F A C T S H E E. Home Buyer Mortgage Program. 1. INTEREST RATE: Please call a participating lender for current rates or call NJ HOUSE.

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1 Home Buyer Mortgage Program F A C T S H E E 1. INTEREST RATE: Please call a participating lender for current rates or call NJ HOUSE. 2. MORTGAGE LOAN MATURITY: 30 year term and 40 year terms available, conventional, fixed rate, maximum 100% Loan-to-Value (LTV). Loans may also be submitted using FHA, VA or RHS guidelines (30 year term only). Loan-to-value percentage is the unpaid balance of the mortgage principal to the appraised value or sale price (whichever is lower) of the property. 3. FEES: Borrowers must pay 1% of the loan amount at time of application. The lender will reimburse borrower at the time of closing on a zero point loan. 4. ELIGIBLE PROPERTIES: One-family units, including condominiums (new and existing), 2- to 4-family dwellings which have been in existence for 5 or more years. Targeted area only: any new or existing 2 unit dwelling. Targeted areas are located within the 42 municipalities listed on the attached income/price limits sheet. 5. ELIGIBLE BORROWERS: Individuals only. Corporations are not permitted to act as borrowers. Borrowers purchasing properties located in the statewide areas must be first time home buyers. Borrowers purchasing properties located in the targeted areas do not have to be first time home buyers, however, at the time of loan closing no other residential properties may be owned. 6. OCCUPANCY: Property must be occupied as the borrower s primary residence within 60 days of closing. Borrower must maintain occupancy for the life of the loan. T

2 7. MORTGAGE INSURANCE: the following coverage is required on all conventional loans and is determined by down payment. 100% to LTV 40% coverage regardless of loan term. (Applies to one family units only.) 97% to 95.01% LTV 35% Coverage for a 30 year term 95% to 90.01% LTV 30% coverage regardless of loan term 90% to 85.01% LTV 25% coverage regardless of loan term 85% to 80.01% LTV 12% coverage regardless of term Loans processed under the FHA, VA and/or RECD guidelines must have the appropriate insurance or guarantee. 8. HOME BUYER EDUCATION: All Community Home Buyers Program borrowers must participate in lender sponsored counseling sessions and be issued a certificate upon completion. 9. DOWNPAYMENT REQUIREMENTS: For conventional loans, insured with private mortgage insurance, downpayments as low as 0% are acceptable. If FHA insurance is used, the downpayment is based on mortgage amount and varies from 3-5%. VA and RECD do not require downpayments. 10. CLOSING COSTS: Borrower may fund closing costs with gifts or unsecured loans from non-profit organizations or public entities. Escrow payments must be paid from borrower s liquid assets. 11. INCOME LIMITS: Income limits for all mortgage programs are determined by the area of purchase as well as family size (listed on separate sheet). 12. PURCHASE PRICE LIMITS: Purchase price limits exist for both the statewide and target areas. Loans submitted using FHA, VA and/or RECD guidelines must adhere to FHA or HMFA guidelines (whichever is lower) regarding purchase price limits or mortgage loan limits.

3 Home Plus Program F A C T This program is used to purchase a residence and to provide funds for the cost of minor home improvements (up to $15,000), all included in one loan. Improvements may include retrofitting necessary to make the home handicapped-accessible. 1. INTEREST RATE: Please check with your lender for the current interest rates or call NJ HOUSE. 2. MORTGAGE LOAN MATURITY: 30 year maximum term, conventional, fixed rate. 3. FEES: 3 points - Borrowers must pay 1% of the loan amount at time of application. In addition, there will be a $200 fee at the time of application for the home improvement portion of the loan. Inspection fees of up to $75 per inspection for the home improvement work will also be charged. S H E E T 4. ELIGIBLE PROPERTIES: Existing single family homes (not more than 1 unit dwelling) in the statewide and targeted areas. Targeted areas are located within the 42 municipalities listed on the attached income/purchase price limits sheet. The home improvement portion of the proceeds may only be used for alteration, repairs or improvements to substantially protect or improve the basic livability or energy efficiency of the acquired property. Eligible alterations, repairs and improvements include such items as a new roof, painting, installation of improved heating or air conditioning systems, renovation of a kitchen area, plumbing or electrical systems, and the addition of living space. Energy conservation and solar energy improvements are also eligible. Amenities such as swimming pools, tennis courts, saunas or other recreational or entertainment facilities are not eligible improvements. Permanent improvements that improve the basic livability for handicapped individuals are also eligible. These include, but are not limited to: ramps, levered door handles,

