FOR IMMEDIATE RELEASE: Tuesday, May 30,2017

 

Aid Also Helps Homeowners Struggling with Mortgages

TRENTON – As the real estate market rebounds, programs such as the New Jersey Housing and Mortgage Finance Agency’s (HMFA) HomeSeeker and Smart Start programs are bringing more home ownership opportunities to individuals and families across New Jersey. 

The HMFA recently hosted a one-stop housing expo in Newark, which drew nearly 150 participants, including lenders and housing counselors. Potential first-time homebuyers took part in home buying classes to learn what they could afford or how to apply for a mortgage, as well as information on the agency’s new HomeSeeker program, which provides $16,000 in forgivable financing. 

Homeowners struggling to pay their mortgage were able to meet one-on-one with housing counselors, and learn about programs such as the HMFA’s Hardest Hit Fund, which offers up to $50,000 in forgivable assistance. 

“Home ownership is dream for many residents throughout New Jersey, and we are proud of our efforts to help put those dreams within reach,” said HMFA Executive Director Anthony L. Marchetta. “We are also proud of our continuing efforts through partnerships with developers and community groups in Newark, Jersey City and other areas of the state to open up other affordable housing opportunities for families, veterans, seniors and individuals with special needs.” 

HomeSeeker provides first-time homebuyers and veterans looking to purchase in Atlantic, Camden, Gloucester, Essex, Passaic and Union counties – hard hit by the financial crisis – to help rebuild neighborhoods and communities.  Approximately 1,000 buyers will be assisted under the program.   

Smart Start, another program, provides first-time homebuyers with up to 4 percent of their mortgage amount to use as downpayment and/or closing cost assistance, when purchasing a home in certain areas of the State that have been targeted by HMFA. 

Two other programs help owners at risk of foreclosure. New Jersey HomeSaver offers eligible homeowners up to $50,000 to help bring their household monthly payment to an affordable level through a refinance, recast, or permanent modification of the first mortgage loan. 

New Jersey HomeKeeper offers eligible homeowners up to $48,000 in financial assistance to cover arrearages and/or monthly mortgage payments (including principal, interest, taxes and insurance) for up to 12 months. 

To learn more, consumers should go to www.theroadhomenj.com to find a participating lender or call 1-800-NJ-HOUSE.

CONTACT:

Tammori Petty
Emike Omogbai
(609) 292-6055