Habitat for Humanity of Greater Newark Homeownership Program

What is Habitat for Humanity of Greater Newark Homeownership Program?

Habitat for Humanity of Greater Newark Homeownership Program is a first mortgage for homebuyers in Newark, New Jersey, administered by Habitat for Humanity of Greater Newark.

• Habitat for Humanity of Greater Newark sells homes that partner families have helped build or renovate, with income-based 0% interest mortgages, to first-time homebuyers in Essex, Hudson, and Union Counties. Families must demonstrate housing need, ability to pay an affordable mortgage, and willingness to partner, completing at least 200 sweat-equity hours.
• Homes sold at or below cost.
• 0% interest income-based mortgage.
• 200 sweat-equity hours.
• Serves Essex, Hudson, and Union Counties.
• Funding comes from Habitat affiliate; private/corporate donors; volunteer labor.

Do you have to pay it back?

Habitat for Humanity of Greater Newark Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity of Greater Newark.

• Repayment is triggered by Monthly income-based mortgage payments; 0% interest.
• The assistance is recorded in 1 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity of Greater Newark Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity of Greater Newark Homeownership Program sets its income limit as follows: Low- and moderate-income families in Essex, Hudson, and Union Counties; general Habitat guideline ~60% AMI; specific tables not published.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Habitat for Humanity of Greater Newark Homeownership Program can be used for Single Family.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity of Greater Newark Homeownership Program serves buyers purchasing in Newark, New Jersey.

• The program targets specific areas: Essex, Hudson, and Union Counties, NJ.

How do you apply?

Applications for Habitat for Humanity of Greater Newark Homeownership Program go through Habitat for Humanity of Greater Newark, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Habitat orientation and homeowner education classes during sweat-equity period.

2. 2

   Contact Habitat for Humanity of Greater Newark to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.