The City of East Orange Home Buyers Purchase Program currently provides assistance in the form of deferred payment loan to home buyers, and low-interest loans or subsidy grants to developers. The City of East Orange may choose whether to carry out full underwriting and loan-to-value analysis.
First Time Homebuyer Program - Program Changes
Applicants after May 1, 2014 are subject to new Neighborhood Housing and Rehabilitation (NH&R) underwriting procedures including, but not limited to:
Applicant must contribute 1.5% of the total mortgage towards down payment
2 months of future mortgage payments secured in the bank (must show evidence)
Major systems (i.e. roof, furnace etc.) must have at least a 5 year life expectancy at the time of purchase
Commitment to post credit counseling after closing
Monitoring of Rental Units
The NH&R staff will conduct annual certification of all HOME-funded rental units.
In addition, the monitoring staff will annually send to all homeowners