The Monmouth County, NJ First Time Home Buyer 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
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MUST BE a resident of Monmouth County for 1 YEAR before applying for a grant.
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ALL applicants must complete a pre-purchase housing counseling course and provide a certificate of completion with the First-Time Homebuyer application.
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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:
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An individual that has not owned a home in 3 years prior to receiving home assistance.
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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
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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.
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Must be low income. Gross annual income does not exceed 80% of the county median income:
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FINE PRINT:
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Property MUST be the principal residence
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Applicant must purchase a house located in the participating municipalities ONLY.
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Fist-time home buyer can only purchase a 1-4 family property or condominium unit.
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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.
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Mobile homes are not eligible for purchase using First-time Home Buyer program funds
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Co-signor not allowed
Still have questions about the FIRST-TIME HOME BUYER ASSISTANCE PROGRAM? Contact us today.