Has anyone used New Jersey's HMFA "Smart Start"?
Hello BP community-
Has anyone used this "Smart Start" program offered by NJHMFA? It is supposedly for low income home buyers and offers up to 4% down, low/no closing costs, and 5 year loan forgiveness. As an investor is this a good path to take if you have substantial money in liquid assets but a low income? Could I still use the BRRR strategy on a MFH?
Also if any investors used this program, what lender did you use? Did you call all of them and shop around? They give a list of lenders that participate in this program.
I currently sent in all the paperwork for pre approval for a conventional FHA but I assume I will be denied because of my income.
Credit is great, and have a substantial amount in assets.
I made a balance sheet and everything is growing but my assets are taking a beating since I am renting. I am trying to get creative and find a way to get my first MFH to house hack so I don't have to throw my assets down the drain.
Any advice is greatly appreciated.