Source: Department of HUD 2019 Annual Report The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers these loans exclusively to first time home buyers, to help them get their first home. First time buyer developments. plan to buy property with an ’entitled’ spouse or civil partner, have never owned a house or flat anywhere in the world (whether on your own or with someone else), sell your flat to another first time buyer, buy a property larger than your current home, eg if you’re moving from a two bedroom flat to a three bedroom house, sell your flat to anyone, not necessarily to a first time buyer, joint inheritance with siblings of family property, other general minor land / property ownership. Property developments classed as First Time Buyer Schemes may have different criteria to that of the stamp duty concessions and so it is always best to check with your lawyer if you are unsure. There are certain circumstances where you might be considered a first time buyer, even if you already own property. New Jersey Mortgage Loans. If you’re a first time buyer, you can receive certain perks that help get you on the property ladder. The state of New Jersey has its own lending programs that are separate from the national loans. I put together this information so you know what to expect as a first time home buyer in South Jersey. Here’s some Quick Tips for First-Time Home Buyers, on what to do next. 63 likes. This only applies where you plan to buy a designated first-time buyer home and does not include stamp duty or land transaction tax. First time buyer stamp duty. You will count as a first time buyer if you: Your circumstances are considered individually by the Housing Minister, for example if you have: Your circumstances are considered individually by the Housing Minister. Publication - 07/06/2019. In order to qualify for a concessionary rate as a first time buyer you must satisfy all of the following: Download as PDF . You are not allowed to let a first time buyer property to another person. If you’re a first time buyer, you can receive certain perks that help get you on the property ladder. The information below, taken from www.gov.je, gives more details about the scheme and those who qualify. The qualifying criteria, set by the States of Jersey, is tightly controlled. More info, To get the best possible experience using our website we recommend you upgrade to a modern web browser. So, in this article, we’ll break down our top tips for first-time buyers, and help you learn what you should expect from the process. It’s back! By submitting this form, you agree that we may contact you about your enquiry using the details you have provided. In all cases, before you consider making a purchase, contact us to discuss your status as a first time buyer. First-Time Homebuyer Mortgage Program with Down Payment Assistance NJHMFA PROGRAM DESCRIPTIONS First-Time Homebuyer The New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) First-Time Homebuyer Mortgage Program provides a competitive loan 30-year, fixed-rate government insured loan for eligible homebuyers purchasing a home in New Jersey. You can offset the fear by educating yourself on the home buying process. Our team of conveyancers provide an exceptional service for all our first time property buyer clients that is timely, accurate and pragmatic, and handled in an uncomplicated and friendly way. The qualifying criteria, set by the States of Jersey, is tightly controlled. As you have owned a property in another country, Jersey law states you will not be eligible for first-time buyer stamp duty concessionary rates although there are exceptions to this. By submitting this form, you agree that we may contact you about properties we think might interest you using the details you have provided. More info. First time buyer properties are designed to help people move on to or up the housing ladder. This term includes both true first time buyers and those who fall within the exemptions below. Okay, so you watched my first and second videos on my “Quick Tips For First-Time Home Buyers” series, and you found your house, you made an offer, got accepted, it’s under contract, you had the home inspection done, and here’s what happens next. Affordable housing purchase schemes and how to apply. There are certain circumstances where you might be considered a first time buyer, even if you already own property. To qualify for the program, you need to: Be a first time home buyer. Buying a home in South Jersey for the first time can be scary. 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