Combining Fha loan with an assistance program in NJ?

7 Replies

Hey everyone, hopefully I'm in the write forum. I don't have much cash, but I want to get into a fourplex. So i figured an Fha loan would be my best option. But here in NJ, where I currently live and am planning to buy the property in, has Njhmfa assistance program that I was interested in. My question is, am I able to combine the two? If not, it's there any other programs that assist in down-payment help that I can combine with an Fha loan? Thanks in advance..

Promotion
BiggerPockets
The one-stop-shop for REI
Find Local Home Improvement Pros!
Check out our network of trusted, local contractors for all of your home improvement projects.
Find a Contractor

@Jose Nunez Hello Jose, pleasure to meet you. Yes you can combine those, we work closely with NJMFHA. We also have a subsidy program as well that we combine with NJMFHA to purchase 2-4 family properties and single family. However you cannot do 203k with NJMFHA but you can utilize out subsidy with 203k.

@jose 

@Jose Nunez this is some great stuff. Looking forward to seeing this pan out on a multi family. There are also other grant programs, such as through various counties, but with many of these you might be hitting income or purchase price limits. Be sure to work with a lender that not only does these loans but does them really well.