Gloucester County First Time Home Buyer Assistance Program: Update

Gloucester County First Time Home Buyer Assistance Program: Update

The Gloucester County, NJ first time home buyer grant program is a great option for home buyers looking to purchase in this South Jersey area. More recently, this program has changed. Here is an update on how this great program works;

1. The amount allowed as assistance is $10,000
2. The assistance can be used for closing costs and/or down payment
3. The assistance is provided at closing, not before.
4. UPDATE: A home buyer is now required to receive home buyer counseling, such as that approved by HUD. There are several local areas to obtain this counseling
5. UPDATE: 3%* of the buyers own funds (including gift funds, as in the case of an FHA loan) must be put into the transaction. This means that the 3% can go towards upfront fees, closing costs, or the down payment, or any mix of the three. Be sure to keep all receipts. (*3% of the purchase price)
6. This program is income resricted. The requirements start off at an income cap of $46,000 for a single person, and moves about about $6,000 per household member.

Keep in mind that household income is the factor used for qualifying, therefore if for instance a husband plans to buy a home only in his name, the income of his wife (assuming she lives in the property) will also be factored, and would require that the total household income fit within the guidelines.

The Gloucester County first time home buyer assistance programis one of the best home buying options around. Call Steve Kappre @ 856-419-3561 for more information today.

More information on NJ First Time Home Buyers.