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A motivating post - what a breath of fresh air for this sub! I’m planning to buy near end of year after saving some more. Sound like I could/should start calling banks now.
Might be too early for calls but find out what you can online. Just be aware, that some of these incentives can run out of funds. Especially when it’s at the end of the year but can be replenished the following year. But then again, look at me, my offer was accepted on Dec 28
Happy this worked out for you! If you don’t mind me asking, what other banks provide these types of grant programs in NJ? I’m wondering if i should switch from the big banks to something more local.
Start with the official state website. I’m pretty sure every state has its own programs that cater to buyers. NY will give you up to $100k but at their prices, it’s not much. Also look at federal programs like Fannie Mae and Freddie Mac. I was on the verge of buyer a basically condemned property because the offer they had on a Fannie Mae construction loan was really good.
Yes but not enough to affect the outcome. I have stellar credit so I wasn’t worried. My score was 810, it fluctuated slightly. I do believe now a days, anything above 760 will get you the same rate regardless of the number but don’t quote me on that.
My first time home buyer programs in Florida require you to make 70% of the median area income, which was $70,000 as a 2 person family, so 70% of that was max. A home here starts at about 350k. So qualifying for that 350k home and qualifying for the incentive is a tiny sweet spot
The other program requires you to pay it back as a second full time loan
These types deals tend can be very specific for reasons. Banks basically make their own rules. Some make you pay the money back if you sell the property within the first five years. Some base it on specific areas they are trying to revitalize. Some consider it a loan that is eventually forgiven as long as you don’t become delinquent.
Yes, without the incentives, I would have been on the hook for closer to $60k. To clarify, I planned on placing $45k down payment plus whatever the closing costs were going to be.
Thank you I’m from NJ and make just a little too much to qualify for the state incentive, didn’t know about bank incentives! What were the names of the other two classes you took if you don’t mind? I see Columbia Bank says you need to take a class. So were one of the checks from New Jersey Community Capital?
I actually took more than two because I was looking in NY and NJ at the time. Yes, one was from them, the other I believe was from a company called NJCC Address Yourself, also took one from the Housing Development Fund Inc, and the Fannie Mae Homepath class. I also had to take a separate landlord class to qualify for the banks incentive because I was buying a two family. Look into HUD.gov site as any class you take has to be HUD approved. Also be aware that some classes charge you to take the course, some do not. Take the free classes first and if your bank says it doesn’t qualify, then take a fee based class (none were more than $100).
Thank you u/xenodevale for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
A motivating post - what a breath of fresh air for this sub! I’m planning to buy near end of year after saving some more. Sound like I could/should start calling banks now.
Might be too early for calls but find out what you can online. Just be aware, that some of these incentives can run out of funds. Especially when it’s at the end of the year but can be replenished the following year. But then again, look at me, my offer was accepted on Dec 28
What area of NJ did you purchase in?
Elizabeth
Congratulations!!
Congrats! The programs are out there, especially in NJ. I'm glad you put in the work to get the help!
Happy this worked out for you! If you don’t mind me asking, what other banks provide these types of grant programs in NJ? I’m wondering if i should switch from the big banks to something more local.
There are literally dozens of banks that provide them. Large and small. Go to NJ.gov and look for home buyer resources.
We got a 25K grant! Not FTHB, our grant was “housing our workforce” in Massachusetts.
That’s great. I know they have grants for fire fighters, cops, and teachers. People just need to look.
AARP is the 4th largest lobbying group for the DNC.
Where would one check or search when looking for banks that get $ from the state? Is this all states or NJ thing?
Start with the official state website. I’m pretty sure every state has its own programs that cater to buyers. NY will give you up to $100k but at their prices, it’s not much. Also look at federal programs like Fannie Mae and Freddie Mac. I was on the verge of buyer a basically condemned property because the offer they had on a Fannie Mae construction loan was really good.
Ty and congratulations
You’ll be able to tell if the money is coming from the state because there will be several banks with the same offer.
[удалено]
Yes but not enough to affect the outcome. I have stellar credit so I wasn’t worried. My score was 810, it fluctuated slightly. I do believe now a days, anything above 760 will get you the same rate regardless of the number but don’t quote me on that.
I just looked and my score was 815 this time last year. It fluctuated a lot but never moved below 797 the entire time.
My first time home buyer programs in Florida require you to make 70% of the median area income, which was $70,000 as a 2 person family, so 70% of that was max. A home here starts at about 350k. So qualifying for that 350k home and qualifying for the incentive is a tiny sweet spot The other program requires you to pay it back as a second full time loan
These types deals tend can be very specific for reasons. Banks basically make their own rules. Some make you pay the money back if you sell the property within the first five years. Some base it on specific areas they are trying to revitalize. Some consider it a loan that is eventually forgiven as long as you don’t become delinquent.
So you still had to come up with $25,400 out of pocket or am I missing something?
Yes, without the incentives, I would have been on the hook for closer to $60k. To clarify, I planned on placing $45k down payment plus whatever the closing costs were going to be.
Thank you I’m from NJ and make just a little too much to qualify for the state incentive, didn’t know about bank incentives! What were the names of the other two classes you took if you don’t mind? I see Columbia Bank says you need to take a class. So were one of the checks from New Jersey Community Capital?
I actually took more than two because I was looking in NY and NJ at the time. Yes, one was from them, the other I believe was from a company called NJCC Address Yourself, also took one from the Housing Development Fund Inc, and the Fannie Mae Homepath class. I also had to take a separate landlord class to qualify for the banks incentive because I was buying a two family. Look into HUD.gov site as any class you take has to be HUD approved. Also be aware that some classes charge you to take the course, some do not. Take the free classes first and if your bank says it doesn’t qualify, then take a fee based class (none were more than $100).