|
THA to Assist Low-Income Households with Down Payments for Hope VI Homes
The Trenton Housing Authority (THA) HOPE VI program is offering a Loan-to-Purchaser program for first time homebuyers who would like to purchase a home in the City of Trenton including homes in Southwest Village II, the first phase of the Miller Homes Hope VI program.
THA has budgeted HOPE VI funds for the Loan-to-Purchaser (LTP) program. The funding will be provided as soft second mortgages to qualified low-income households for the purchase of homes within the City of Trenton. Buyers are also expected to contribute a minimum of $1,000 from their own funds.
This loan-to-purchaser (LTP) program is available for 53 low-income households. All 53 homes to be purchased by participants in the Loan-to-Purchaser program will be affordable to households making no more than 80% AMI.
Residents of the City of Trenton are eligible to participate in this homeownership program and home purchases must be within the City limits. Applicants will complete intake applications with Passaic Street Housing LLC. After preliminary review of applications, Passaic will refer eligible applicants to Trenton Housing Authority HOPE VI CSS and other participating agencies for homeownership counseling, credit repair and other needed services. CCCS’s curriculum will involve: review of the applicant’s credit report, monthly income, debt and living expenses; walking through the home-buying process; outlining the process for qualifying for a mortgage and assisting in initiating the application process; explaining mortgage products and options; outlining the ‘closing’ process; discussing the responsibilities and commitments of life as a homeowner as well as how to avoid foreclosure.
Applicants will be processed for loan on a first come first served basis, but public housing residents who successfully complete screening and secure a first mortgage commitment will be given priority.
For more information on this program, please contact Tara Developers at (609) 989-0005 or Trenton Housing Authority at (609) 278-5004. Click Here for an Application.
Ms. Kaya James and her daughter Ziasia
The first THA public housing resident to take advantage of this program was Kaya James. Kaya lived in a THA housing development for six years where she paid $780 per month for rent. As a result of utilizing the LTP program, Kaya will now only have to pay $540 per month for her mortgage, taxes and insurance. Kaya, who is a single parent, is the first person in her family to buy a home. Kaya and her 15 year old daughter Ziasia are extremely happy to have the opportunity purchase their first home through this beneficial THA program.
|
