- 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:
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.
- 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