As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing
Check Out The Live Where You Work Program
Living and working in the same area allows you to save money on gas, tolls and mass transit which allows you to put that saving toward the purchase of your new home. It also allows you to have more free time; you spend less time commuting and more time with your family.
The goal of LWYW is to build stronger communities by promoting home ownership and encouraging people to live closer to their jobs. By working closer to home, we reduce the dependence and expense of cars and increase the use of alternate transportation such as walking, biking and public transit. Wouldn't it be great to walk or bike to work on a beautiful day, instead of sitting in a traffic jam?
To qualify, you must be a first-time and Urban Target Area home buyer that wants to purchase a home in the same town in which you are employed.
LWYW is a program that provides a forgivable down payment and closing cost assistance partnered with low-interest fixed rate mortgage loans and greater buying power because of expanded income ratios. Eligible properties include one-family units, including condominiums, (new and existing), and existing 2- to 4-family unit properties that are more than 5 years old. Properties must be located in state designated Smart Growth locations.
Here are a couple links to help you find out if this program will work for you:
Download the Statewide Live Where You Work Fact Sheet
Smart Growth Locator Site Evaluator
Sam Lepore is a Realtor with Keller Williams in Moorestown, NJ. Call him today at 856.297.6827 ....