
Two-Family Homes for Sale
65 North 5th St., Paterson
5 Garfield Ave., Paterson
Both units in each home include:
3 bedrooms, 1.5 bathrooms
One unit includes a garage
Eligibility:
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Minimum income of $70,000.
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Household income meets maximum limits.
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A suggested credit score of 660.
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Housing expense ratio of less than 30%.
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Must be able to obtain a pre-qualification from a mortgage lender within 10 business days of random selection notification.
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Have not owned a home in the past 3 years.
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The home must be owner-occupied.
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The rental unit must be a low-moderate income rental; estimated $1,650 per month.
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All residing in the home must be legal residents
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of the United States.
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Must complete HUD homeowner and landlord training by closing date.
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Willing to partner with Passaic County Habitat.
Income Guidelines:
Family Size | Maximum Income |
---|---|
6 | $110,550 |
5 | $102,950 |
4 | $95,300 |
3 | $85,800 |
Selection of Buyer(s):
01
Pre-application.
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Random selection.
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If randomly selected, seek mortgage approval.
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Submit required documents.
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Await review.
06
Receive decision lettter.
07
Submit purchase contract.
08
Secure lawyer, insurance, appraisal, title, survey, & mortgage commitment.
How to Apply:
If you are eligible please follow the pre-application process:
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Download the application or request one to be mailed to you by calling (973) 595-6868 ext 113.
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Submit your completed pre-application to applications@habitatpc.org.
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Completed pre-applications may also be dropped off Monday to Friday from 10am to 4pm at the Passaic County Habitat office, 146 North 1st Street, Paterson.
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Pre-applications will be accepted
January 9, 2023 to March 3, 2023 at 3pm.
Only fully completed pre-applications, will be processed beginning March 6, 2023. If we have more applicants who qualify than homes available, applicants will be identified through a random selection process.
Information Sessions & Open Houses:
During our information sessions we will discuss the details of the two homes for sale, the pre-application process, how to qualify and how to submit your pre-application. Open Houses will be held at both location so that you may tour the homes for sale. Please register below.
Virtual Information Sessions:
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Thursday, January 19th (6:30pm)
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Thursday, February 2nd (6:30pm)
Open House:
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Saturday, January 21st (1-3pm) at 65 North 5th Street
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Saturday, February 11th (1-3pm) at 5 Garfield Avenue
Required Documents:
Once you receive notice of eligibility through random selection please provide Passaic County Habitat with copies of the following (we do not accept originals):
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Pre-approval from lender.
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Copy of credit report for applicant and co-applicant.
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Copy of last four (4) or six (6) pay stubs. If self–employed, provide last two (2) quarters of profit / loss statements for ALL household members. They must be consecutive.
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Two (2) years federal AND state tax returns (w-2 forms attached) for household members 18 years and over.
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For all household members provide:
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Copy of most recent consecutive savings and checking account statements (3 months).
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Copy of most recent pension statement, if any.
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Verification of supplemental income if any, i.e.: child support, social security.
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Child support – court judgment or current 6 months check stubs
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Social security – current statement of benefit letter
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Other – provide evidence of any other benefits
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Letter from employer stating length of service and salary (on employer letterhead) for all household members and if overtime is mandatory or voluntary if applicable.
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Social security card(s).
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Additional information may be required upon request based on your personal situation.
List of Lenders for Affordable Mortgages:
You may secure your pre-approval and financing from any bank of your choice; however, the following lenders have special mortgage products for Affordable Housing. We will not entertain pre-approvals from other lenders unless they review and approve the deed restrictions.
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Columbia Bank
Steve Goldenberge | Office: (201) 845-6419 | Cell: (201) 264-6966 |
Email: Sgoldenberg@columbiabankonline.com | Website
Columbia Bank
India Delgado (spanish-speaking) | Cell: (201) 687-9667 | Email: idelgado@columbiabankonline.com
Loan Depot
Lillian Hernandez | Office: (609) 786-1112 | Cell: (609) 414-4955 |
Email: lillianhernandez@loandepot.com | Website
M&T Bank
Benjamin Codjoe | Cell: (732) 801-4276 | Email: bcodjoe@mtb.com | Website
TD Bank
Jack Granger | Office: (973) 903-3252 | Email: Jack.Granger@td.com | Website
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Valley Bank
Dino Callegari | Cell: (973) 390-8852 | Email: Dcallegari@valley.com | Website