The homesteading program allows buyers to purchase city-owned property for as low as $1 and as much as $10,000
TRENTON — First-time homebuyers and non-residents who are looking to rehabilitate a vacant, city-owned property as part of Trenton's homesteading program are invited to attend a workshop on how to secure financing.
The Sept. 30 workshop is reserved for those who already signed up for the program at restoringtrenton.org and is limited to 100 attendees on a first-come, first-served basis.
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The homesteading program allows first-time buyers and non-residents to purchase city-owned property for as low as $1 and as much as $10,000. The purchasers must document financial capacity to rehabilitate the property and commit to maintaining the property as their primary residence for a minimum of 10 years.
During the workshop, participants will receive information about what is needed to qualify for a renovation mortgage such as a Federal Housing Administration 203K loan.
M&T Bank will have several advisors on hand to answer questions about the loan program and application process.
"Our goal is to entice new homebuyers with the prospect of owning a quality home in the city by connecting them with a lender that will facilitate financing for home rehabilitation," Mayor Eric Jackson said. "Providing eligible homebuyers with information and a renovation mortgage loan source will add horsepower to our efforts to eliminate blight in Trenton."
For more information, call 609-989-3511. Prospective homebuyers can apply to participate in the homesteading program at restoringtrenton.org.
Cristina Rojas may be reached at crojas@njadvancemedia.com. Follow her on Twitter @CristinaRojasTT. Find The Times of Trenton on Facebook.