The Monmouth County, NJ First Time Homebuyer Assistance Program is designed to provide financial assistance to low income families to purchase an affordable home in the form of a deferred payment second mortgage loan in an amount not to exceed $10,000 for down payment and closing costs (only).

PROGRAM DETAILS & ELIGIBILITY

• MUST BE a resident of Monmouth County for 1 YEAR before applying for a grant.

• ALL applicants must complete a pre-purchase housing counseling course and provide a certificate of completion with the First-Time Homebuyer application.

• MUST BE an individual(s) that never owned a home (except if an applicant has previously owned a home he/she still may qualify if they meet 1 or more of the following criteria:

  • An individual that has not owned a home in 3 years prior to receiving home assistance. 

  • An individual who is a single parent even if the individual owned a home with his or her spouse or resided in a home owned by the spouse

  • An individual who is a displaced homemaker even if as a homemaker the individual owned a home with his or her spouse or resided in a home owned by the spouse. 

  • Must be low income. Gross annual income does not exceed 80% of the county median income:

FINE PRINT:

• Property MUST be the principal residence

• Applicant must purchase a house located in the participating municipalities ONLY.

• Fist-time homebuyer can only purchase a 1-4 family property or condominium unit.

• Housing unit cannot exceed the max purchase price of $337,000 for 1-family & condominium, $432,000 for 2-family unit, $532,000 for a 3-family unit and $648,000 for a 4-family unit. 

• Mobile homes are not eligible for purchase using First-time Homebuyer program funds

• Co-signor not allowed

Still have questions about the FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM? Contact us today!