Unveiling Homestead Advantage: Your Key to Affordable Homeownership

It’s time to turn your vision of “home sweet home” into a concrete foundation beneath your feet. 

Homestead Advantage and Homestead Advantage Plus offer affordable housing solutions, including discounted rates, low down payments, and no income limits, to help create an easier path to homeownership. 

Each program offers distinctive features, benefits, and advantages for those looking to own a home. Discover whether Homestead Advantage or Homestead Advantage Plus is the best fit for your needs: 

Homestead Advantage

What are the benefits?

• Down payment as low as 3% 
• Discounted rates
• No income limit
• No first-time homebuyer requirement, but cannot own other real estate at the time of closing

How to qualify: 

• Must be a purchase loan, rate/term, or cash-out financing  
• Single-family, condos, co-ops, and 2-4 unit properties are eligible 
• Can be used for conforming and high-balance loan amounts 

Homestead Advantage Plus

What are the benefits? 

• Down payment as low as 3%
• Discounted rates
• No income limit
• No first-time homebuyer requirement, but cannot own other real estate at the time of closing
• No PMI
• May increase your purchasing power by up to $25,000 

* MI cost of $175 for a $610,000 purchase price, 95 LTV loan with a 730 credit score converts into an extra $25,000 in borrowing power. 

How to qualify: 

• Purchase loans only 
• Conforming loan amounts only 
• Available in low or moderate census tracts in Bergen, Essex, Hudson, and Passaic counties
• Single-family, condo, co-ops, and 2-unit homes are eligible 

Closing Thoughts

Homestead Advantage and Homestead Advantage Plus aim to expand access to affordable homeownership opportunities. By offering low down payments, discounted rates, no income limits, and more, these programs are a great tool to help overcome some of the greatest barriers to owning a home. 

Give us a call or visit us online to determine if Homestead Advantage or Homestead Advantage Plus is the right solution for your family today.