PROGRAM DESCRIPTION: Accumulating the funds for downpayment and closing costs is a common barrier to potential homeowners. The Smart Start Program is available to participants in the Agency's first mortgage homebuyers program who are purchasing homes in Smart Growth areas and who earn less than 80% of HMFA's Home Buyer county income limits. The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage.

 ELIGIBLE BORROWERS: Eligible households are those who qualify under the Home Buyer Program and whose income is less than 80% of the maximum income permitted under the Home Buyer Program based on small or large family status, county of purchase and whether the purchased property is in a Smart Growth area.  Borrowers with sufficient personal assets to close a loan at less than 80% LTV are ineligible.  Corporations and Investors are not permitted to act as borrowers.

SMART START PROGRAM
 2008 INCOME LIMITS - STATEWIDE AREAS
COUNTIES SMALL FAMILY 
Limit 1-2 Household           		 80% OF MEDIAN INCOME Small Family LARGE FAMILY
(3+ Household)		 80%
MEDIAN INCOME
(3+ Household)
 
Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Hudson, & Salem $81,800 $65,440 $94,070 $75,256
Monmouth & Ocean $85,000 $68,000 $97,750 $78,200
Mercer $85,400 $68,320 $98,210 $78,568
Essex, Morris, Sussex & Union $84,400 $67,520 $97,060 $77,648
Warren $83,300 $66,640 $95,795 $76,636
Bergen & Passaic $87,500 $70,000 $100,625 $80,500
Hunterdon, Middlesex & Somerset $96,700 $77,360 $111,205 $88,964
         
 2008 INCOME LIMITS - TARGET AREAS
COUNTIES   SMALL FAMILY 
Limit 1-2 
Household		 80% OF MEDIAN INCOME Small Family LARGE FAMILY
(3+ Household)		 80% OF
MEDIAN INCOME
(3+ Household)
 
Atlantic, Burlington, Camden, Cape May, Cumberland,  Gloucester, Hudson, & Salem $98,160 $78,528 $114,520 $91,616
Monmouth & Ocean $102,000 $81,600 $119,000 $95,200
Mercer $102,480 $81,984 $119,560 $95,648
 
Essex & Union $101,280 $81,024 $118,160 $94,528
 
Passaic $105,000 $84,000 $122,500 $98,000
 
Middlesex $116,040 $92,832 $135,380 $108,304
 

 
This post has been included in New Jersey Real Estate News

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Dawn1 Rainmaker_large

Dawn Marie White, Broker-Office Manager

Brick, NJ

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Crossroads Realty Inc

Address: Serving Ocean & Monmouth Counties

Office Phone: (800) 677-4033 x 202

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As tech savvy real estate professional, skilled negotiator, mentor, coach and broker-sales manager for Crossroads Realty. Dawn Marie uses her experience, energy and enthusiasm to educate and motivate agents to reach for their highest level of success


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