4 wheel chair accessible kitchen counters, bathroom modifications, grab bars, stair elevators, telephone and doorbell light indicators for the deaf, and the repositioning of electrical outlets. After improvement, properties must appraise at least 95% Loan-To-Value (based on acquisition cost plus the home improvement portion of the loan amount). Properties must be owner-occupied within 60 days of loan closing. Loan-to-value percentage is the unpaid balance of the mortgage principal to the appraised value or sale price (whichever is lower) of the property. 5. ELIGIBLE BORROWERS: Individuals only. Corporations are not permitted to act as borrowers. Borrowers purchasing properties located in the statewide areas must be first time home buyers. Borrowers purchasing properties located in the targeted areas do not have to be first time home buyers, however, at the time of loan closing no other residential properties may be owned. 6. MORTGAGE INSURANCE: The following coverage is required on all conventional loans: 90.01% LTV to 95% LTV 30% coverage regardless of loan term 80.01% LTV to 90% LTV 25% coverage regardless of loan term 7. DOWNPAYMENT REQUIREMENTS: The Home Plus Program requires a 5% downpayment. The entire 5% downpayment may come from the borrower's own assets or, if acceptable to the Mortgage Insurer, 3% may come from the borrower's own assets and the additional 2% may be in the form of a gift or an unsecured loan from either a family member, non-profit organization or other public entity. 8. HOME IMPROVEMENT PORTION LIMITS: Maximum amount $15,000. Minimum amount $1, HOME IMPROVEMENT DISBURSEMENTS: Home improvement funds of $5,000 may be disbursed, at the discretion of the lender, at closing. Over $5,000 will be disbursed by lender at completion or according to an escrow schedule set by the lender. All funds must be expended or applied to the principal loan balance. No reductions will be March NJ HOUSE

5 made to the loan amount stated on the mortgage note. A construction contractor must be licensed as appropriate for the work and be acceptable to the lender. A signed contract or enforceable proposal stating the total costs, disbursement schedule and scope of services must be delivered to the lender prior to loan commitment. 10. COMPLETION CERTIFICATE: All home improvements must be completed within 180 days of closing and the lender or appraiser must submit a certification of completion and proof of payment. 11. CLOSING COSTS: Borrower may fund closing costs with gifts or unsecured loans from non-profit organizations or public entities. Escrow payments must be paid from borrower's liquid assets. 12. INCOME LIMITS: Income limits for all mortgage programs are determined by area of purchase, as well as, family size. (See attached) 13. PURCHASE PRICE LIMITS: Purchase price limits exist for both statewide and target areas. (See attached) March NJ HOUSE

6 Kinship Care Home Loan Program The goal of the New Jersey Housing and Mortgage Finance Agency s ( Agency ) Kinship Care Home Loan Program is to maximize affordable housing opportunities for eligible borrowers for eligible grandparents, uncles and aunts, or other close relatives recognized by the Department of Human Services or the Department of Children and Families as qualified kin, providing long term care for their displaced grandchildren or nieces and nephews or other minor relatives. To the extent practicable, the Agency will make loans to eligible borrowers through the Agency s Home Buyer Program. Direct financial assistance from the Agency will be available for borrowers who are creditworthy and otherwise eligible but do not specifically qualify for a Home Buyer Program loan. Direct financial assistance will provide first mortgage loans for eligible borrowers who do not qualify for the Home Buyer Program and who are seeking to purchase a new home, combine a purchase and home improvement loan, improve their existing principal place of residence through addition or refinance or simply rehabilitate their principal place of residence in order to accommodate the housing needs of the children. Direct financial assistance loans will be in first lien position and will amortize on a monthly basis. Interest will be at the Home Buyer Program rate, unless circumstances warrant a lower rate, but never less than 1%. Borrowers who are not eligible for the Home Buyer Program because of housing or debt ratios or lack of down payment and/or closing costs may be eligible for a second mortgage. Such funding may be used for down payment and/or closing cost assistance and will be secured and repayable from net proceeds, as defined by the Agency, upon sale or conveyance of the property. The Agency will assign a reasonable interest rate of not less than 1%. It will be a condition of default under the loan documents for the borrower to in bad faith reneg on their commitment to provide care, permanently if necessary, or if there is official action taken to remove the child from the home for abuse or neglect. There must be a good faith expectation that the care will be for a period of at least five years.

