The Agency has made following changes to the First Time Home Buyer (FTHB) Program:
FTHB Qualification: Only the borrowers, co-borrowers and mortgagors will need to meet the FTHB definition.
Previously, the program required that no household member could have owned property within the past three (3) years. Moving forward, that requirement will only pertain to the borrowers, co-borrowers and mortgagors as opposed to all household members.
Annual Household Income: Only the income of borrowers, co-borrowers and mortgagors will be used to determine FTHB Program eligibility.
Previously, the Agency included the income of all adults in the household when determining FTHB Program eligibility. Beginning immediately, the Agency will only include the gross annual household income of borrowers, co-borrowers and co-mortgagors. The gross annual household income must not exceed the NJHMFA First-Time Homebuyer Program income limit applicable to the Property’s County Limits.