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Low-interest home loans now available in 38 cities and towns
BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM
Camden on Tuesday became the 38th New Jersey city or town to join the state’s Live Where You Work program, which provides low-interest, fixed rate mortgage loans to first-time homebuyers who purchase homes in a municipality where they work.
“The city’s revitalization efforts will be considerably strengthened through the Live Where You Work program, which fosters active city life and helps create a citizenry that is personally and professionally invested in the future of Camden,” state Community Affairs Commissioner Lori Grifa said in Camden. “Camden has several attractive neighborhoods and offers a number of affordable housing options. The city’s decision to join the program demonstrates its commitment to improving its residents’ quality of life.”
Homes must be located in a municipality that has become a Live Where You Work partner with the state Housing and Mortgage Finance Agency. Additional program benefits include down payment and closing cost assistance for the purchase of a home within Smart Growth areas and flexible underwriting criteria for the loan qualification process. The HMFA can also work with participating municipalities to develop additional incentives for homebuyers, such as credit counseling, partnerships with local lenders and community discounts.
“This program helps revitalize and build sustainable communities by providing affordable and reliable mortgages for residents and encouraging greener environments and alternative transportation options,” HMFA Director Anthony L. Marchetta said. “Live Where You Work has so much to offer, which is why we’re so excited to see Camden come on board.”
“This initiative like this truly helps build strong communities and revitalize our city by introducing our local work force to a multitude of housing opportunities right here in Camden,” Mayor Dana L. Redd said.
The other cities and towns that have joined the Live Where You Work program include: Trenton, Jersey City, Woodbridge, Elizabeth, Atlantic City, Rahway, Morristown, Evesham, Neptune Township, Bayonne, Carteret, New Brunswick, Paterson, Glassboro, Orange, Keyport, Newark, Washington Township (Gloucester County), Edgewater Park, Cherry Hill, Plainfield, Old Bridge, Passaic, Belmar, Asbury Park, Pemberton, Gloucester City, Voorhees, Manchester, Lakewood, Freehold Borough, East Orange, Red Bank, Collingswood, Middletown, Bridgeton and Haddon.
To learn about how to get a Live Where You Work mortgage, call 1-800-NJHOUSE.