7 LOAN TYPES: 1) Home Buyer Program: Borrowers considered under this program must be first-time homebuyers of properties located within New Jersey. Borrowers purchasing in targeted areas do not have to be first-time homebuyers; however, at the time of the loan closing, the borrowers cannot own any other residential property. 2) Agency General Funds or other available resources: Borrowers who are not eligible under the Home Buyer Program because of housing or debt ratios, lack of down payment and/or closing costs, or the Home Buyer Program income or purchase price limits may be eligible under this pool of funding. The assistance provides first mortgage loans for eligible borrowers who are seeking to purchase a new home, combine a purchase and home improvement loan, or improve their existing principal place of residence. Loans will be in a first lien position with monthly amortization. Interest will be at the prevailing rate charged by the Agency s Single Family program based upon the borrower s ability to pay. Consideration will be given to a lower rate on a case-by-case basis. In no case will the interest rate be less than one percent (1%). The program is subject to the availability of funds. Borrowers may be eligible for a second mortgage loans under the following conditions: 1) the second mortgage loan is for HOME IMPROVEMENTS it will be amortized monthly to a term determined by the borrowers ability to repay; or 2) If the second mortgage loan is a DOWNPAYMENT AND CLOSING COST ASSISTANCE loan or home improvement loan where the borrower is unable to repay if amortized, then the loan will be structured as a deferred payment, payable upon sale of the property. Interest will accrue at the rate of the first mortgage loan per annum, if applicable, or the second mortgage loan per annum. The interest rate for the second mortgage will be determined by the Agency based upon the borrowers ability to pay but in no case will the rate be less than one percent (1%). March NJ HOUSE

8 USE OF LOAN PROCEEDS: 1) First mortgage loans for purchase of an appropriately sized home to accommodate a household size that includes the children to be cared for. 2) First mortgage loans for home purchase, and improvements including additions of bedroom(s), bathroom(s) or accessibility-related improvements of a principal residence to accommodate the child(ren). 3) Refinancing of existing first mortgage loans for substantial rehabilitation for additions of bedrooms, bathrooms or accessibility-related improvements of a principal residence to accommodate the added number of child(ren). 4) Second mortgage loan for home improvements including additions of bedroom(s), bathroom(s) and accessibility-related improvements of a principal residence to accommodate the added number of child(ren). 5) Second mortgage loan to fund the downpayment and closing costs for eligible applicants. All rehabilitation and/or home improvement loans will be processed by participating banks and these loans will be charged three (3) points at closing. ELIGIBLE BORROWERS: 1) Eligible applicants will be grandparents, uncles or aunts or other close relatives recognized by the Department of Human Services or the Department of Children and Families as qualified kin, caring for children under the supervision of the Department of Children and Families, or who are court appointed legal guardians of their grandchildren or their sibling s children or other minor relatives. There must be an indication that the care will be continuous and long term. Applicants must commit to provide care permanently, if necessary, and there must be a good faith expectation that the care will be for a period of at least five years. 2) Applicants must be income eligible if applying under the Home Buyer Program or have financial need based on insufficient income to make mortgage payments for the size requested based on the Agency s standard housing ratios in order to qualify for the reduced interest rate program. March NJ HOUSE

