Own for the Price of Rent
Garden State Episcopal CDC is putting home ownership within your reach through the Neighborhood Recovery Program (NRP). Our two-family affordable homes are available to eligible, working class, first time homebuyers.
- Sales Price: $200,000 to $350,000
- Down Payment: Minimum of 3-3.5%
- Total Monthly Housing Payment: $890 to $1,300*
* Estimate includes PITI, and 9 months of rental income
How It Works
In order to qualify for this affordable housing program, please refer to eligibility below. If you qualify, the process is very straightforward. We will help you every step of the way.
- Submit your application to us
- If you receive an approval letter, then...
- Seek mortgage preapproval
- Receive application decision letter
- Sign purchase agreement
- Order appraisal, sign mortgage docs
- Closing (typically 60 days after Certificate of Occupancy)
- Must be first time homebuyer - If you owned a home before, you must have sold it or removed your name from the deed 3 years prior to buying this housing
- Must have completed first time home buyer training before closing - You can apply without completing this. However, you must complete before we sell the home to you. GSECDC can refer you to several free courses.
- Must be able to obtain a prequalification from a mortgage company within 15 days of receiving a notice of eligibility from GSECDC. The earlier you do this the better. This will allow GSECDC to confirm that you have the ability to secure financing from a lender.
- Must demonstrate a minimum of 3.5% of purchase price for down payment and savings for closing costs. Minimum incomes apply as well.
- Households cannot exceed the following income maximums - Please account for gross income (before taxes) for ALL Household members that will occupy the unit. You must factor all benefits like child support, social security, unemployment and the like.
|Household Size||Min. Income**||Max. Income|
**Minimum Income could be lower depending on down-payment and mortgage financing products.