Down Payment Assistance Programs for First Time Home Buyers in Essex County, New Jersey
If you live in New Jersey and are interested in buying a home in Essex County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Essex County, New Jersey
- New Jersey Housing and Mortgage Finance Agency – Smart Start Program: Accumulating the funds for downpayment and closing costs is a common barrier to potential homeowners.The Smart Start Program is available to participants in the Agency’s First-Time Homebuyer program who are purchasing homes in Smart Growth Areas. The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage. For more information, Click here.
Mortgage Programs Available in Essex County, New Jersey
- New Jersey Housing and Mortgage Finance Agency – First Time Homebuyer Program: A below-market, fixed interest rate is offered to First-Time Homebuyers and Urban Target Area buyers. Downpayments of as little as 3.5% are required and must come from the borrower’s own assets. Loans are 30-year fixed rate. Certain closing costs can be gifted by family members, non-profit organizations or government agencies. For more information, Click here.
- New Jersey Housing and Mortgage Finance Agency – Purchase or Refinance/Rehabilitation Program: Qualified first-time home buyers and urban target area buyers can receive below-market interest rate financing for the purchase and rehabilitation of a home, or the rehabilitation of a presently owned home. For more information, Click here.
- New Jersey Housing and Mortgage Finance Agency – Home Plus Program: Home Plus ProgramThe Home Plus Program offers a fixed interest rate home mortgage to qualified first-time and urban area home buyers with immediate home improvement needs. Homeowners are allowed to finance up to $15,000 toward home repairs and improvements as part of the first mortgage. For more information, Click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Essex County Sites
- New Jersey Association of Realtors
- Essex County School
- Essex County Sheriffs
- HUD Homeownership Assistance for New Jersey