"Wait," Maya asked, "what if we look near my parents in Newark?"
"We have the savings," Elias said, staring at a spreadsheet, "but not for a 20% down payment and closing costs on a place that isn't falling apart." home buying programs in nj
Their lender explained that the money wasn't just a loan; it was a forgivable one. If they lived in the house as their primary residence for five years without refinancing, the debt would vanish. "Wait," Maya asked, "what if we look near
They also looked into local perks. In Newark, they found the Live Newark program , which offered additional forgivable loans for closing costs. If they had looked further south, the Camden County First Time Homebuyer Program could have provided up to $25,000. First Time Home Buyers | Camden County, NJ In Newark, they found the Live Newark program
That question opened even more doors. Because Elias’s parents had never owned a home, he qualified as a "first-generation" buyer. By stacking the First-Generation Down Payment Assistance with the statewide program, they were eligible for up to $22,000 in total support.