Financing in 07003>Question Details

Sara Johnson, Home Buyer in Montclair, NJ

down payment assistance grants?

Asked by Sara Johnson, Montclair, NJ Wed Jun 22, 2011

My boyfriend and I were recently pre-approved for a FHA Loan with 3.5% down, but now we are having second thoughts about the 3.5 down...I've been hearing about grants and etc that could with the loan...but when I look online I come up empty handed.

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Check this out. See if you qualify. For Essex County you contact the office in East Orange. You never know about "what you hear" unless you check it out. And when you learn it, let us know what you find so others can benefit. This comes from a Google search for "home buying grants."
City of East Orange
Dept. of Neighborhood Housing & Revitalization
44 City Hall Plaza
East Orange, NJ 07019
(973) 266-5143

On a $250,000 house, 3.5% is $8750 down payment. Plus closing costs of maybe $8,000-11,000 depending on who you use as a loan broker or as a direct lender. There is a difference. Or simply call me and I will discuss how to get good free advice on home buying loans.
Carl B Witzig
Weichert Realtors
272 Bellevue Ave
Upper Montclair, NJ 07043
973 746-1515 office
973 632 8593 cell
0 votes Thank Flag Link Fri Jul 8, 2011
Greetings Ms. Johnson,

There is down payment assistance grants available if you qualify for them. Each county has it's own guidelines. If you would like to get more detailed information, you can visit my website and click on the down payment tab.

Good luck to you.
0 votes Thank Flag Link Wed Jun 22, 2011
Hi Sara,
Save your money for a downpayment. Don't buy a house with your boyfriend. If, for some reason, you break up then you are stuck with each other in the house for a long time? Wait another year to buy, prices are declining. Good Luck
0 votes Thank Flag Link Wed Jun 22, 2011
But the concession from the seller cannot be used for the down payment - only for settlement costs.
0 votes Thank Flag Link Wed Jun 22, 2011
You can request a concession from the seller for money added to the purchase price which can be creditted at closing
0 votes Thank Flag Link Wed Jun 22, 2011
Hi Sara - I helped answer a similar question a few days ago, you can see http://www.trulia.com/voices/Financing/in_new_jersey_what_pr… however the same information is:

Jersey City:
http://www.cityofjerseycity.com/hedc.aspx?id=5332 - Golden Neighborhoods Homeownership Program

Essex County:
http://www.hapec.org/buying.html

Various programs in NJ:
http://www.njhousing.gov/njhrc/consumers/assistan/county_hou…

In addition, you can also get a gift or personal loan from a family member to help with FHA's 3.5% down payment and any closing costs you cannot negotiate for the seller to pay.
0 votes Thank Flag Link Wed Jun 22, 2011
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