Camden NJ is a growing city with millions of dollars of investment that is transforming formerly poor neighborhoods to perfect places for resettling families and potential home buyers. With low housing prices, and increasing home values, more people are buying people in Camden than ever before. For this reason, the state of New Jersey has implemented a first time home buyer’s program or FTHB that is meant to assist people in purchasing property in booming areas like Camden. That being said, many are unaware of the benefits available to them. Fortunately, if you continue reading, you can get everything you need to know about First Time Home Buyer’s Programs so that you can buy a home of your own in the growing city of Camden.
What is the Purpose of a First Time Home Buyer’s Program?
First time home buyer’s programs are put in place to help those who have never previously owned a home purchase one. However, some of those who have previously owned a home can qualify for the benefits of a FTHB program as well. Houses are expensive, even in smoe of the low-cost neighborhoods of Camden. What these programs do is assist hopeful buyers in borrowing the amount of money they need to purchase the property, which is otherwise known as a mortgage loan. There are also things called junior loans that help cover the costs of things like down payments and closing costs. These programs, and more importantly, Camden NJ’s program makes qualifying for these home loans easier.
Homebuyer Incentives in Camden NJ
There are a wide range of programs and financial incentives that can draw hopeful property owners to the city of Camden. Some of the financial institutions that offer first time home buyer programs include, Susquehanna Bank, TD Bank, Wells Fargo, and more importantly the City of Camden. For those hoping to purchase their first home in Camden, the city can offer you up to $5,000 worth of assistance to cover the cost of things like down payments and closing costs. In order to qualify for this city-funded program, your income can’t reach above a certain point, and you are required to undergo city organized counseling. The income ceiling for this funding can depend on a variety of factors, and it is best to meet with a city counselor to learn more. After you’ve qualified for the assistance program, you must also be a permanent resident of the home for at least five years. It is important to note that only one-family units qualify for city or bank funded assistance. These homes must fit a 2 to 4 member family, and have been standing for at least 5 years.
Steps to Buying your First Home
A lot goes into buying a home, from finding an ideal property to borrowing money from a financial institution. The steps to homeownership are never the same for everyone. However, there are certain things you may want to do before moving forward. First things first, you should do your research and find out about all of the incentives in the City of Camden. For instance, some employers offer housing programs which help workers afford housing in an area close to that employer. Some employers who provide these programs to their employees include places like Cooper University Hospital, Camden Redevelopment Agency, Virtua, Our Lady of Lourdes Hospital, Rutgers University, and Rowan University.
Next, you should contact a lender or agent to help guide you through all of the necessary steps. As mentioned before, everyone’s path to homeownership is different, and a skilled lender or agent can help you make the choices that best benefit you. Once you’ve had a lending agent help you, you may need to take a homeownership education class depending on the incentive programs you hope to qualify for.
Throughout the process, it is essential that you stay up to date with everything going on in the community you hope to move into. Keeping up with your community can mean anything from watching local news on a regular basis, to researching any necessary community resource links. Buying your first home can seem like an intimidating process, but with the right help, and a bit of patience, you can join the many satisfied homeowners in the city of Camden.