Bernards Township Down Payment and Closing Cost Assistance Grant

What is Bernards Township Down Payment and Closing Cost Assistance Grant?

Bernards Township Down Payment and Closing Cost Assistance Grant is a grant for homebuyers in Bernards Township, New Jersey, administered by Central Jersey Housing Resource Center (CJHRC) on behalf of Bernards Township.

• Municipal down payment and/or closing cost assistance grant for buyers purchasing a deed-restricted affordable housing unit in Bernards Township, Somerset County. Administered by CJHRC, a HUD-approved 501(c)(3) housing counseling agency.
• Down payment and/or closing cost grant for an affordable unit in Bernards Township.
• Funding comes from Bernards Township (municipal affordable housing funds).

Do you have to pay it back?

Bernards Township Down Payment and Closing Cost Assistance Grant is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Bernards Township Down Payment and Closing Cost Assistance Grant is open to buyers who will live in the home as their primary residence.

What are the income limits?

Bernards Township Down Payment and Closing Cost Assistance Grant limits household income to 80% of the area median income, which varies by county and household size.

• Tied to the deed-restricted affordable housing program (households <80% AMI); confirm exact income limits for the specific unit with CJHRC.
• The limit applies to total household income, not only the borrower&rsquo;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?

Bernards Township Down Payment and Closing Cost Assistance Grant caps the purchase price as follows: Home must be a deed-restricted affordable unit in Bernards Township.

• Eligible property types include Single Family and Condo.
• New construction is eligible.

Where does it apply?

Bernards Township Down Payment and Closing Cost Assistance Grant serves buyers purchasing in Bernards Township, New Jersey.

• The program targets specific areas: Limited to deed-restricted affordable housing units within Bernards Township.

How do you apply?

Applications for Bernards Township Down Payment and Closing Cost Assistance Grant go through Central Jersey Housing Resource Center (CJHRC) on behalf of Bernards Township, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through CJHRC homebuyer education certificate required before/within 14 business days of signing a Contract of Sale..

2. 2

   Contact Central Jersey Housing Resource Center (CJHRC) on behalf of Bernards Township to reserve funds

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

3. 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.