NJ First-Time Home Buyers

head_left_image

Affordable Housing In The Villages at Berkley, Mantua, NJ and in other Gloucester County NJ Areas

Affordable Housing in Gloucest County, NJ - Steve KappreAffordable Housing In The Villages at Berkley in Mantua, NJ and in other Gloucester County, NJ Areas

Here you can find some great information regarding affordable housing programs in Gloucester County, NJ. Some towns in Gloucester County have affordable housing units for both low and moderate income families. The units typically are one or two bedrooms, sometimes three, and you have to apply for approval with an affordable housing firm.  Approval is based off of your income, the number of people in your family, and some other criteria.

LET'S TAKE A STEP BACK.  You may have heard it many times by now; This real estate market has GREAT opportunities for home buyers. For those that have the patience and thick skin, they can sometimes get a great buy when bidding on a foreclosure or short sale. But this process can be extremely aggravating and unfruitful, not to mention for some families in New Jersey, even foreclosure and short sale home prices are still out of their price range.

With afforable housing homes, single parents and/or one income family households can purchase a home that is at their price range. As an example, it isn't uncommon for a home in the Villages at Berkley in Mantua, NJ (Gloucester County) to have homes for sale in the $40,000 to $60,000 range.

MORTGAGE OPTIONS FOR AFFORDABLE HOUSING UNITS

Affordable housing qualifications regarding mortgage financing is for the most part the same as buying any other home. One of the GREAT things about purchasing at this price range (which is based off of your income and family status) is that you are very likely to qualify for almost any grant option out there such as those offered by the particular county or those offered by the state. Indeed many affordable housing buyers can get into a home with little to no money, and even have enough of a grant to pay for ALL mortgage requirements such as the down payment and closing costs.

FHA, Conventional, and VA are all options within the affordable housing purchase parameters. USDA is not an option due to some of the affordable housing guidelines regarding home ownership. Frankly 100% financing would rarely be needed when utilizing a combination of grants and other options.

Other home costs such as taxes and association fees are also reduced. In New Jersey this is important due to the high taxes (along with everything else).

Affordable Housing in Gloucester County, NJ - Steve KappreAs an example...

... A home purchase for $60,000 in The Village at Berkley in Mantua, NJ would have taxes of about $115 a month and association fees of $64. This is roughly 1/2 to 2/3 of what these figures would be on a unit the same size that is not purchased through an affordable housing program. Once all monthly costs are added together, those costs being the mortgage, association fees, taxes, mortgage insurance, and home owner's insurance (if needed) the monthly payment is about $525 - $550 at a 6% mortgage rate.

Indeed it is often a lower payment to buy a home than to rent.

BELIEVE IT OR NOT ...

... Right now some of the affordable housing offices NEED BUYERS. This is no joke. Amazing as some of these offers sound, there are homes and options available that aren't being taken advantage of. One of the reasons that this happens is because the affordable housing offices do not co-op.  What this means for a buyer is that although an affordable housing office uses a Realtor and their real estate office to complete the transaction, unless your Realtor works for (or specifically with) the affordable housing firm, then your Realtor will not get paid if you buy one of these units. Your Realtor is in business to make money, (and rightly so), so don't hold it against them if they aren't jumping to get you into one of these homes.

If you would like a personal introduction to an affordable housing representative, call Steve at 856-419-3561 and he will be able to quickly set you up with an application for one of the available homes.

Affordable housing areas in Gloucester County, NJ: Mantua | Williamstown

New Jersey Housing Resource Center

Other Helpful Links

Understanding and Using All of Your First Time Home Buyer Options

Understanding Seller Concessions | Seller Paid Closing Costs | Seller Contributions | Seller Assist

Financing and Mortgages with a Credit Score Below 620

Why I'm Stressing Over Someone Else's Credit


Subscribe to Steve's Blog via Email

Active Rain Blog Subscribe

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Comment balloon 3 commentsStephen Kappre • July 27 2009 11:08PM
Affordable Housing In The Villages at Berkley, Mantua, NJ and in…
share
Affordable Housing In The Villages at Berkley in Mantua, NJ and in other Gloucester County, NJ Areas Here you can find some great information regarding affordable housing programs in Gloucester County, NJ. Some towns in Gloucester County have… more
For Sale By Owner in Wrightstown, Burlington County, NJ 08562 with…
share
For Sale By Owner in Wrightstown, Burlington County, NJ 08562 with Mortgage Options If you have been looking for a new home in the Wrightstown area of Burlington County, NJ then check out this 3 bedroom home with a great backyard and more. If… more
Home for Sale in West Deptford | NJ Smart Start First Time Home Buyer…
share
Home For Sale in West Deptford, NJ | NJ Smart Start First Time Home Buyer Mortgage Are you a first time home buyer looking for your first place? Are you looking in the Gloucester County, NJ area but still haven't found the right place? There… more
Mortgage Options for the Villages at Berkley, Mantua, NJ
share
MORTGAGE OPTIONS FOR THE VILLAGES AT BERKLEY, MANTUA, NJ Are you considering a home for sale in the Villages at Berkley located in Mantua, NJ (Gloucester County)? The Villages at Berkley is a condo and townhome complex located off of… more
First Time Home Buyer Information | NJ First Time Home Buyer Options
share
NJ FIRST TIME HOME BUYER FAQ: TIPS, GUIDES, PROGRAMS, CREDITS, GRANTS, AND MORE! Tax Credit Loan Program: The "Prefund" Program $8000 Tax Credit Information for First-Time Home Buyers First Time Buyer Options in… more
203k Made SIMPLE? Yes, for your clients…
share
Here is an article by one of my peers regarding the 203k FHA Rehab loan. This is a great program that in my opinion is under-utilized considering our counrty's current foreclosure/short sale sitation. This loan allows you to purchase a home… more
Understanding and Using All of Your First Time Home Buyer Options
share
With all the excitement of the first time home buyer tax credit, buyers often get confused and miss out on other important options. As a first time buyer, don't let the excitement of the $8, 000 tax credit cause you to miss out on many other… more
Understanding Seller Concessions | Seller Paid Closing Costs | Seller…
share
Having the seller pay some or all of your closing costs is common. Some buyers and their real estate agents have a hard time structuring these type of transactions. Below are FAQ's to help you understand the structuring needed for a purchase with… more
Thanks and Appreciation this July 4th
share
Wishing everyone a happy and safe Fourth of July. May we NEVER forget the reason we celebrate this holiday and the many souls that gave their lives, and those that still do, for our freedom. My heart-felt appreciation and thanks go out… more
Looking for a Fixer-Upper in West Deptford, Gloucester County?
share
If you are looking for a great option in a new home, this may be a great buy for you. By utilizing a 203k renovation loan when purchasing this home, you can roll the renovation/repair costs all into one mortgage. This allows you to finance all of… more