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May 30, 2017 - ³Ô¹ÏºÚÁÏ Housing and Mortgage Finance Agency’s Down Payment Programs Help Expand Reach of ³Ô¹ÏºÚÁÏ Ownership

FOR IMMEDIATE RELEASE: Tuesday, May 30,2017

 

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Aid Also Helps ³Ô¹ÏºÚÁÏowners Struggling with Mortgages

TRENTON – As the real estate market rebounds, programs such as the ³Ô¹ÏºÚÁÏ Housing and Mortgage Finance Agency’s (HMFA) ³Ô¹ÏºÚÁÏSeeker and Smart Start programs are bringing more home ownership opportunities to individuals and families across ³Ô¹ÏºÚÁÏ. 

The HMFA recently hosted a one-stop housing expo in Newark, which drew nearly 150 participants, including lenders and housing counselors. Potential first-time homebuyers took part in home buying classes to learn what they could afford or how to apply for a mortgage, as well as information on the agency’s new ³Ô¹ÏºÚÁÏSeeker program, which provides $16,000 in forgivable financing. 

³Ô¹ÏºÚÁÏowners struggling to pay their mortgage were able to meet one-on-one with housing counselors, and learn about programs such as the HMFA’s Hardest Hit Fund, which offers up to $50,000 in forgivable assistance. 

“³Ô¹ÏºÚÁÏ ownership is dream for many residents throughout ³Ô¹ÏºÚÁÏ, and we are proud of our efforts to help put those dreams within reach,” said HMFA Executive Director Anthony L. Marchetta. “We are also proud of our continuing efforts through partnerships with developers and community groups in Newark, Jersey City and other areas of the state to open up other affordable housing opportunities for families, veterans, seniors and individuals with special needs.” 

³Ô¹ÏºÚÁÏSeeker provides first-time homebuyers and veterans looking to purchase in Atlantic, Camden, Gloucester, Essex, Passaic and Union counties – hard hit by the financial crisis – to help rebuild neighborhoods and communities.  Approximately 1,000 buyers will be assisted under the program.   

Smart Start, another program, provides first-time homebuyers with up to 4 percent of their mortgage amount to use as downpayment and/or closing cost assistance, when purchasing a home in certain areas of the State that have been targeted by HMFA. 

Two other programs help owners at risk of foreclosure. ³Ô¹ÏºÚÁÏ ³Ô¹ÏºÚÁÏSaver offers eligible homeowners up to $50,000 to help bring their household monthly payment to an affordable level through a refinance, recast, or permanent modification of the first mortgage loan. 

³Ô¹ÏºÚÁÏ ³Ô¹ÏºÚÁÏKeeper offers eligible homeowners up to $48,000 in financial assistance to cover arrearages and/or monthly mortgage payments (including principal, interest, taxes and insurance) for up to 12 months. 

To learn more, consumers should go to to find a participating lender or call 1-800-NJ-HOUSE.