Purchase Criteria

If you are looking to own an affordable housing unit at 307 Bergen Avenue, you must meet certain local and federal grant criteria, particularly regarding homebuyer income restrictions. In addition, you must have the capacity to afford owning a unit. Some of the criteria are indicated below:

  • Downpayment and Closing Costs

    If you are interested, you should have at least 5% of the unit sale price in savings, to cover downpayment and closing costs. Downpayment assistance programs may be available, but are not guaranteed.

  • Credit Score

    In general, you should have a credit score of 640 or above.

    If your credit score is below 640, you may wish to consider contacting a H.U.D.-Approved Credit Counseling Agency, such as those listed here.

  • Minimum and Maximum Incomes

    You must fall within the income guidelines in the chart below:

Table showing minimum and maximum income limits, unit prices, and other criteria for 1 and 2 bedroom units with details on household size, annual income range, monthly maintenance, and sales price range.

Required Documents

Please find the applicant document checklist here.

[These documents will only be required if your preliminary application is deemed as eligible for the Waiting List]

Homebuyer Education

All eligible purchasers will have to satisfy one of the following requirements:

1) First Time Homebuyers, or buyers who have not owned a home in the past three recent years, must obtain a First Time Homebuyer Education (FTHE) Certificate from a H.U.D.-Approved Homebuyer Counseling Agency

2) Buyers who have owned a home in the past must obtain a Homebuyer Counseling Certificate from a H.U.D.-Approved Homebuyer Counseling Agency

Please find a link to some H.U.D.-Approved Homebuyer Counseling Agencies here.