Question about NJHMFA Down Payment Assistance
I have a quick question about the Homeward bound mortgage program, specifically the 10k grant that is being thrown around a few of the listings around Newark/Irvington. It mentions that it's specifically for first time home buyers, unless you buy in an urban target area or are a qualified veteran. I plan on buying something around Newark because recently my job has changed and I find myself up north.
The only problem is that I already own a "primary" residence in Trenton, but oftentimes I stay up north with my parents. That's why even though it's my only house, it's more of an investment property than anything. (I have tenants living there at the moment.) I am specifically thrown off by this line below:
"Borrowers of homes located within Urban Target Areas
or Qualified Veterans do not need to be first-time home
buyers, but must not own another primary residence
at closing."
If I already own a house but would like a new primary one, do I have the option to keep my current house and buy a new one or am I pretty much forced to sell? Thanks!
https://www.state.nj.us/dca/hm...