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徐天媺 May Xu
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新泽西州华人贷款专员 NEW JERSEY CHINESE LOAN OFFICER
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(201) 710-7986
[email protected] |
Senior Mortgage Officer
Mortgage Lending Direct, Inc. NMLS # 588977 |
Home buyers can get loans for Sandy stricken counties
Low- and moderate-income families can qualify for up to $50,000 in interest-free, forgivable loans. Among the $1.83 billion the federal government has so far given to the state of New Jersey to help it recover from Superstorm Sandy, $25 million has been set aside to help low- and moderate-income families buy homes in Sandy-stricken counties.
The Sandy Homebuyer Assistance Program offers up to $50,000 in interest-free, forgivable loans for homes purchased in one of nine counties.
Officials said the loan is excused if the recipient maintains the home as his or her primary residence for five years, among other conditions.
There are no monthly payments. If the home is sold within five years, the loan must be repaid from the proceeds of the sale, according to a fact sheet on the program. After a year, the homeowner would owe only $40,000, after two years, $30,000 and so on, said Lisa Ryan, a spokeswoman for the New Jersey Department of Community Affairs.
“If you could afford a home at $100,000, now you can afford a house at $150,000.”
— Anthony Marchetta, executive director of New Jersey's Housing and Mortgage Finance Agency
The state's program gives first dibs to people in one of the nine counties hit hardest by Sandy: Monmouth, Ocean, Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex and Union. They have 90 days to take advantage of that preference. After Oct. 25, anyone in New Jersey can apply for the loan, officials said.
Marchetta said hundreds have already applied.To qualify for the program,the income limit for a family of four in Monmouth and Ocean counties is $65,750. For one person, the limit is $46,050.
The Sandy Homebuyer Assistance Program offers up to $50,000 in interest-free, forgivable loans for homes purchased in one of nine counties.
Officials said the loan is excused if the recipient maintains the home as his or her primary residence for five years, among other conditions.
There are no monthly payments. If the home is sold within five years, the loan must be repaid from the proceeds of the sale, according to a fact sheet on the program. After a year, the homeowner would owe only $40,000, after two years, $30,000 and so on, said Lisa Ryan, a spokeswoman for the New Jersey Department of Community Affairs.
“If you could afford a home at $100,000, now you can afford a house at $150,000.”
— Anthony Marchetta, executive director of New Jersey's Housing and Mortgage Finance Agency
The state's program gives first dibs to people in one of the nine counties hit hardest by Sandy: Monmouth, Ocean, Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex and Union. They have 90 days to take advantage of that preference. After Oct. 25, anyone in New Jersey can apply for the loan, officials said.
Marchetta said hundreds have already applied.To qualify for the program,the income limit for a family of four in Monmouth and Ocean counties is $65,750. For one person, the limit is $46,050.