FIRST TIME HOME BUYER NEW JERSEY

Purchase:

• 3.5% down payment with 580 credit score
• 3% down payment with 620 credit score
• 10% down payment with credit score 500-579
• Down payment assistance available
• Seller concession allowed
• 620 credit score required for down payment assistance

Property Type:

• Single Family
• 2-4 Units
• Condo
• Townhouse
• Manufactured homes
• Mobile homes

What is a First Time Home Buyer New Jersey?

You are considered a first-time home buyer New Jersey if you have not owned a home within 3 years (36 months). If you have not owned a home within 3 years, you will qualify for a  3% down payment. On the other hand, if you have owned a home within 3 years (36 months), you will only qualify for a 5% down payment.

Working with a real estate broker is an excellent idea. The details involved in home buying can be overwhelming. A good real estate professional can help guide you through the entire process and make the experience easier.

What Types of First Time Home Buyer New Jersey Programs are Available?

FHA

Federal Housing Administration (FHA) has been helping people become homeowners since 1934. So, a perfect credit score is not needed for an FHA loan approval. FHA down payment assistance program covers the entire down payment of 3.5%. You can combine with seller concession so no out of pocket funds will be needed at closing. 580 credit score required for 3.5% down payment.

Good Neighbor Next Door

This loan type is for pre-K – 12 teachers, emergency medical technicians, firefighters or law enforcement officers. This loan is sponsored by the Department of Housing and Urban Development (HUD). The Good Neighbor Next Door program offers a generous 50% off select HUD properties. 580 credit score required.

HomeReady Loan

This loan type is a conventional loan program created by Fannie Mae. It’s affordable given the smaller 3% to 5% down payment requirement. HomeReady mortgages are designed for low to moderate-income home buyers and are well-suited for first-time home buyers. 620 credit score required.

Home Possible Loan

Freddie Mac HomePossible mortgages offer more options and credit flexibilities than ever before to help very low-to low-income borrowers attain the dream of owning a home. In addition to its down payment requirement of as little as 3%, Home Possible now offers more options to responsibly increase homeownership for more of your borrowers. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers are permitted to have another financed property, and more –all with competitive pricing and the ease of a conventional mortgage. 620 credit score required.