First-Time Homebuyer Assistance Program
 

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

 

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).

KEY FEATURES

  • 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 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.
  • The housing unit cannot exceed the maximum purchase price of $524,225 for 1-family and condominium, $671,200 for a 2-family unit, $811,275 for a 3-family unit, and $1,008,300.00 for a 4-family unit.
  • Mobile homes are not eligible for purchase using First-time Homebuyer program funds
  • Co-signor not allowed
  • Must be low income. The applicant must have a gross annual income that does not exceed 80 percent of the County median income:

*Income limits are effective as of 06/ 01/2025. Eligibility requirements, exclusions and other terms and conditions apply. Participating Municipalities: Aberdeen, Allenhurst, Allentown, Asbury Park, Atlantic Highlands, Avon-by-the-Sea, Belmar, Bradley Beach, Brielle, Colts Neck, Deal, Eatontown, Englishtown, Fair Haven, Farmingdale, Freehold Borough, Freehold Township, Hazlet, Highlands, Holmdel, Howell, Interlaken, Keansburg, Keyport, Loch Arbour, Long Branch, Manalapan, Manasquan, Marlboro, Matawan, Middletown, Millstone, Monmouth Beach, Neptune Township, Neptune City, Ocean, Oceanport, Red Bank, Roosevelt, Rumson, Sea Bright, Sea Girt, Shrewsbury Borough, Shrewsbury Township, South Belmar, Spring Lake, Spring Lake Heights, Tinton Falls, Union Beach, Upper Freehold, Wall, West Long Branch.

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