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The Monmouth County, NJ First-Time Homebuyer Assistance Program

Jan 8
3:40
AM
Category | First Time Home Buyers
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?Speak with one of our loan officers directly at 732.832.2967. We are here to answer any of your questions.

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