Designed to assist our members with little savings overcome daunting costs to buy a home, Greater Alliance first-time homebuyer grants award eligible members with up to $3,000 to $5,000 toward a down payment or closing costs1 on their first home.
- Low down payment with as little as 3% down2
- Flexible sources of funds – no minimum contribution required from borrowers own funds3
- Must complete Free Home Buying counseling offered through Address Yourself
- The grant must be used for a mortgage through Greater Alliance
- Reduced Mortgage Insurance4
We want you to be a successful, thriving homeowner! First-time homebuyer grant program recipients have just a handful of qualifications they must meet. You may be eligible for grant funds if you can answer “yes” to these questions:
- Are you a Greater Alliance member (or eligible to become one)?
- Are you a first-time home buyer?
- Do you have a good payment history and qualify for a Greater Alliance home loan?
- Can you pay your portion of the down payment? (Additional closing costs are required)
- Is your income (and the total income of all borrowers on the loan) less than or equal to 100% of the Area Median Income (AMI)
Is your future home eligible for a first-time home buyer grant?
Your potential purchase may qualify if you can answer “yes” to these questions:
- Is the application amount no more than $453,100?
- Is it a condo or single-family home?
- Is the home in Bergen, Passaic or Hudson counties?
- Will this property be your primary residence with the intention of staying in the property for 5 years or more?
Program available for credit union members only. Grant provided through New Jersey Community Capital. This program is subject to other terms and conditions and may be changed or terminated at any time without notice. The offer only applies to properties located in Bergen, Passaic and Hudson counties, New Jersey. Member must pre-qualify for a mortgage and apply for the grant. No income qualification is required for the grant, once the grant is approved member must close within 30 days and funds will be wired on the closing date. 2. You may be eligible for a HomeReady loan if the subject property is located in a low-income census tract or you meet certain income limits for the census tract in which the subject property is located. HomeReady loans are available only for purchase transactions. Minimum credit score and reserve requirements may apply and may impact the amount that can be borrowed and the interest rate/APR for which you are eligible. 3. Income from non-borrowing household members may be considered. Non-borrower must provide documentation of income, and sign a statement of their intent to reside with the borrower(s) for a minimum of 12 months. Non-borrower income must be at least 30% of the qualifying income and may only be utilized on loans with an automated underwriting approval. Non-borrower income is not part of the qualifying income and is not subject to applicable income limits. Additional requirements apply. Funds required to close may be gift funds from an eligible donor or from an approved down payment assistance (DAP) program. If these requirements are not met, a contribution of up to 3% from the borrower’s own funds will be required. No minimum borrower contribution applies only to 1-unit properties. Non-occupying co-borrower income is included when calculating the income limitations and allowed on purchase and limited cash-out refinance transactions on loans with an LTV <95%. 4. Private mortgage insurance is required. Membership at the credit union requires $100 in the savings account.