Are you dreaming of owning your first home but struggling to navigate the complex world of down payments and closing costs? Look no further! The Monmouth County, NJ First-Time Homebuyers Assistance Program is here to turn your homeownership aspirations into reality. In this blog, we'll explore the ins and outs of this program, including eligibility criteria, program details, and the participating municipalities that could become your new home.
Understanding the Program
The Monmouth County, NJ First-Time Homebuyers Assistance Program is tailored to provide financial support to low-income families aiming to purchase an affordable home. The program offers a deferred payment second mortgage loan, granting up to $10,000 specifically for down payment and closing costs. Let's delve into the essential details and eligibility criteria:
1. Residency Requirement
To qualify for the program, applicants must have been residents of Monmouth County for at least one year before applying for the grant.
2. Pre-purchase Housing Counseling
All applicants are required to complete a pre-purchase housing counseling course and provide a certificate of completion with their First-Time Homebuyer application. This step is crucial to empower potential homeowners with the knowledge and skills needed for a successful homeownership journey.
3. First-Time Homebuyer Criteria
To be eligible, individuals must meet the first-time homebuyer criteria, meaning they have never owned a home before. (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.
Navigating the Fine Print
While the program is designed to make homeownership accessible, there are specific guidelines and conditions applicants must be aware of:
- 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.
- Housing unit cannot exceed the max purchase price of $461,000 for 1-family & condominium, $590,000 for 2-family unit, $714,000 for a 3-family unit and $885,000 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.
Participating Municipalities:
*Participating Municipalities: Aberdeen, Fair Haven, Marlboro, Shrewsbury Borough, Allenhurst, Farmingdale, Matawan, Shrewsbury Twp, Allentown, Freehold Borough, Middletown, South Belmar, Atlantic Highlands, Freehold Twp, Millstone, Spring Lake, Asbury Park, Hazlet, Monmouth Beach, Spring Lake Heights, Avon, Highlands, Neptune Twp, Tinton Falls, Belmar, Holmdel, Neptune City, Union Beach, Bradley Beach, Howell, Ocean, Upper Freehold, Brielle, Keansburg, Oceanport, Wall, Colts Neck, Keyport, Red Bank, West Long Branch, Deal, Loch Arbour, Roosevelt, Eatontown, Long Branch, Rumson, Englishtown, Manalapan, Sea Bright.
Bottom Line:
The Monmouth County, NJ First-Time Homebuyers Assistance Program is designed to support you in achieving your dream of homeownership. Take the first step towards a brighter future by exploring the possibilities this program opens up for you in these vibrant communities.
Don't let financial barriers hold you back. Click here to start your free pre-approval today or contact us for more information and to see if you’re eligible.
