Live Where You Work Announcement

[lisas84]

Freehold joins home buyer incentive program

By KIM PREDHAM • FREEHOLD BUREAU • May 26,
2010

FREEHOLD — Freehold officially became a Live
Where You Work municipality Wednesday, ushering
in a new incentive for local employees who want to
own a home in the borough.

"We feel it's going to strengthen our community,"
Borough Councilman George Schnurr said
Wednesday at a news conference to announce the
borough's membership in the program.

Schnurr was joined by various state and local
officials, as well as borough employees and at least
one woman anxious to gather information for her
daughter, who works in Freehold.

The Live Where You Work initiative makes low-
interest, fixed-rate mortgage loans available to
eligible first-time home buyers who want to both
live and work in a participating town. Home buyers
also can receive assistance with down payment and
closing costs, and benefit from flexible
underwriting criteria during the loan qualification
process.

To be eligible for the program in Freehold, home
buyers' income cannot exceed either $87,700 for a
one- or two-person household or $100,855 for a
household of three or more people. There are also
limits to how much a home can cost, which vary
depending on the type of house.

The program is run through the New Jersey Housing
and Mortgage Finance Agency, an affiliate of the
state Department of Community Affairs.

Freehold is the 31st municipality to join the
program, which also counts Belmar, Asbury Park,
Lakewood, Manchester and Neptune as members.

Live Where You Work can help attract residents to a
town, and make local businesses more inviting to
potential employees, Neptune Township
Committeeman Randy Bishop said at Wednesday's
news conference.

"This is an incredible tool which allows people to
consider us (Neptune) differently," Bishop said.

FOR MORE INFO: Prospective home buyers can learn
more about the Live Where You Work program by
visiting www.livewhereyouwork.nj.gov, or by calling
1-800-NJHOUSE.

Kim Predham: 732-308-7752 or kpredham@app.
com

Link: www.app.com/article/20100526/BUSINESS/5260357/1003/Freehold-joins-home-buyer-incentive-program

[lisas84]

There is a correction: The program is open to ANY home-buyer; does NOT have to be a first-time home-buyer.

[johnfnewman]

Lisa,

The article is correct. The program is only open to first-time home buyers. It seems that the parameters of the program had changed, and the program, as it pertains to Freehold Borough, is only available to first-time buyers.

That being said, it is a pretty good program for the people that qualify. The Borough website should be updated in the near future to provide further information. This was just the press conference to announce our entry into the program. Later, there will be a seminar with realtors and other professionals which will be open to the public at large.

- John

[lisas84]

Thanks for clarifying, Councilman! I could have SWORN there was a statement on the steps about it being open to any home buyer. Maybe I had wax buildup.