First Time Home Buyer Grants and
Down Payment Assistance Program
VRI Homes Renter to Buyer Assistance Program is set up to make the home buying process simple and understandable. There is no reason you should keep renting or paying excessive amounts of interest if you don’t have to. Home ownership IS POSSIBLE with education, and a clear understanding of who you can trust to guide you with your most important investment. We have partnered up with reputable service providers who have one thing in common. This is a commitment to you reaching your home ownership goals in an ethical, affordable, step-by-step process ANYWHERE IN THE COUNTRY. If you would like to begin this process now please submit your information below:
CHECK YOUR ELIGIBILITY NOW
There are multiple grant programs availabkle to New Jersey homebuyers. See what you qualify for.
Renter to Buyer Assistance Programe assistance is provided as an interest-free,
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Answer a few questions about your household and see how many programs may match your circumstances.
First Time Home Buyer Grants
With help of the first time home buyer grants, not only can the first time home buyers improve their quality of living but can also build considerable wealth for the future. Remember, a first time home buyer is defined as a family or individual who has never owned or had ownership intent of a home within the past three years. If you qualify to this, then you can go ahead and take advantage of the first time home buyer grants.
Even though down payment assistance programs are available for both first time and repeat buyers, only first time home buyers have access to the Mortgage Credit Certificate (MCC) Program. This program makes home buying much more affordable for the first time home buyers.
MCC Qualification Eligibility
If you are willing to buy your first home and take advantage of the MCC program, you must qualify to the income and home purchase limits as stated. The eligibility criteria are as follows:
- Available for first time home buyers only, who have not owned a home in the last three years
- Home buyers must use the property as their primary residence
- Home buyers education is required to qualify this program – the home buyer must complete a home buyer education course prior to the loan closing. You must provide a certificate showing the completion of an approved home buyer education course for qualifying.
Down Payment Assistance Program
The Home Plus home loan program is very popular because each home buyer family will receive a non‐repayable housing grant that can be used for down payment and/or closing costs equal to as much as 5% of the mortgage loan.
Program Highlights:
- No first time home buyer requirement for most programs.
- No requirement to pay back the housing grant and it is not a 2nd mortgage.
- Qualified members of the U.S. military (active and Veterans) are eligible for an additional 1% of down payment assistance.
- The money is available.
How to Qualify:
- Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
- Maximum income of $92,984.
- Maximum debt-to-income of 45%
- See various loan program requirements below.
Home Plus Conventional
Conventional loans with down payment assistance can be a great option because unlike some other loan programs, conventional loans allow you to remove the private mortgage insurance (typically on loans with less than 20% down) down the road.
Home Plus Fannie Mae HFA Preferred Loan Program
This program is derived from the Fannie Mae HomeReady program and is one of the conventional Home Plus loan programs offered.
Program Highlights:
- Down payment assistance options at 3%, 4% and 5%. You can choose what is best for you based on your loan scenario.
- Minimum FICO score is 640 with 5% down
- Minimum FICO score is 680 with 3% down
- Maximum purchase price of $371,936
- Maximum debt-to-income of 45%
- Maximum income of $92,984
Home Plus Freddie Mac HFA Advantage Loan Program
This program is derived from the Freddie Mac Home Possible Advantage program and is the other conventional Home Plus loan programs offered.
Program Highlights:
- Down payment assistance grant of 4%
- Minimum FICO score is 640 with 5% down
- Minimum FICO score is 680 with 3% down
- Maximum purchase price of $371,936
- Maximum debt-to-income of 45%
- Maximum income of $92,984
HOME PLUS GOVERNMENT LOAN PROGRAMS
Government loan programs with down payment assistance can be a great option because they usually have easier qualifying requirements. The three common government loan programs are FHA, USDA and VA.
Home Plus VA & USDA Loan Programs
VA and USDA loans are two popular government loan programs that offer 100% financing. The grant money from the Home Plus program is instead used to cover closing costs. As such, there is no down payment required. They are a great zero down loan programs. Home Plus VA and USDA Loan Programs are offered.
Program Highlights:
- Down payment assistance offered up to 2%.
- Minimum FICO score is 640.
- Maximum purchase price of $371,936.
- Maximum debt-to-income of 45%
- Maximum income of $92,984
Home Plus FHA Loan Program
FHA loans with down payment assistance in have been popular for the past few years because they had lower minimum credit score requirements and were easier to qualify for than conventional mortgages. They still have many advantages that make them attractive to first time homebuyers. The Home Plus FHA loan program is offered anywhere.
Program Highlights:
- Down payment assistance options of 3% and 4%. You can choose what is best for you based on your loan scenario.
- Minimum FICO score is 660.
- Maximum purchase price of $371,936. If using an FHA loan with Home Plus, the maximum loan amount depends on the FHA loan limits in your county.
- Maximum debt-to-income of 45%
- Maximum income of $92,984