FORGIVABLE LOANS AVAILABLE TO FIRST-TIME HOMEBUYERS

The New Jersey Housing and Mortgage Finance Agency is offering a new program that will provide a forgivable, low-interest loan to first-time home buyers, in areas affected by Hurricane Sandy. The program will provide eligible residents with up to $50,000 towards the purchase of a home in one of nine New Jersey counties affected by Sandy, which include Cape May, Atlantic and Monmouth Counties. The loans became available from $25 million in disaster recovery funds. Applicants must meet certain eligibility requirements.