Applications are now open for the Golden Neighborhoods Homeownership Program for all low to moderate-income Jersey City Residents looking to buy a home within Jersey City.
Donor Name: The City of Jersey City
State: New Jersey
City: Jersey City
Type of Grant: Program
Deadline: 11/01/2022
Size of the Grant: $150,000
Details:
The Golden Neighborhoods Homeownership Program provides increased opportunities for low and moderate income families to purchase a home for the first time in Jersey City. This program provides down payment and closing costs assistance for eligible first-time homebuyers, alleviating a major financial impediment of buying a home.
Funding Information
- Eligible GNHP homebuyers may receive up to 10% of the purchase price for the down payment on a home, plus up to $10,000 for closing costs.
- The maximum subsidy for qualified GNHP Applicants is $150,000. Receipt of the maximum allowable subsidy amount will be strictly reliant upon family size, household income and AMI percentage.
Eligibility Criteria
- The Homebuyer receives mandatory GNHP pre-purchase training.
- The Homebuyer receives Federal subsidy for down payment and/or closing costs
- The Homebuyer is purchasing their first home and has not owned a home in the last three (3) years.
- A minimum credit score of 660 is required.
- Buyer must not enter into Contract of Sale prior to receiving a Certificate of Eligibility from the City of Jersey City.
- Housing Units must comply with the Lead Based Paint Standards and local Housing Standards.
- Buyer must reside at the property after purchase for the duration of the affordability period (10 years).
- HUD foreclosures, short sales, REO’s and Handyman Specials do not fit the Housing Standards criteria.
- Program preference given to Jersey City Residents.
For more information, visit The City of Jersey City.