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First-Time Homebuyer
Grant in Monmouth County
As a first
time home buyer, would you like
a free
gift of money to be used for the down payment and
closing costs on the purchase of your first home? Well
the good news is that Monmouth County has free money
readily available for residents who are first time home
buyers who need help with the down payment and closing
costs. The First-Time HOMEBUYERS Program is designed to
provide financial assistance to low income families to
purchase an affordable home in the form of a deferred
payment second mortgage in an amount not to exceed
$10,000 for down payment and closing costs (ONLY).
The
house purchased must be located in Monmouth County
You
must be a Monmouth county resident of one year at the
time of qualification.
This
can be used to purchase a 1-4 family home or a
condominium, and must be used a the first-time
homebuyer’s principal residence.
Homes
are subject to inspections and must meet Section 8
Housing Quality Standards at the time of closing.
There
are other requirements too numerous for this space. Your
mortgage lender can provide more specifics.
If the
property is sold within 5 years, the loan will be due
and payable at the time of sale. After 5 years of
ownership and residence, the loan is forgiven.
There
are income limitations that vary according to how many
people are in the household. As of 1/17/08, a single
person cannot have an income that exceeds $41,700 and be
eligible for this program.
The
property you wish to purchase must be under contract at
the time of your application for this program.
For
more information on this program, please contact Jim
Ruppert, Countrywide Mortgage, 732-688-8897 and mention
that you found this information on our web site. |
