Eligibility
Must be first time homebuyer - If you owned a home before, you must have sold it or removed your name from the deed 3 years prior to buying this housing
Must demonstrate a minimum of 3.5% of purchase price for down payment and savings for closing costs.
Must be able to obtain a prequalification from a mortgage company within 15 days of receiving a notice of eligibility from GSECDC. The earlier you do this the better. This will allow GSECDC to confirm that you have the ability to secure financing from a lender.
Must have completed first time home buyer training before closing - You can apply without completing this. However, you must complete before we sell the home to you. GSECDC can refer you to several free courses.
Must meet the minimum income - Minimum income varies by property. See available property for more detail.
Households cannot exceed the following income maximums - Please account for gross income (before taxes) for ALL Household members that will occupy the unit. You must factor all benefits like child support, social security, unemployment and the like.
| Household Size | Max. Income |
|---|---|
| 1 Person | <$58,000 |
| 2 People | <$66,250 |
| 3 People | $74,550 |
| 4 People | $82,800 |
| 5 People | $89,450 |
| 6 People | $96,050 |
| 7 People | $102,700 |
Documentation Required
Provide GSCDC with COPIES (we will NOT accept originals) of the following:
Copy of credit report for applicant and co-applicant. (see page 4)
Copy of last two (2) full months pay stubs (self –employed: last two (2) quarters of profit / loss statements) for ALL household members. They must be consecutive.
Two (2) years federal AND state tax returns (w-2 forms attached) for household members 18 years and over.
Copy of most recent consecutive savings AND checking account statements (3 months).
Copy of most recent pension statement, if any.
Verification of supplemental income if any, i.e.: child support, social security, welfare
Child support – court judgment or current 6 months check stubs
Social security – current statement of benefit letter
Welfare – letter from welfare stating amount of assistance
Other – provide evidence of any other benefits
Verification of rent/rent receipts (6 months or notarized letter from landlord)
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.
Proof of age (birth certificate or passport) for all household members.
Social security card(s) for all household members.
Additional information may be required upon request based on your personal situation.
Contact Us
Selection of Buyer
Apply
If you are eligible and qualify, the process is very straightforward. We will help you every step of the way.
For the most efficient process: apply online once our online application has gone LIVE (we only accept applications when we have properties available)
Gather supporting documents
Submit your application and supporting documents to GSCDC
You may also request a paper application by emailing: realestate@gardenstatecdc.org and submitting within the designated timeframe.
Garden State CDC creates housing options that are affordable, solid investments. We design with the community and you in mind. Check out our available properties and make sure to fill out the form to the right to stay up-to-date on our latest options.