FREE MONEY ALERT: Get up to $15,000 for Tiny Homes – No Strings Attached!
In recent TikTok news, influencer and realtor @realtor.gavin shed light on two prominent first-time home buyer assistance programs that can significantly ease the path to owning a tiny home. Here’s a deep dive into the two programs being highlighted in Pennsylvania and New Jersey:
1. Pennsylvania’s Homestead Down Payment Assistance Loan: $10,000 Offer
Located in the Keystone State, this program is extending a hand to eligible first-time home buyers by offering a no-interest loan of up to $10,000. This funding can be utilized to shoulder either the down payment or the closing costs tied to the home purchase.
An added advantage? If the beneficiaries retain the house for a period of five or more years without selling it, the loan is forgiven, essentially transforming it into a grant. However, it is essential to note that the income prerequisites and other criteria for qualification fluctuate across different counties in Pennsylvania. For those curious to explore this opportunity further, detailed information is available here.
2. New Jersey’s Down Payment Assistance Program: Upping the Ante with a $15,000 Grant
Right next to Pennsylvania, New Jersey is facilitating a substantial financial leg-up for certain first-time home buyers with a generous grant of up to $15,000, aimed at aiding with down payments or closing costs.
However, there are stipulations to keep in mind. The DPA demands that this grant be coupled with a first mortgage loan for 30 years, supervised by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This body advocates a “competitive 30-year, fixed-rate government-insured loan,” to be secured through a NJHMFA-affiliated lender. Additionally, the eligibility factors including income thresholds, may vary according to the distinct municipalities in New Jersey. Interested individuals can find all the specifics here.
Bonus: Financial Respite Beyond Borders
Not limited to housing support, states are venturing to uplift their residents through various financial relief measures. A case in point is Alaska, which is currently disbursing Permanent Fund Dividend (PFD) Payments. Deriving from the 2022 proceeds of oil and gas, the payment involves a significant sum of $3,284, inclusive of a tax-exempt energy relief cheque of $662, bringing some much-needed relief to the beneficiaries.
So, if you’re nurturing home-owning dreams, especially as a first-timer, these programs could very well be your golden ticket. Stay tuned for more updates on state incentives making homeownership more attainable.
