Freehold Borough

Description

FREEHOLD BOROUGH LIVE WHERE YOU WORK PROGRAM As part of its mission to elevate the strength of our community, Freehold Borough is launching the Live Where You Work Program. This program is underwritten by the New Jersey Housing and Mortgage Finance Agency (HFMA), a self-sustaining state entity. As such it is not affected by the state budget. Currently in New Jersey, 30 municipalities have employed the LWYW program, and the majority has reported significant success and/or interest since implementation. What is “Live Where You Work ” in Freehold Borough? Live Where You Work is a special home mortgage incentive program that provides low-interest mortgage loans to people who work in Freehold Borough and who are looking to purchase a home in Freehold Borough. This program IS restricted to first time home buyers; it is open to anyone who wants to live and work in Freehold Borough. It is also open to those who already live and work in Freehold Borough who may want to upgrade to a larger property. What are the benefits of the LWYW Program to potential resident homeowners? There are several benefits, both immediate and long-term, as follows: 1. Provides low-interest mortgage for homebuyers. 2. Allows for more flexible underwriting criteria for the loan qualification process. In consideration of the anticipated commuting costs savings, the underwriting guidelines will be expanded by 3% over the usual Agency underwriting limits giving borrowers significantly more buying power. 3. Subsidizes down payment and closing cost assistance of up to 5% of the mortgage amount of a home. This assistance does not have to be repaid if you live in the house for seven years. 4. Home buyers must be first time home buyers. It should be noted that under the rules of the LWYW program, corporations and partnerships are not permitted to act as borrowers. You must live in the house. This program is not eligible for investors purchasing the properties as rentals. What are the benefits of the LWYW program to Freehold Borough? The benefits to the Borough actually also benefit you as a resident. The LWYW program will accomplish the following objectives: - Strengthen our neighborhoods and increase community involvement through homeownership. It will attract individuals who work in Freehold Borough to also live in Freehold Borough. - Develop positive relationships between Freehold Borough and members of the local business communities.

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