Your Ticket to Homeownership: The NJHMFA Down Payment Assistance Program Explained
Are you a New Jersey resident dreaming of owning your first home? The journey to homeownership can feel daunting, especially when it comes to saving for a down payment. But fear not – Sharif Shamsudin, your trusted mortgage professional in the state, is here to introduce you to the NJHMFA Down Payment Assistance Program, designed to make your dream of owning a home a reality.
What is the NJHMFA Down Payment Assistance Program?
The NJHMFA Down Payment Assistance Program (DPA) offers up to $15,000 in assistance based on the county where the property is located. It’s a special initiative for qualified first-time homebuyers in New Jersey, providing support for both down payments and closing costs. The best part? It’s an interest-free, forgivable second loan over five years, with no monthly payments required.
How Does It Work?
To participate, you’ll need to pair the DPA with an NJHMFA first mortgage loan. These loans, offered through participating lenders, are competitive 30-year, fixed-rate government-insured loans (FHA/VA/USDA). There are some restrictions, including maximum household income and purchase price limits, but with the right guidance, navigating these is a breeze.
Do You Qualify?
If you’re wondering whether you meet the criteria for this program, ask yourself two questions:
- Are you a first-time homebuyer? If you haven’t owned a home in the past three years, you qualify.
- Are you planning to purchase a home in New Jersey? Whether you’re eyeing a property in Bergen, Camden, or any other county, you’re eligible.
Ready to Take the Plunge?
If you’re ready to turn your homeownership dreams into reality, Sharif Shamsudin and the NJHMFA Down Payment Assistance Program are here to help. To get started, simply reach out to an NJHMFA participating lender, who can provide you with all the information you need to take the next step.
Don’t let the fear of a hefty down payment hold you back any longer. With the NJHMFA Down Payment Assistance Program, homeownership in New Jersey is within reach. Contact Sharif Shamsudin today and embark on the exciting journey to owning your first home.
