First Time Home Buyer Grant Money Available in NJ

New Jersey Smart Start Program

1st Time Home Buyer Grant Program

Another reason now is the best possible time to be a home buyer in New Jersey.

The State of New Jersey has a grant program called HMFA's 1st Time Buyer Mortgage Program, aka Smart Start Grant Program. This program is designed to be used in conjunction with SMART GROWTH. This means the property must qualify as well as the buyer.

The first time home buyer grant program offers up to 4% of the purchase price in the form of a second loan to first time home buyers or people who haven't owned a home in the last (3) three years.

The loan is actually from grant money from the state of New Jersey at a 0% interest rate for the life of the loan and the best part is the loan is forgivable meaning the longer you stay in the house you don't have to pay it back.

See program guidelines for details, this article is only for meant to introduce you to the program. Program availability is not garanteed and terms must be verified with the source offering the grant, in other words "Don't Shoot the Messenger".

Both the home and the buyer must qualify for the New Jersey Smart Start program.

To see more information on the program and to find out if the community you are buying in is qualified, check out this link: http://sgl.state.nj.us/

For questions on how to obtain HMFA Smart Start down payment and closing cost assistance, please call them directly at 1-800-NJHOUSE and then call our office to help you find your dream home. At least you can work with us after providing you with the info that all these juicy programs are available. ;-)

Marivic GMAC Real Estate

1-866-745-GMAC (4622)

The beauty of this program is that the buyer does not have to repay the 0% interest 2nd loan for money toward down payment or closing cost until they sell the property. The best part is this is a forgiving loan meaning the longer you stay in the property, the less you need to repay, if you stay in the home for 5 years, you don’t need to pay back the 2nd loan at all.

Click here For all the Details about the NJ Smart Start Program