First-time Home Buyers Assistance Program 2018

 

The Monmouth County, New Jersey First-Time Homebuyers Assistance Program CAN HELP!

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This 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 FTHB program funds

  • Co-signor not allowed

 

Still have questions about the FIRST TIME HOME BUYER ASSISTANCE PROGRAM?

Speak with one of our loan officers directly at (732) 626-9827. We are here to answer any of your questions.