If you’re a first-time home buyer looking to purchase a home, then you’re familiar with the high ticked price tags these homes come with. They have certainly skyrocketed. It’s common to feel discouraged and to feel as if homeownership is out of reach these days, but we’ve got good news. Luckily, there’s a wealth of homeownership programs in New Jersey that help home buyers secure a mortgage, make a down payment, cover closing costs, and more.
The state of New Jersey now offers a conventional version of their down payment assistance program for first-time buyers. Now, qualified clients can receive $10,000 to be used towards the down payment and closing with affordable mortgage insurance premiums that follows conventional mortgage guidelines.
30-year, Fixed-Rate Conventional Loan
Affordable Mortgage Insurance Premiums
$10,000 for Down Payment and Closing Costs
It may seem that this program is solely for first-time homebuyers, but the restrictions are somewhat flexible. First-time home buyers are borrowers that have not had an ownership interest in their primary residence during the previous three years. In addition, borrowers need to fall under certain income limits and meet a minimum credit score requirement of 620.
Emerald Home Loans is proud to offer this program to first-time homebuyers in New Jersey. We are here to help make homeownership a reality for you. Reach out today to learn more or to see if you qualify for the NJ Conventional Down Payment Assistance Program.