9 INCOME AND LOAN LIMITS: Income limits apply depending on the loan category. The borrower must conform to Agency guidelines with regard to housing and debt ratios. The Agency may decline to extend credit, if in its determination; any loan is not in the best fiscal interest of the borrower or the Agency. Such determination will be made on a case-by-case basis and will take into consideration the ability of the borrower to withstand typical unbudgeted emergencies associated with home ownership and daily living. PURCHASE PRICE LIMITS: 1. HMFA Purchase Price Limits (See attached) used for the Mortgage Revenue Bond (MRB) program will apply and; 2. Households that have five (5) or more children (their own as well as adopted children) may be able to exceed the MRB limit but in no event would the mortgage amount exceed the Fannie Mae maximum loan limit in place at the time of the application. ELIGIBLE PROPERTIES: Single family (one unit only) attached and detached units (fee simple or condominium). The property must be the primary residence of the borrower and the adopted child(ren). An applicant who currently owns a home(s), including investment properties (except a vacation home) must sell the home(s) in order to qualifies for a loan under the Kinship Care Home Loan Program. The property must conform to all zoning, occupancy and use requirements. INTEREST RATE: The interest rate on loans will be at the prevailing rate charged on the Agency s Single Family Program. The interest rate for all other loan types will be determined in accordance with the borrowers ability to pay but in no case will the interest rate be less than one percent (1%). (This rate may change at the Agency s discretion). March NJ HOUSE

10 FEES: 1. First mortgage loans (unless originated under the Home Buyers Program) are charged a $30.00 per month servicing fee. 2. Second mortgage loans for home improvement are charged a $20.00 per month servicing fee. 3. Second mortgage loans that are used for down payment and/or closing costs that are nonamortizing have no servicing fee. OCCUPANCY REQUIREMENTS: The property must be occupied as the principal place of residence by both the borrower and the child(ren). Other Terms and Conditions: It will be a condition of default under the loan documents for the borrower to in bad faith reneg on their commitment to provide permanent care, if necessary, or if there is official action taken to remove the child from the home for abuse or neglect. Agency Executive Director may approve additional terms and conditions for the program. March NJ HOUSE

11 Smart Start (over 80%) Program Guidelines NJ HMFA New Jersey Housing and Mortgage Finance Agency F A C T S H E E T 1. PROGRAM DESCRIPTION: Accumulating the funds for downpayment and closing costs is a common barrier to potential homeowners. The Smart Start Program is available to participants in the Agency s first mortgage homebuyers program who are purchasing homes in Smart Growth areas and who earn over the 80% of HMFA s homebuyer county income limits. The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage. 2. AVAILABLE FUNDS: As allocated by HMFA. 3. ELIGIBLE BORROWERS: Eligible households are those who qualify under the Home Buyer Program and whose income is over the 80% maximum income permitted under the Home Buyer Program based on small or large family status, county of purchase and whether the purchased property is in a Smart Growth area. Borrowers with sufficient personal assets to close a loan at more than 80% LTV are ineligible. Corporations and Investors are not permitted to act as borrowers. 4. OCCUPANCY: Property must be occupied as the borrower's primary residence within 60 days of closing. Borrower must maintain occupancy for the life of the loan. 5. LOAN TERMS: The Agency will make Smart Start downpayment and/closing costs loans in the amount of 4% of the first mortgage to qualified Home Buyer Program borrowers purchasing in Smart Growth areas as determined by the Agency s Smart Growth locator. (Visit to access the locator tool.) The Borrower may repay the unpaid principal in full or in part at any time before it is due. This is known as prepayment and no penalty shall be charged. If the Borrower continuously resides in the premises, as his/her principal residence for four (4) years from the date of the closing of the loan the principal on the Note will have been deemed satisfied and the Lender will provide the Borrower with a cancellation of mortgage or release of lien. If the Borrower conveys, cash-out refinances or ceases to occupy the premises as his/her principal residence, full repayment of principal will be due as follows: Months 1 through 12, the entire principal is due. After the 12 th month, 25% of the principal on the Note will be deemed satisfied and the remaining balance will be reamortized. After the 24 th month, 25% of the principal on the Note will be deemed satisfied and the remaining balance will be reamortized.

