Lakewood First Time Home Buyer Program

Dreams of owning a home? Tired of renting? The Lakewood HOME Program could be the answer you are looking for.

Qualified first time home buyers interested in purchasing a home in Lakewood can take advantage of a deferred payment zero percent interest no monthly payment second mortgage used to assist with both down payment and closing costs. The second mortgage can be used towards condominiums, single family properties and two family properties with forgiveness schedule.

You may be asking yourself what is a forgiveness schedule? Those that purchase a two family property are eligible for loan forgiveness. Fifty percent will be forgiven after the fifth year of owning and occupying the property, twenty percent each year thereafter until one hundred percent forgiven.

Do we have your attention yet? Wondering if you are eligible? The following is the criteria to meet. Homebuyer must either be a displaced homemaker, single parent, or person who has not owned a home in 3yrs, provide a minimum of 1.5% of the sale price from personal funds, use the property as their principal residence, meet credit standards of participating lending, and participate in pre-purchase counseling program provided by the lender. In addition, the monthly payment of principle, interest, taxes, and insurance should not exceed 33% of Homebuyers gross month income. Finally, homebuyer must meet federal income requirements for household.

For more information and to see if you meet income guidelines log onto onelakewood.com.

Maria M. Scalish, a Licensed Realtor at Prudential Lucien Realty

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Volume 6, Issue 20, Posted 8:30 AM, 10.06.2010