First Time Home Buyer Assistance 2024

What kind of programs are out there for First Time Home Buyer Assistance in 2024? Did you know that you could receive Down Payment Assistance in NJ through the NJHMFA first-time homebuyer grant fund?

The New Jersey Housing & Mortgage Finance Agency is offering $10,000 - $15,000 of down payment assistance to qualified first-time homebuyers in 2024 depending on your location with-in New Jersey.

So what does this mean? The grant money for first-time homebuyers is a FHA Loan in which you will need 3.5% Down Payment of the purchase price. There is also closing cost which is approximately 3% of the purchase price.

Let say a house your home will cost $250,000. 3.5% Down Payment is $8,750 and your approximate closing cost of 3% is $7,500. That's $16,250 that you would need. The NJHMFA in NJ for First-time homebuyer assistance is giving $10,000 down payment assistance in Atlantic County and $15,000 in other counties.

That $16,250 just got reduced to $6,250! You can also finance your closing cost through what is called Seller Concession. Let's say you offer $256,000 instead of $250,000 and ask for $6,000 Seller Concession. Seller gets their $250,000 and you as the Buyer finances $260,000. Now, you only have to bring a couple hundred to closing.

Being a first time home buyer in 2024 doesn't have to be hard or stressful. With the right Realtor and team by your side, we can find the perfect house for you.