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New Jersey
First Time Home Buyer
Special
Programs
 
The My Community New Jersey First Time Home Buyer Program Opens Doors for a Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.
New Jersey First Time HomeBuyer FHA Program
Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Atlantic City |
$453,750 |
$580,850 |
$702,150 |
$872,600 |
| Trenton |
$440,000 |
$563,250 |
$680,850 |
$846,150 |
| Ocean City |
$487,500 |
$624,100 |
$754,350 |
$937,500 |
| Newark |
$729,750 |
$934,200 |
$1,129,250 |
$1,403,400 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
New Jersey USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits which range from $81,800 to
$92,000.
List of INELIGIBLE COUNTIES: Atlantic, Bergen, Burlington, Camden,
Cumberland, Essex, Gloucester, Hudson, Mercer, Middlesex, Monmouth, Morris,
Ocean, Passaic, Somerset, Union, and Warre.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
Real Estate Pulse
New Jersey’s
housing market is on the road to recovery sparked by the federal first time home
buyer credit and low housing inventory. Home values have been falling in
Atlantic City due to rampant foreclosure rate and increa sing
unemployment in construction and gambling industries. Home prices are
expected to fall 16.5% in Atlantic City for 2009. The Garden State has high
property taxes and a New Jersey first
time home buyer may want to utilize a low down payment FHA loan and keep extra
money in the bank to absorb a higher mortgage payment due to taxes.
New Jersey First Time Home Buyer Stats
| Average Home Listing Price |
$480,695 |
| Unemployment Rate |
9.60% |
|
Foreclosure rate-Atlantic City |
1 in 135 homes |
| Best Places to Live |
Warren , River Vale, Montville |
| Fastest Growing Job Market |
Healthcare |
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