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Buy Your Home Without Any Cash!
Finance your closing costs. Closing costs are a substantial barrier to many buyers, but not at Trenton Ferry. Typical closing costs are 3-4% of your purchase price. If you need assistance, and decide on an HMFA loan, you can qualify for up to an additional 2%, 3%, or 4% to pay for closing costs using "Smart Start". The interest rate on the Smart Start second mortgage is 0%. If you continuously reside in the premises, as your principal residence for at least two (2) years, HMFA will start forgiving 25% of the principal on the second (and subsequent) anniversaries of the closing of the loan, so that after five (5) years, the principal on the Smart Start second mortgage will be completely forgiven. Note that your first-mortgage rate will increase slighty with Smart Start (at rates current on 5/27/2009):
Check with your HMFA-qualified mortgage broker or bank for details. Below: Available Units. Click on unit number for description,
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*Prices subject to change without notice. |
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If you have decent credit (typically a credit score of 640 or better) and a good income, you may be able to buy your Trenton Ferry loft or home without any cash, even in today's tight mortgage market. Trenton Ferry condos and houses qualify for financing from both FHA the NJ Housing and Mortgage Finance Agency (HMFA), including the more generous "Target Area" features. And because HMFA is chartered by the State of NJ, you can be sure that there won't be any tricks hidden in the financing terms. Here's how it can work:
