I work with a lot of these programs on a regular basis, and would suggest you work with someone that is very experienced with these programs. If you have not found that person yet, feel free to contact me. These programs are detailed and take time. You will want to be prepared upfront on all the steps you need to take to qualify for these programs. It isn't very hard to qualify, you just need to take the right steps.
Jeremy S. Hill, Realtor Associate,
Keller Williams Realty
Licensed PA, NJ
"Your Interest 1st Always"
I see that you're in the Blackwood area. In addition to the (up to) $8,000 tax credit which is a national program for any 1st-time homebuyer (or any buyer who hasn't owned for the past 3 years); the NJHMFA has a few 1st-time buyer and other buyer programs for those who qualify. There is a "pre-fund" bridge loan available of up to $5k which allows you to use up to $5,000 of the aforementioned tax credit BEFORE you close on the home! There are restrictions, such as you have to use it for closing costs, not downpayment, but they also have a program called Smart Start which is a grant of up to 4% of the cost of the home which can be used as a downpayment! If you're in an FHA loan product, requiring a minimum 3.5% down, you can see how your costs are covered with combining these programs. The Smart Start program has to be used in a Smart Growth area.
I'm not a loan officer so you should consult with one for the full details, restrictions and recapture components of this and any other programs available. I can think of a couple of other no-money money down loans (but there are always some kind of funding fees -so be aware that no money down doesn't necessarily mean no money out of your pocket).
For direct information on the NJHMFA visit their website: http://www.state.nj.us/dca/hmfa/
Or you may look me up on Trulia and give me a ring for more details!
Best wishes with your home purchase!
Realty Executives, Brown & Pope
Are you talking about the $8,000 credit? Have you already purchased? The link above will give you access to the form. Feel free to contact me if you need additional information.
Realtor, Green Designation
RE/MAX Ridge Real Estate