Live Where You Work Jersey City
I am pleased to announce a partnership between the City of Jersey City, the New Jersey Housing Mortgage Finance Agency (NJHMFA) and private lenders to offer the Jersey City Live Where You Work Program. This special home mortgage incentive program provides more flexible underwriting criteria for the loan qualification process, low-interest mortgage loans, and down payment assistance to home buyers who will live and work in Jersey City.
This important program will foster homeownership, create better communities, reduce traffic congestion and spur continuing investment in our city. Whether you work and live in Jersey City already, or you work in Jersey City and would like to live here, I encourage you to take a look and determine if this program is right for you. This program is open to all occupations in all government, business and non-governmental organizations. Teachers, firefighters, police officers, and nurses are particularly encouraged to apply.
What is Live Where You Work Jersey City?
Live Where You Work Jersey City is a special home mortgage incentive program that provides low-interest mortgage loans to people who work in Jersey City and who are looking to purchase a home in Jersey City. The goal of the program is to:
- strengthen our neighborhoods and increase community involvement through homeownership;
- attract individuals who work in Jersey City to also live in our City; and
- develop positive relationships between Jersey City and members of the local business and residential communities.
What are the benefits of Live Where You Work Jersey City?
The primary benefits of Live Where You Work Jersey City include:
- Low-interest mortgages for first time home buyers
- Downpayment and closing cost assistance for the purchase of a home
- More flexible underwriting criteria for the loan qualification process
This program may be used to purchase a home anywhere in Jersey City. Greater flexibility is available to home buyers buying in one of NJ HMFA's Jersey City Urban Target Area neighborhoods. Home buyers in Urban Target Area neighborhoods are afforded the following:
- Home buyers do not have to be first time home buyers
- Enhanced maximum income limits and purchase price limits
MAXIMUM INCOME LIMITS †
| Location |
1-2 Family |
3+ Household |
| City wide |
$81,800 |
$94,070 |
| Urban Target Area |
$98,160 |
$114,520 |
MAXIMUM PURCHASE PRICE LIMITS *
| Location |
New 1 family (including condos) |
New 2 Family |
Existing 1 Family |
Existing 2 Family |
Existing 3 Family |
Existing 4 Family |
| City wide |
$429,619 |
N/A |
$429,619 |
$550,005 |
$664,828 |
$826,218 |
| Urban Target Area |
$525,090 |
$672,228 |
$525,090 |
$672,228 |
$812,568 |
$1,009,823 |
Where are properties for sale in the City of Jersey City?
The City of Jersey City would like to offer all prospective buyers an opportunity to research available properties for sale within its city borders. Please feel free to visit the HMFA's Housing Resource Center. You may also visit REALTOR.com, or contact your local realtor.
When can homebuyers begin to take advantage of the program?
Homebuyers can obtain a Live Where You Work mortgage today! Contact 1-800-NJHOUSE or an approved lender.
If you are interested in learning more about the Live Where You Work mortgage program, please call 1-800- NJHOUSE or visit Live Where You Work.
† These limits are set by the federal government and are subject to change without notice. (Updated 3/31/08)
* Subject to mortgage qualification based on household income and other factors. The size of the loan qualified for depends on borrower’s income and may be significantly less than the maximum purchase price limit for the program.