12 After the 36 th month, 25% of the principal on the Note will be deemed satisfied and the remaining balance will be re-amortized. After the 48 th month the entire Note will be satisfied and discharged. 6. INCOME LIMITS: Income limits for the Smart Start (over 80%) mortgage program are >80% of the areas median income determined by the area of purchase as well as family size. 7. PURCHASE PRICE LIMITS: Purchase price limits exist for both the statewide and target areas. Loans submitted using FHA, VA and/or RECD guidelines must adhere to FHA or HMFA guidelines (whichever is lower) regarding purchase price limits or mortgage loan limits. For more information: Visit HMFA s website, or contact HMFA at NJ-HOUSE ( ) COUNTIES SMART START PROGRAM 2006 INCOME LIMITS - STATEWIDE AREAS SMALL FAMILY Limit 1-2 Household 80% OF MEDIAN INCOME Small Family LARGE FAMILY (3+ Household) 80% MEDIAN INCOME (3+ Household) Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Hudson, & Salem $81,200 $64,960 $93,380 $74,704 Monmouth & Ocean $81,900 $65,520 $94,185 $75,348 Mercer $85,400 $68,320 $98,210 $78,568 Essex, Morris, Sussex & $84,400 $67,520 $97,060 $77,648 Union Warren $82,600 $66,080 $94,990 $75,992 Bergen & Passaic $87,500 $70,000 $100,625 $80,500 Hunterdon, Middlesex & Somerset $95,800 $76,640 $110,170 $88,136 COUNTIES 2006 INCOME LIMITS - TARGET AREAS SMALL FAMILY Limit 1-2 Household 80% OF MEDIAN INCOME Small Family LARGE FAMILY (3+ Household) 80% MEDIAN INCOME (3+ Household) Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Hudson, & Salem $97,440 $77,952 $113,680 $90,944 Monmouth & Ocean $98,280 $78,624 $114,660 $91,728 March NJ HOUSE

13 Mercer $102,480 $81,984 $119,560 $95,648 Essex & Union $101,280 $81,024 $118,160 $94,528 Passaic $105,000 $84,000 $122,500 $98,000 Middlesex $114,960 $91,968 $134,120 $107,296 Atlantic: Atlantic City Burlington: Burlington City, North Hanover, Pemberton Camden: Camden, Gloucester City, Gloucester Twp., Lindenwold Cape May: West Wildwood Borough*, Wildwood City*, Woodbine* Cumberland: Bridgeton, Commercial Twp.*, Vineland Essex: E. Orange, Orange, Irvington, Newark Gloucester: Glassboro Hudson: Guttenberg, Hoboken, Jersey City, North Bergen, Union City, West New York Mercer: Trenton Middlesex: New Brunswick, Perth Amboy Monmouth: Asbury Park, Long Branch, Neptune Twp. Ocean: Berkeley Twp., Dover Twp., Lakewood, Manchester Twp. Passaic: Clifton, Passaic, Paterson Salem: Penns Grove, Salem Union: Elizabeth, Plainfield * Entire municipality is targeted. March NJ HOUSE

