New Jersey launches its first time home buyer program with Federal Sandy Funds.

New Jersey launches its first time home buyer program with Federal Sandy Funds.

If your looking to buy your first home and qualify for $150,000 you can now buy a home worth $200,000 said Anthony Marchetta, executive director of HMFA.

The money serves as  what they call a soft second - interest-free forgivable loan.  The loans will be forgiven if the homeowner lives in the residence for five years.

Anthony Marchetta, executive director of HMFA said the program is designed to assist people who may not have been in the area prior to the storm to buy in the nine affected counties of Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union.  It is also for residents already living in these communities. However, he said the program is designed to give priority to residents living in the affected counties.

“For the first 90 days we will only accept applications from those nine most impacted counties. After that, if there’s any money left, we’ll invite people from outside of the nine counties. So you can come from Hunterdon County, for example, and purchase in Ocean County after the 90 day period is over.”

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