Bordentown- 10 Unit Development

This process typically takes 8-12 months from start to finish

1. Attend an information session.
2. Complete and submit pre-application and the pre-application fee.
3. If eligible, you will be entered into a random selection lottery.
4. You will be notified if you are selected from the lottery to complete a FULL application.
5. You will have 10 business days to provide all supporting documentation (outlined in the section below “REQUIRED DOCUMENTS”).
6. Wait for HFHSCNJ to review FULL application and provided documentation.
7. Receive notification of status – acceptance, notification of incompleteness or denial.
8. Sign P.A.C.E. agreement if selected for the Homeownership Program.
9. Work on sweat equity.
10. Apply for a mortgage.
11. Attend home dedication ceremony.
12. Close on your new home!

• Family size between 3-6 people
• I am a United States citizen or legal permanent resident.
• I have a credit score of 620 or higher.
• I can provide verification that my current housing is overcrowded, unaffordable, dangerous, unhealthy, temporary, or otherwise substandard.
• My gross annual household income (before taxes) falls within the income guidelines listed below.
• If I’m employed, I have been employed in the same industry for at least 2 years.
• I have a stable source of income that I do not expect to end within the next 3 years.
• My total debt-to-income ratio is below 30%.
• If I have ever declared bankruptcy, it has been discharged for at least 3 years.
• I have not been foreclosed upon in the past 7 years.
• I have not owned a home in the last 3 years.
• I can provide proof of timely rental payments for the last 12 months.
• I plan to use this home as my primary residence for the duration of my ownership.
• All members of my household have lived together consistently for the past 12 months.
• I am willing to partner with Habitat for Humanity of South Central New Jersey by volunteering up to 400 hours of my time working on the construction site, participating in home owner preparation classes, attending meetings and events, etc.
• I am willing to save a minimum of $3000 for my down payment and a minimum of $4500 for my closing costs.
• I do not have any unpaid non-medical collections or if I have any medical collections they are on a payment plan and current.

• Proof of eligibility to work and reside in United States of America
  • Birth certificates and social security cards for all family members planning to live in the household.
  • Driver’s licenses for all family members planning to live in household over age 18.
• Rental information
  • Cancelled checks, receipts, or bank statements showing last 12 months rental payments.
• Income information for all household members age 18 and older
  • If Employed– most recent 3 years W2’s and signed tax returns and 4 most recent pay stubs. (If there is an adult household member that did not file a tax return, they must submit a letter from the IRS that states there was “no record” found.)
  • If Self-Employed (25% or great ownership interest in a business) – the past 3 years of signed income tax returns (both individual and business as applicable) and applicable schedules.
  • Other Income – Public Assistance or Social Security, provide the award or benefit letter; Child Support and other court mandated payments like alimony, provide the court order; Unemployment or worker’s compensation, provide benefits letter.
  • Verification of Custody of all children not claimed on Federal Tax Returns.
  • Verification of full-time student status, if over age 18.
• Financial Information
  • Copies of the last 2 utility bills (gas, water, sewer, electric, cable, phone, etc.)
  • Proof of 12 months child support or alimony payment, if applicable.
  • Divorce Decree or Marriage Certificate, if applicable.
  • Most recent 6 months of statements for all credit card and loans, showing amounts owing.
  • Most recent quarterly 401(k) or 403(b), or other retirement statement, including pension.
  • Most recent 6 months of bank statements for each bank account held, jointly and or sole owner.
  • Bank verification of current interest rate on all accounts, including checking, savings, CD’s, IRA’s, etc. and stock/bond statements showing current values, if applicable.
  • Discharge papers if you declared bankruptcy within the last 7 years.

• What are the main requirements to buy this home?
  • The applicant must show a need for housing, a willingness to partner with HabitatSCNJ, and the ability to pay for the home.
• What type of mortgage is needed?
  • This home will be financed with a low interest loan. The borrower’s monthly mortgage payment will be no more than 30% of their gross monthly income.
• Do I list someone on the application even though they are not a co-applicant?
  • Yes, all people who will be living in the home MUST be listed on the application. If they are 18 years of age or older, their income (earned and unearned) must be listed.
• Can I do sweat equity hours before I am approved and will they carry over?
  • You are welcomed to volunteer with us before you are approved but the hours you volunteer will NOT carry over.
• If several people apply for one property, how do you choose who gets approved?
  • Applicants who meet the criteria: need for housing, ability to repay the mortgage, and willingness to partner will be placed into a random selection.
• If I am not chosen, do I get put on a waiting list?
  • We do not have a waiting lists, but you will be placed on a notification list. This means you will be notified when we begin to accept applications for future properties.
• Can I resell the house to whomever?
  • Habitat for Humanity houses are deed-restricted, meaning there is a maximum resale value and they must be sold to those who are low to moderate income.