14 H O P P F A C T S H E E T The goal of the New Jersey Housing and Mortgage Finance Agency s ( Agency ) Welcome Home Program is to maximize affordable housing opportunities for eligible borrowers formally pursuing adoptions, including providing permanent placement of those children defined as Children with Special Needs. To the extent practicable, the Agency will make loans to eligible borrowers through the Agency s Home Buyer Program (including the 100% Financing Program). Direct financial assistance from the Agency will be available for borrowers who are credit worthy and otherwise eligible but do not specifically qualify for a Home Buyer Program loan. Direct financial assistance will provide first mortgage loans for eligible borrowers who do not qualify for the Home Buyer Program and who are seeking to purchase a new home, combine a purchase and home improvement loan, improve their existing principal place of residence through addition or refinance or simply rehabilitate their principal place of residence. Direct financial assistance loans will be in first position and will amortize on a monthly basis. Interest will be at the Home Buyer Program rate, unless circumstances warrant a lower rate, but never less than 1%. Borrowers who are not eligible for the Home Buyer Program because of housing or debt ratios or lack of down payment and/or closing costs may be eligible for a second mortgage from the demonstration program allocation funds. Such funding may be used for down payment and/or closing cost assistance and will be secured and repayable from net proceeds, as defined by the Agency, upon sale or conveyance of the property. The Agency will assign a reasonable interest rate of not less than 1%. This program is a demonstration program and will be available to borrowers eligible under the Home Ownership for Permanency Project Criteria. LOAN TYPES: Welcome Home Program Fact Sheet I. Home Buyer Program: Borrowers considered under this program must be first-time homebuyers of properties located statewide. Borrowers purchasing in targeted areas do not have to be first-time homebuyers; however, at the time of the loan closing, the borrowers cannot own any other residential property.

15 II. Agency General Funds or other available resources: Borrowers who are not eligible under the Home Buyer Program because of housing or debt ratios, lack of down payment and/or closing costs, and over income and/or over purchase price limits may be eligible under this pool of funding. FIRST MORTGAGE LOANS: Direct financial assistance is made available to eligible creditworthy borrowers who do not specifically qualify for the Agency s Home Buyer Program. The assistance provides first mortgage loans for eligible borrowers who are seeking to purchase a new home, combine a purchase and home improvement loan, or improve their existing principal place of residence. Loans will be in a first lien position with monthly amortization. Interest will be at the prevailing rate charged by the Agency s Single Family program based upon the borrowers ability to pay. Consideration will be given to a lower rate on a case-by-case basis. In no case will the interest rate be less than one percent (1%). SECOND MORTGAGE LOANS: Borrowers may be eligible for a second mortgage loan under the following conditions: 1) If the second mortgage loan for home improvement will be amortized monthly to a term determined by the borrowers ability to repay. 2) If the second mortgage loan is a closing cost assistance loan or home improvement loan where the borrower is unable to repay if amortized, then the loan will be structured as a deferred payment, payable upon sale of the property. Interest will accrue at the rate of the first mortgage loan per annum, if applicable or the second mortgage loan per annum. The interest rate for the second mortgage will be determined by the Agency based upon the borrowers ability to pay but in no case will the rate be less than one percent (1%). USE OF LOAN PROCEEDS: 1) First mortgage loans for home purchase to accommodate adopted child(ren).

16 2) First mortgage loans for home purchase, and improvements including additions to bedroom(s), bathroom(s) or accessibility-related improvements of a principal residence to accommodate adopted child(ren). 3) Refinancing of existing first mortgage loans for substantial rehabilitation for additions of bedrooms, bathrooms or accessibility-related improvements of a principal residence to accommodate adopted child(ren). 4) Second mortgage loan for home improvements including additions of bedroom(s), bathroom(s) and accessibility-related improvements of a principal residence to accommodate adopted child(ren). 5) Second mortgage loan to fund the down payment and closing costs for eligible applicants. All rehabilitation and/or home improvement loans will be processed by participating banks and these loans will be charged three (3) points at closing. ELIGIBLE BORROWERS: 1) Prospective adoptive families in the final stages of adopting a sibling(s) group or a special needs foster child (ren) (referrals accepted only from DYFS adoptions Resource Offices) 2) Relative caregivers in the process of obtaining legal guardianship.(referrals will only be made by DYFS on cases that are under DYFS supervision) 3) Borrowers who are in the final stages of adoption or legal guardianship referred by a New Jersey-licensed not-for-profit and/or other state-licensed adoption agencies, other than DYFS. INCOME LIMITS: Income limits apply depending on the loan category. The borrower must conform to Agency guidelines with regard to housing and debt ratios. The Agency may decline to extend credit, if in its determination; any loan is not in the best fiscal interest of the borrower, the Agency. Such determination will be made on a case-by-case basis and will take into consideration the ability of the borrower to withstand typical unbudgeted emergencies associated with home ownership and daily living.

