Special offer

Live Where You Work Homebuyer Program

By
Real Estate Agent with Balistreri Real Estate SL3337434

Live Where You Work Homebuyer Program

The program offers homebuyers who will live and work in a Live Where You Work participating municipality a low-interest 30 or 40 - year fixed-rate first mortgage from the New Jersey Housing and Mortgage Finance Agency together with Live Where You Work downpayment assistance and/or closing costs in an amount equal to 5% of the first mortgage loan. Municipalities must be approved by the Agency to participate in the program. In consideration of the anticipated commuting costs savings, the underwriting guidelines for borrowers' housing and overall debt ratios (the portion of a borrower's gross income permitted to be paid toward monthly mortgage payment and other debts) will be expanded by 3% over the usual Agency underwriting limits giving borrowers significantly more buying power.

Posted by

Fiona Barone- Sales Associate & Anthony "Tony" Barone (Retired NJ Broker Associate)
RE/MAX Advantage Plus & RE/MAX International Inc.
601 S. federal Highway, Boca Raton, Florida 33432
Office # 561-394-7800
Cell # 561-400-2653
International calls please dial 001-73561-400-2653
www.fionabarone.remaxagent.com

Comments (2)

Anne M. Costello
Weidel Realtors - Yardley, PA

Tony: Haven't heard of this program and need to check it out for my New Jersey buyers. Programs like this have the power to help buyers and sellers and revitalize communities - a win-win! 

Jul 20, 2011 01:09 AM
Jose Rivas
Nottingham, MD

Tony, we have something simile in Baltimore it is call Live Near Your Work, but it is a grant that buyers can use for closing cost or down payment. The amount is set by the private employers that sponsor the program. Usually is $3,000 but some companies will give up to $10,000 to their employees to purchase a home near their job.

Jul 20, 2011 01:16 AM