Real Stories

Taking Advantage of HMFA Program, Woman Becomes Homeowner 

Keisha enjoyed the Freehold apartment she shared with her young daughter and planned to buy her own home in late 2010, after saving up some money.

However, in June 2009, her landlady decided to sell the building and asked Keisha if she wanted to purchase it. Keisha knew it was too expensive for her, but she was also uncertain of what would happen to her apartment once someone new purchased it, so she decided to take action and to start her path to homeownership a year early.

“Once the idea was in my head I decided to just look for a home,” said Keisha.

Armed with a mortgage pre-approval and knowledge about the home-buying process (she works for a financial management company), Keisha signed on with a REALTOR® and began to look at homes in Freehold. She chose to stay in town because of the location of her job and the town’s good school system.

She looked at several homes, but felt that many were too old and in need of repairs. By the end of July, however, she found a more contemporary condo in Freehold that was in a friendly neighborhood, had enough room for herself and her daughter, and needed no renovations. She put an offer in right away.

“After I put in the offer, I learned about some new opportunities that were available to me, which would help me afford the home,” said Keisha. “I applied for the NJ-HMFA Smart Start loan program for first-time buyers and asked the sellers to pay for my closing costs.”

Once the sellers did indeed agree to pay, Keisha had to wait for the Smart Start loan and her mortgage application to go through.

“The mortgage process was overwhelming, but in the end it was rewarding,” Keisha said. “The lender told me what to expect, how many forms I would need to fill out, and how long I would need to wait.”

Keisha closed at the end of September and is looking forward to using her $8,000 federal first-time buyer tax credit to make some upgrades to her home. She hopes to install hardwood floors and new kitchen cabinets, paint the walls, and buy new furniture.

“The best thing about the condo is the large closet space,” she said. “I also like the location because I’m near the mall, grocery store, and my daughter’s school. Everything is at my fingertips.”