17 PURCHASE PRICE LIMITS: 3. HMFA Purchase Price Limits (See attached) used for the Mortgage Revenue Bond (MRB) program will apply and; 4. Households that have five (5) or more of their own as well as adopted children may be able to exceed the MRB limit but in no event would the mortgage amount exceed the Fannie Mae maximum loan limit in place at the time of the application. ELIGIBLE PROPERTIES: Single family (one unit only) attached and detached units (fee simple or condominium). The property must be the primary residence of the borrower and the adopted child(ren). An applicant who currently owns a home(s), including investment properties (except a vacation home) must sell the home(s) before he/she qualifies for a loan under the Welcome Home Program. The property must conform to all zoning, occupancy and use requirements. INTEREST RATE: The interest rate on loans will be at the prevailing rate charged on the Agency s Single Family Program. The interest rate for all other loan types will be determined in accordance with the borrowers ability to pay but in no case will the interest rate be less than one percent (1%). (This rate may change at the Agency s discretion). FEES: 1. First mortgage loans (unless originated under the Home Buyers Program) are charged a $30.00 per month servicing fee. 2. Second mortgage loans for home improvement are charged a $20.00 per month servicing fee. 3. Second mortgage loans that are used for down payment and/or closing costs that are nonamortizing have no servicing fee. OCCUPANCY REQUIREMENTS: The property must be occupied as the principal place of residence by both the borrower and the adopted child (ren). Terms and Conditions: Agency Executive Director may approve additional terms and conditions of the program.

18 MAXIMUM INCOME LIMITS - STATEWIDE AREA COUNTIES 1-2 FAMILY HOUSEHOLD 3+ HOUSEHOLD Effective Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Hudson, & Salem $81,200 $93,380 3/8/06 Monmouth & Ocean $81,900 $94,185 3/8/06 Mercer $85,400 $98,210 3/8/06 Essex, Morris, Sussex & Union $84,400 $97,060 3/8/06 Warren $82,600 $94,990 3/8/06 Bergen & Passaic $87,500 $100,625 3/8/06 Hunterdon, Middlesex & Somerset $95,800 $110,170 3/8/06 MAXIMUM PURCHASE PRICE LIMITS - STATEWIDE AREA NEW EXISTING EXISTING EXISTING EXISTING COUNTIES 1 - FAMILY 1 - FAMILY 2 - FAMILY 3 - FAMILY 4 - FAMILY Effective Atlantic $382,500 $382,500 $430,815 $523,421 $603,947 1/1/06 Bergen $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Burlington $320,625 $320,625 $361,125 $438,750 $506,250 1/1/06 Camden $320,625 $320,625 $361,125 $438,750 $506,250 1/1/06 Cape May $429,619 $429,619 $503,040 $611,171 $705,197 1/1/06 Cumberland $364,500 $364,500 $410,542 $498,789 $575,526 1/1/06 Essex $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Gloucester $320,625 $320,625 $361,125 $438,750 $506,250 1/1/06 Hudson $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Hunterdon $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Mercer $395,595 $395,595 $445,563 $541,340 $624,623 1/1/06 Middlesex $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Monmouth $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Morris $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Ocean $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Passaic $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Salem $320,625 $320,625 $361,125 $438,750 $506,250 1/1/06 Somerset $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06

19 Sussex $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Union $429,619 $429,619 $550,005 $664,828 $826,218 1/1/06 Warren $332,465 $332,465 $413,329 $502,176 $579,434 11/13/04

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21 to avoid and recover from foreclosure The NJHRC is a partnership of: Department of Community Affairs Powered by: Department of Human Services - Division of Disability Services Funding provided by the Real Choice Systems Change grant from the Centers for Medicare and Medicaid Services at USDHHS. Housing and Mortgage Finance Agency statewide: njhome citizen business government services departments search New Jersey Housing Resource Center Copyright State of New Jersey, 2007