HMFA Hosts Homebuyer Fair in Neptune Township
Opportunity for Homebuyers to Receive 100% Financing on

New Townhouse Development


 

NEPTUNE TOWNSHIP, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) staff today joined municipal officials, lenders, and realtors for a Homebuyer Fair at the School House Square housing development in Neptune Township. The free event was held to answer questions about homeownership and to show that New Jersey has a good supply of quality affordable housing throughout the state. Today's fair kicked off a statewide campaign to educate people about the HMFA mortgage products available to assist homebuyers with the purchase of a home.

"Buying a home can be an intimidating process for many people," said New Jersey Department of Community Affairs' (DCA) Commissioner Lori Grifa, who is Chair of the HMFA. "Since a home purchase is one of a family's largest investments, it is important for people to do their homework so they make a well-informed decision. The HMFA offers helpful resources that can demystify the homebuying process and make it a less stressful, more rewarding experience."

The HMFA was established in 1983 to provide New Jersey families with safe, decent and affordable housing options. In keeping with that mission, HMFA offers a 30-year, fixed-rate mortgage of 4.25 percent. Further, HMFA's Live Where You Work Program is a workforce housing initiative that provides low-interest, fixed-rate mortgage loans to homebuyers purchasing homes in towns where they are employed. Other benefits include down payment and closing cost assistance and flexible underwriting criteria for the loan qualification process. Neptune Township is a participating municipality in the Live Where You Work Program.

The newly constructed Schoolhouse Square development consists of 58 Energy Star-certified, three-bedroom homeownership units. The prices for these units start at $189,500. Funding to complete the project came in part from the HMFA and DCA. Schoolhouse Square has helped stimulate growth in Neptune Township's Midtown neighborhood while strengthening the Township's housing stock. The project is located close to public transit, shops and restaurants, and is only one mile from the beach. Schoolhouse Square was the recipient of the 2010 Governor's Excellence in Housing Award in the category of Best Neighborhood Revitalization.

"Schoolhouse Square truly represents the Agency's mission of investing in projects that increase affordable homeownership, encourage people to live where they work, and enhance the well-being of the community," said HMFA Executive Director Anthony L. Marchetta, "I am delighted the HMFA could play a role in such a wonderful community event."

For more information on Schoolhouse Square, please visit www.schoolhousesquarehomes.com or call 732-853-3399.

For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com

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