- Preliminary Application: Complete a preliminary application on-line.
- Affordable Homes New Jersey Profile: Log on to your Affordable Homes New Jersey profile and join waiting lists where you are interested in purchasing a home.
- Interest Form: The homes that you may qualify to purchase and have small or no waiting lists will be listed on your profile. CGP&H will also email you when a new home becomes available that you may qualify to purchase. You may click "Interest Form" directly from your Affordable Homes New Jersey Profile and the email if you would like more information about a home. You will be directed to complete a short form.
- Viewing the Unit: If you meet the income guidelines, you will be given the contact information of the seller to make an appointment to view the home.
- Invitation to Submit Full Application: If you are interested in purchasing the home after you view it and you are next on the waiting list, you will be invited to submit an on-line full income certification application. A mortgage pre-approval must be submitted with your full application. You may work with any lender but CGP&H will suggest some lenders that are familiar with affordable housing. You will have one week to complete the application and submit required supporting documents.
- Income Certification: CGP&H will review your completed application and request additional information if needed. After the review is completed, you will be notified if you qualify to purchase the home.
- Purchase Agreement: After you are notified that you are income certified, you and the seller can sign the purchase agreement prepared by CGP&H. You and the seller will need to agree on the sale price and the amount of deposit.
- Attorney: Most buyers of affordable homes choose to work with an attorney to handle the closing. The attorney will be able to assist you with other aspects of purchasing the home. This list of attorneys is familiar with affordable housing closings.
- Contract: After the purchase agreement has been signed, you may enter into a contract with the seller to purchase the home.
- Mortgage: Contact the bank or mortgage broker and start the loan process. This list of lenders is familiar with affordable housing in New Jersey. If you do not plan to secure a mortgage from a contact on this list, please notify CGP&H and inform your lender that you are purchasing an affordable deed restricted home and that the affordability controls survive foreclosure.
- Down Payment: Most banks will require a down payment that is 5% of the purchase price. Please note that this is a minimum and you may be required to provide a larger down payment in order to afford the home.
- Closing Costs: In addition to obtaining a mortgage, you will need to consider the following costs: attorney’s fees, realty transfer fees, escrow deposit, mortgage application fee, deed and mortgage recording, etc. These closing costs may run anywhere from $2,500 to $4,000+. The loan itself must not exceed 95% of the maximum sale value of the subject unit.
- Closing: CGP&H will prepare affordable housing closing documents required for the closing. Please keep CGP&H updated about when the closing date may occur so we have enough time to prepare the required documents and answer any questions the title company and mortgage company may have.
