Believe it or not, there are actually two ways in which you can qualify as a first-time home buyer. The first one, which I hope is obvious, is based on the sheer fact you’ve never owned a home before. OK, we got that one.
But how can you be a first-time home buyer…twice?
Well, in the state of New Jersey, in association with a whole bunch of acronyms that I’ll break down next, you actually re-qualify as a first-time home buyer if you haven’t owned a home within the previous three years.
According to the NJHMFA, which stands for New Jersey Housing and Mortgage Finance Agency, you may qualify for the DPA – Down Payment Assistance Program – if you are a first-time homebuyer with a credit score of 620 or higher OR if you have a credit score of 620 or higher and haven’t lived in a home within the previous three years.
So, what does this mean exactly? Well, first-time home buyers are entitled to the DPA, which provides $10,000 as a down payment and closing cost assistance when purchasing a home in NJ. This loan is interest-free, five-year forgivable second loan with no monthly payment.
If this is something that may interest you or someone you know, give me a shout and I can coach you through the ways you may be able to benefit from this program.