American Dream Downpayment Program

American Dream Downpayment Program is a forgivable loan for homebuyers in Middlesex County, New Jersey. ADDI/HOME-funded $10,000 forgivable second for first-time homebuyers in Middlesex County, NJ. 50-60% AMI targeting. Max purchase $304,000. 5-year affordability period. Up to $10,000 in down payment and closing cost assistance for first-time homebuyers purchasing in Middlesex County, NJ. Funded with HUD American Dream Downpayment Initiative (ADDI) funds plus HOME match. 0% interest deferred-payment forgivable second mortgage. 5-year HOME affordability period. lien fully forgiven at end of term. Targeted to low-income buyers per ADDI program rules. Income range $48,800-$92,050 reflects 50-60% AMI Middlesex/Edison HMFA. Max purchase $304,000. Funding comes from Federal HOME and Federal ADDI.

American Dream Downpayment Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 5-year HOME affordability period and lien forgiven at end of term. Prorated balance due on early sale, transfer, cash-out refi, or non-owner-occupancy. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

American Dream Downpayment Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: HUD 24 CFR 92.2 displaced-homemaker / single-parent exceptions. On credit, the program states: First-mortgage lender overlays apply. A homebuyer education course is required, through HUD-approved housing counseling agencies (Puerto Rican Action Board, NeighborWorks, etc.). Residency requirement: Property must be in Middlesex County, NJ. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HOME/ADDI rules. First-time homebuyer (no primary residence in past 3 years; HUD exceptions). Low-income (income range $48,800-$92,050 reflects 50-60% AMI Middlesex/Edison HMFA per ADDI targeting). Property in Middlesex County. Owner-occupied primary residence. $1,000 minimum contribution. HUD-certified homebuyer counseling. HQS inspection. Lead-based paint clearance.

American Dream Downpayment Program limits household income to 60% of the area median income, which varies by county and household size. Household income at or below 50-60% AMI Middlesex/Edison HMFA per ADDI program targeting. Approximate range $48,800 (1-person) to $92,050 (8-person). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

American Dream Downpayment Program caps the purchase price at $304,000. Eligible property types include Single-family detached, Townhome, Condominium, and 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

American Dream Downpayment Program serves homebuyers purchasing in Middlesex County, New Jersey.

Applications for American Dream Downpayment Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application to Middlesex County Office of Housing & Community Development. First-come, first-served subject to HOME/ADDI funding cycle. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.