By David J. Hutchison II, NMLS #63021 · · First-Time Buyers
Saving for a down payment and closing costs is a big hurdle for many first-time buyers. Depending on where you buy and your situation, there may be help available. Here's a plain-English overview.
Where down payment help can come from
- County and town programs: some New Jersey counties and municipalities offer assistance when funded.
- Select lending partners: some lending partners offer down payment assistance options. Structures vary and eligibility applies.
How assistance is usually structured
Structures vary by program and eligibility applies, so I'll walk you through the terms of any option before you commit.
Who may qualify
- First-time buyer status: many programs use a definition such as not owning a primary residence in the past three years.
- Primary residence: you generally must live in the home.
- Income and price limits: many programs cap household income and purchase price.
- Homebuyer education, credit and debt-to-income: requirements vary by program.
How to get started
- Talk with me about your income, price range and credit.
- I'll review options through select lending partners that may fit.
- Get pre-approved and shop within any program limits.
Plain English: rules and funding change, so check eligibility before you start house hunting.
Grab my free NJ First-Time Homebuyer Guide, read more about first-time homebuyer loans in NJ, or reach out and I'll help you figure out what you may qualify for.
This article is general education, not a commitment to lend. Program rules change; all loans are subject to credit approval and lender guidelines.