Monmouth County is offering grants to first time buyers. The purpose of these grants is to assist low income families purchase an affordable home. However, there are restrictions as to who will qualify.
First Time Buyers Grants Details
This grant is offered in the form of a deferred payment second mortgage. The amount is up to $10,000. These funds from the Monmouth County First Time Buyer Grants can be used towards closing costs or the down payment only.
Now, let me explain that in English. If you qualify, there will be a second mortgage on the home. By deferred payment, this means that you will not need to make any payments. In addition, this mortgage is interest free. And here’s the best part. Once you’ve lived in the home for a minimum of 5 years, you won’t be required to pay the loan back. That’s right! Live there 5 years and the second mortgage goes away.
As I said, there are restrictions. The first step in qualifying for this grant is that you must have lived in Monmouth County for at least the last 12 months. Next, you’ll need a minimum credit score of 620. And, you’ll need to attend a class. In addition, as the name of the program implies, you must be an individual that has never pwned a home. However, there are some exceptions to the last requirement. If you haven’t owned a home in the past 6 years, or if you’re a single parent who owned a home with a spouse, you may qualify.
In addition, the Monmouth County Buyer Grants program has income limitations. Remember, this program is for low income families. For a single person, the latest income limitation is less than $50,350 / year. And for a family of 4, the limit is $71,900 / year. Lastly, this is not available in all municipalities.
How to Apply
The application process is relatively simple. Your mortgage broker will supply the paperwork and submit the application. However, since this is a government run program, there will be massive amounts of paperwork.
Most Important Step
The most important step to take is to actually find a home to buy. And the best way to insure success in this step is to work with a good Realtor.
Here’s a great idea. You’re already on our web site, so call us! Because we can provide you with the highest levels in real estate expertise and professionalism. So, d o like hundreds of our clients have done and let us guide you through the process!
For more info on Monmouth County Buyer Grants, here’s the link to the appropriate state of New Jersey web site.