Cinnaminson Township, New Jersey  (FOR SALE)

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The Burlington County First Time Home buyer Program, provides direct financial assistance to low income Burlington County residents to help with the purchase of a first home. Eligible applicants may receive a loan for up to $4,000 in closing cost assistance and an additional $5,000 toward their down payment. The Program is administered by the Burlington County Housing and Community Development Office.  The program phone number is 609-265-5072.

Market to Affordable

The Township of Cinnaminson's Market to Affordable Program utilizes Affordable Housing Trust Fund monies to provide up to $30,000 subsidy to qualified applicants in order to buy market rate homes at a price affordable to low or moderate income households.

 

EXAMPLE: 

 

2 Bedroom, 2 Bath Condominium with $350 Homeowners

 

On the market for:                            $159,000

Cinnaminson Program Subsidy:    $ 30,00 (low income) or

                                                           $ 25,000 (moderate income)

Burlington County 1st Time

Home Buyers (see below):             $  9,000

 

Affordable Sales Price:                   $120,988

The affordable sales price is what a qualified home buyer must fund - through a conventional mortgage, cash or a combination of the two. FHA and VA mortgages are not eligible for this program.  The affordable sales price is the amount that the deed restriction will be made and the basis for taxes and   

re-sales.

 

Application Process:

 

Pre-applications are currently being accepted to be added to the list for the Market to Affordable Program.  In order to be eligible for an affordable housing unit, you must meet certain income limits as determined by the New Jersey Affordable Housing guidelines. For income guidelines click here.

 

Applicants will be required to obtain a mortgage pre-qualification (have a minimum credit score of 640; no recent judgments, bankruptcies or foreclosures) Triad will provide a list of qualified mortgage lenders - this program does not accept FHA or VA loans.  Once pre-qualified, a full application with documentation that will determine their eligibility for the program subsidy from Mount Laurel Township to assist with down payment, closing costs and minor repairs.  All homes purchased through this program become deed restricted to ensure continued affordability for the next buyer.

Triad Associates has been designated by the Township of Cinnaminson to act as the program Administrative Agent to qualify and assist home buyers through the Market to Affordable home purchasing process.  When you are next on the list you will be contacted by a Triad representative.

LOCATION

RECENT NEWS

 

If you are interested in applying to purchase one of the affordable units, you must complete a pre-application.   Interested persons are to call Beth Mingey at Triad Associates, at 856-690-5749 to request an Application, or via email at bmingey@triadincorporated.com