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. 

• The purchased property must be the principal residence.

• The home must be in one of the participating municipalities* listed below.

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

• The housing unit cannot exceed the maximum purchase price of $499,000.00 for 1-family and condominium, $638,000 for a 2-family unit, $773,000.00 for a 3-family unit, and $958,000.00 for a 4-family unit.

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

• Co-signor not allowed

• Eligibility requirements, exclusions and other terms and conditions apply.