Gloucester County First Time Home Buyer Assistance Program: Update
The Gloucester County, NJ first time home buyer grant program is a great option for home buyers looking to purchase in this South Jersey area. More recently, this program has changed. Here is an update on how this great program works;
- The amount allowed as assistance is $10,000
- The assistance can be used for closing costs and/or down payment
- The assistance is provided at closing, not before.
- UPDATE: A home buyer is now required to receive home buyer counseling, such as that approved by HUD. There are several local areas to obtain this counseling
- UPDATE: 3%* of the buyers own funds (including gift funds, as in the case of an FHA loan) must be put into the transaction. This means that the 3% can go towards upfront fees, closing costs, or the down payment, or any mix of the three. Be sure to keep all receipts. (*3% of the purchase price)
- This program is income resricted. The requirements start off at an income cap of $46,000 for a single person, and moves about about $6,000 per household member.
Keep in mind that household income is the factor used for qualifying, therefore if for instance a husband plans to buy a home only in his name, the income of his wife (assuming she lives in the property) will also be factored, and would require that the total household income fit within the guidelines.
The Gloucester County first time home buyer assistance programis one of the best home buying options around. Call Steve Kappre @ 856-419-3561 for more information today.
More information on NJ First Time Home Buyers.
Treasury Mortgage - 550 Bridgeton Pike, Mantua, NJ 08051 - 1810 Springdale Road, Cherry Hill, NJ 08003
Licensed by the NJ Department of Banking and Insurance
Good idea to keep people updated on this program since it's undergone several changes... and now I just got distracted by your little flame off to the right... Darn it! Stop that!
Good Grief!! I hope real estate agents in your area are posting information about these benefits for home buyers.
Good synopsis. The income limits appear low to me, but I don't know the demographics of that area.
Steve these kind of programs are usually excellent. Like Lenn mentions it is all about the Real Estate community promoting them.
Lisa - The program actually ran out of money several months ago. In the meantime while new money was being allocated, the program was changed.
Lenn - The income limits are a little low, but it does serve a strong segment of lower income buyers. In the case of a one income family, especially one with several dependants, it iworks out well. As far as agents posting this information: I must say in the years I have been focusing on first time home buyer options, I find that there are many, maybe even most agents that do not know about this program, or even the NJ state assistance program.
Bill - I agree. Most consumers don't know, and it seems many agents don't either.
Great info - thanks for the ability to reblog!
Have a good one!
Bridget - Most welcome. Must get the word out. :)
Good job with this one Steve. So many consumers are unaware of what is available and through local posts like these we can get the word out.
You have to get the word out to consumers as to what is available to help them.
Thanks for the post today.
Patricia/Seacoast NH
Unfortunately you do not see these a lot of these opportunists in the Lake Tahoe area. When they are available, I have found that local mortgage brokers are a great resource to keep me informed on new programs.
Steve... good awareness. This kind of program is always helpful, especially for first time homebuyers. The problem is that many loan officers and lenders don't sell this program. Many states have their own bond programs, yet aren't used as much as they should be, even though this program ran out of money. This one focuses on money for the borrower, as other programs focused on lower interest rates. Nice job.
Steve - This is a good reminder for us all.. Thanks for the update and knowledge is key.
Great informative post Steve!
That's a great program and I'm sure it will help local buyers.
Great information Steve... So many buyers and agents in our area are unaware this great program is available!
Steve looks like a program that can be helpful to some consumers but the income requirement does seem a bit low.
I noticed we were in a picture together at Raincamp, everything was happening so fast. Sorry we did not actually meet, I would have liked that.
Paddy - I agree.
Patricia - You are welcome.
Paul - I worked in this area abour 4 years before I knew of the true first time home buyer options. Sometimes they are really hidden!
Jeff - This is one of the better programs out there.
Robert - Have any buyers in Gloucester County? ;) It was great meeting you last week.
Tom - Thank you.
Chris - Now that this program is back in action, I have at least one buyer I have to call!
Andrea- You said it!
Jennifer - It is on the lower end, but I've seen it make homeowners out of single parents and one income families, which is just fantastic. I too would have loved to have met. I am not sure I saw that picture ...