Supporting Residents In The Transition to Homeownership
While the majority of New Brunswick is comprised of renters, many residents aspire to be homeowners in the city they call home. However, aside from a surge in housing prices, aspiring homeowners face many other obstacles in New Brunswick to attain this goal such as wage stagnation, unaffordable rentals, and deteriorating properties. New Brunswick Tomorrow’s (NBT) Esperanza Neighborhood Project team has been working tirelessly to address the different deterrents to buying a home.
Earlier this month, NBT hosted a homeownership fair at Greater Brunswick Charter School for our partners to share information and resources surrounding the process of homeownership. Attendees had the opportunity to speak with realtors, mortgage lenders, and housing counselors to get feedback on their homeownership readiness. Participants also learned about down payment assistance programs and mortgage options for homebuyers with Individual Taxpayer Identification Numbers. In collaboration with our partners, New Jersey Community Capital, Address Yourself, PRAB, Affinity Credit Union, Integro Real Estate, Nations Lending Corporation, Carrasco Quintana Law LLC, and Ivette Molina (ERA Central Levinson), we have been able to begin demystifying all aspects of preparing to buy a home for New Brunswick residents.
“Many people want to buy a house and while it can be exciting, it’s also scary and stressful. We’re here to let people know they aren’t alone. We are here to support them,” said Diana Diaz Tapia, Housing Manager of the homeownership fair.
This new quarterly first-time homebuyer seminars is the first step in educating residents in the whole process to prepare them for the next step. When residents are prepared for the next step, NBT in partnership with the Puerto Rican Action Board and New Jersey Community Capital (NJCC) provide free one-on-one homeownership counseling to continue to educate and prepare potential homeowners in financial literacy, the real estate market, and mortgage options.
Finally, when homeowners are ready to buy, NBT and NJCC offer downpayment assistance grants for qualified borrowers planning to buy in specific areas of New Jersey.
While the process can be overwhelming, NBT hopes to make the process less daunting with the variety of homeownership programs it offers with its partners.
Thanks to all the organizations that joined us to share information about resources and the home buying process. To all the aspiring homeowners, we look forward to supporting you every step of the way on your road to homeownership!
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