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American Dream First Time Homebuyer Program (Bergen County)

Bergen County Division of Community Development · Bergen County, New Jersey

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See what you qualify forOfficial program site →
Assistance

$75,000

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$523,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 10 years

What is American Dream First Time Homebuyer Program (Bergen County)?

American Dream First Time Homebuyer Program (Bergen County) is a deferred second loan for homebuyers in Bergen County, New Jersey, administered by Bergen County Division of Community Development.

  • Administered by the Bergen County Division of Community Development, this program provides interest-free, deferred-payback second mortgage financing plus matching down payment assistance to eligible first-time homebuyers (or those who have not owned a home in the past three years) buying a one-family house or condominium in Bergen County, NJ. It combines a 0% deferred second mortgage of up to $65,000 in HOME funds (repaid on sale, transfer of title, or loss of primary residence) with up to $10,000 of CDBG matching assistance forgiven 1/10th per year over 10 years.
  • 0% interest deferred second mortgage up to $65,000 (HOME funds).
  • Up to $10,000 CDBG match forgiven 1/10th per year over 10 years (grant after 10 years).
  • Partnership with participating banks for the first mortgage.
  • Homebuyer education/counseling.
  • Funding comes from HUD HOME Investment Partnerships Program (second mortgage) and CDBG (down payment match).

How much assistance does it provide?

American Dream First Time Homebuyer Program (Bergen County) offers up to $75,000 in assistance.

  • Award tiers: Second mortgage (HOME): 0% deferred up to $65,000, repaid on sale/transfer/loss of primary residence. Down payment match (CDBG): up to $10,000 forgivable 1/10th per year over 10 years, grant after 10 years.
  • Buyer contribution: Applicant provides part of the down payment (program matches up to $10,000) and must cover all closing costs.
  • Amounts are the program's published maximums, not an offer — Bergen County Division of Community Development determines any individual award.

Do you have to pay it back?

American Dream First Time Homebuyer Program (Bergen County) is forgiven after 10 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Sale of home, transfer of title, or when the home is no longer the primary residence (applies to the $65,000 HOME second mortgage; the $10,000 CDBG match is forgiven over 10 years).
  • The assistance is recorded in Second and third lien (HOME second + CDBG match behind bank first mortgage) position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

American Dream First Time Homebuyer Program (Bergen County) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Eligible if not owned a home in the past three years.
  • The home is occupied as a primary residence
  • On credit: Credit-worthy track record required; bankruptcy must be discharged 5 years with re-established credit.
  • A completed homebuyer education course, through Fair Housing Council of Northern New Jersey; Greater Bergen Community Action. Eight-hour Homebuyer Certification class given through the program.
  • Residency: Must reside or work full-time in Bergen County.
  • DRAFT (dpa-gap-finder 2026-06-11): pending review. Two components: (1) 0% deferred second mortgage up to $65,000 (HOME), repaid in full on sale, transfer of title, or loss of primary residence (no fixed term); (2) up to $10,000 CDBG match (third mortgage) forgiven 1/10th per year over 10 years, a grant after 10 years. Must reside or work full-time in Bergen County. Bankruptcy must be discharged 5 years with re-established credit. All reasonable assets applied to down payment (may retain 3 months of mortgage payment reserves). Applicant pays all closing costs and must have own down payment funds. Eight-hour Homebuyer Certification class required. 2024 brochure shows $55,000 second mortgage; current webpage/PowerPoint show $65,000 (used the current figure).

The program excludes

  • Purchases above the $523,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

American Dream First Time Homebuyer Program (Bergen County) limits household income to 80% of the area median income, which varies by county and household size.

  • Household income at or below 80% of the County median per HUD HOME income guidelines; income from all household members over 18 counted.
  • 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.

What kind of home can it be used for?

American Dream First Time Homebuyer Program (Bergen County) caps the purchase price at $523,000.

  • Eligible property types include Single Family and Condo.

Where does it apply?

American Dream First Time Homebuyer Program (Bergen County) serves buyers purchasing in Bergen County, New Jersey.

How do you apply?

Applications for American Dream First Time Homebuyer Program (Bergen County) go through Bergen County Division of Community Development, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through Fair Housing Council of Northern New Jersey; Greater Bergen Community Action. Eight-hour Homebuyer Certification class given through the program..

  2. Contact Bergen County Division of Community Development to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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