Did you think buying a place in New Jersey was out of your reach?

Every once in awhile I come across an 'affordable housing' unit in New Jersey, that, although it might not be for everyone, it is the right place for some.

Let me explain... and time is of the essence, so please don't put off reading this page.

This is for a purchase, not a rental!

Here are some important details in order to qualify for this unit:

(Please read this whole page before reaching out, as it will give many of the answers to the questions you may have- you may be tested!)

• Single occupant/household must make less than $72,473.00.

• 2 person household combined incomes must be less than $82,826.00.

• You must be able to qualify for a mortgage (unless you are paying cash)

• Getting a mortgage will depend on many factors. How much do you have to put down? What is your credit score and history? What other debts do you have? What is your car payment? Have you declared bankruptcy? Have you been foreclosed on before? What is your current income? Unless you are putting a lot of money down (the more you put down, the lower your payment!), I figure you would need to make approximately $55,000.00/year to think about getting a mortgage for this unit. That's figuring on a $1600/month payment, with 10% down, and not much other debt. Lenders like to see your mortgage payment less than 28% of your income. They also want your total debt payments less than 36% of your income. (this would mean approximately $1200.00 of other debt payments per month, i.e. car payments, credit cards, student loans, car insurance, etc)

• Not all mortgage companies will lend on these affordable housing units due to 'deed restrictions', but I do have some resources for you to contact.

• You will most likely need $10,000-$15,000 for a down payment, closing costs and Realtor fees. (if you have a 401k or IRA, you may be able to use that money penalty free for a home purchase - contact your tax person for more information)

• You must see this unit in person, no 'sight unseen' applications.

• This is a 1 bedroom/1 bathroom condo unit located in Chatham, New Jersey.

• On-site laundry

• One assigned parking space (I believe there are also 'un-assigned' parking spaces)

• Sold 'as-is' (just like all homes in New Jersey) No repairs will be made by the seller.

• This is a 'lottery system' purchase. All qualified applicants get put in in the 'lottery'. One application is randomly picked, and offered the opportunity to purchase this unit.

• The purchase price of this unit (if you win the application lottery) is $126,281.00. No bidding wars.

• Due to the deed restriction, when you decide you want to sell, you will be told what price you can sell the unit for. This is not an 'investment' property. It is designated to remain an affordable housing unit.

• There is a monthly HOA fee of $446.00, which includes electric, heat, maintenance for common areas, snow removal, trash collection and water fees (buyer will need verify).

• Taxes were $1,284.00 for 2024.

• Depending on your down payment and the interest rate you can get, it's possible to have a mortgage payment around $1600.00/month or so. (A rough estimate using 10% down payment and an 8% interest rate) That includes the HOA fees, and taxes!

• Use my mortgage calculator here to estimate your possible monthly payments.

• Time is of the essence! Initial applications due by March 27th at noon.

If this is something you are interested in, and think you might qualify for, fill out my Google form for buyers here.

If you don't qualify, and would still like me to find a rental unit for you, fill out my rental criteria form here.

As always, if you have any questions, feel free to reach out to me, through my website, or text or phone.