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H.O.P.E.
Program
The
Home Ownership for Performing Employees (H.O.P.E.) program is a first-time
homebuyer program for employees of Caesars Entertainment (Bally’s
Park Place, Caesars, Claridge, The Atlantic City Hilton) and Resorts
Atlantic City Casino Hotel. HOPE is a mortgage program offered by the
New Jersey
Housing and Mortgage Finance Agency (HMFA) and coordinated through the
Casino Reinvestment Development Authority (CRDA). HOPE home buyers can
obtain a mortgage with no down payment. Closing costs are also permitted
to be included as part of the mortgage loan.
Eligible
Uses
This program was designed to assist eligible employees of Caesars Entertainment
and Resorts Atlantic City Casino Hotel obtain a low interest mortgage
loan to purchase a home within Atlantic City. The program is specifically
designed for Caesars Entertainment and Resorts’ employees who
are interested in purchasing new homes or existing homes with up to four
units.
Rates
and Terms-Lending Limits
- Eligible employees
may borrow up to 100% of the appraised fair market value.
- HOPE mortgage loans
do not require private mortgage insurance.
- A 30-year low fixed
interest rate loan guarantees monthly principal and interest will remain
the same for the entire term.
Income
Limits
- Small Family (1
or 2 people) $88,080
- Large Family (3
or more) $102,760
Purchasing
Rate Limits
New Homes
- 1-Family Home $204,136
- 2-Family Home $229,857
Existing Homes
- 1-Family $205,223
- 2-Family $231,081
- 3-Family $279,719
- 4-Family $325,278
Contacts:
Bunny Loper-Rixey: Senior Project Officer
Yvonne B. Preston: Loan Coordinator
Phone: 609.347.0500
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