The City of Passaic has the First Time Home Buyer program, which helps people looking to buy a home for the first time with an amount of up to $39,500.
This loan is to pay off costs associated with closing the sale and should not exceed 10% of the cost of the property.
In an interview with Univision 41, the Mayor of the City, Héctor Lora, commented that the program is open to all residents.
“It is a great initiative, it is for people who want to buy their home for the first time, we offer up to $40,000 for legal costs or closing costs,” he explained.
He added that the loan can be non-refundable, that is, the resident would not pay it, as long as he lives at least 8 years in the home he buys in Passaic.
“Everyone is eligible in the city, if you are going to live in the City, if you stay living in the City for 8 years in a row, you don’t have to pay that loan.”
Among the requirements demanded by the city is that the person has the resources to make the initial payment for the home, which is 3% of the total value.
It also has to be the first time you have bought a home or have had a home before and have been displaced.
The home must pass the quality housing standards required by the City.
Additionally, you must have an income equal to or less than the following table:
1 Persona $66,750
2 Personas $76,250
3 Personas $85,800
4 Personas $95,300
5 Personas $102,950
6 Personas $110,550
7 Personas $118,200
8 Personas $125,800
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2024-02-06 14:29:00
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