The $10,000 New Jersey HomeSeeker Grant is a great opportunity especially for first-time buyers in New Jersey. It is almost like giving away free money! This grant can either be used for the down payment or closing cost. Let’s say the sellers offer to pay sum, if not all, of the borrower’s closing cost for them, with the grant, a buyer could buy a home without much money coming from their own pockets.
Eligibility:
Technically, the buyer does not have to be a first-time home buyer. But, they cannot have had an ownership interest in a property within the last three years. So, if they purchased a home years ago but for some reason sold it they could come back and have the $10,000 grant go their way.
Veteran buyers are also eligible for this grant. And as a tribute to them, the three-year waiting period for being a first time buyer is waived for them. They could use both the benefits from the Veterans Administration loans and this grant and may not be burdened with any closing costs. However, be sure to consult with a Veteran Real Estate Agent to make sure you are getting all of the information.
The HomeSeeker grant program is a great opportunity to help a person who feels like they can’t afford to buy a home now. The $10,000 might put them in a position where affording a home a is more realistic.
Buyers should also keep in mind, though, that grant is only forgiven after 5 years. If you sell the home before 5 years the grant + interest may need to be paid back. Although, the numbers show, the average home buyer stays longer than that 5 year period in their home.
Eligible Counties:
The counties eligible for this grant in South Jersey are Atlantic, Glocuester, Camden, Burlington, and Mercer County. For North Jersey, there are Essex, Union, Passaic, and even more counties that would make up New Jersey.
So, if you’re a first-time home buyer or a veteran buyer, make sure to take advantage of the $10,000 grant because we don’t expect to have these hang around for long as It is really going pretty fast since its launch in April 2018.
