. If you have deducted mortgage interest or proprty taxes, you are not considered a first time homebuyer.
I would take it one step further though and discuss other financing options with you. Currently, NJHMFA rate is 4.25%. If you were to take the 4% of the loan amount smart start grant, your interest rate will be 5% for the life of the loan! Right now if you can come up with the 3.5% down payment from your retirement funds, gift from a family member, or gift from an employer, you could qualify for a market rate of approximately 3.75%! And the seller can pay up to 6% towards your closing costs. Not sure if you qualify for the LWYW program which keeps the 4.25% rate.
Joseph S. Cordova NMLS# 146855
Lincoln Mortgage Company
8003 Lincoln Drive West, Suite F
Marlton, NJ 08053
office: (856) 810-1200 ext. 242
direct fax: (206) 333-0946
cell: (856) 304-2381... more