As part of our commitment to community reinvestment (CRA), American United is offering this loan to qualified buyers that purchase a home located within the following counties: Bergen, Cumberland, Gloucester, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Sussex, and Union County.
To assist our clients, American United is providing first-time buyers with access to a "Forgivable Grant" that will be used to cover the 3.5% down payment required by HUD. The grant is placed as a second lien against the home and is 100% forgiven as long as the property remains owner occupied with timely mortgage payments for five years. No monthly payment or interest is charged on the grant portion of the loan!!
"For home buyers that struggle with saving enough to cover the down payment, or for those that prefer to retain their savings to use toward home renovation and upgrades, the -0- down Grant program offered by American United is a game changer", states Joseph Farella, Executive Vice President for the Scotch Plains based Mortgage Banker. “We are seeing a tremendous demand for this product”, Farella adds.
American United encourages interested First-Time home buyers to contact them for a simple pre-purchase review to make sure that minimum program requirements can be met. Call 908.322.5423, or click here for a no cost review.