City of Trenton First Time Homebuyer Program

City of Trenton First Time Homebuyer Program is a forgivable loan for homebuyers in Trenton, New Jersey. Trenton HOME-funded $20,000 forgivable second for first-time homebuyers. 80% AMI cap. 10-year affordability period. Distinct from Mercer County Consortium program. Up to $20,000 in HOME-funded down payment and closing cost assistance for first-time homebuyers purchasing in the City of Trenton. 0% interest deferred-payment forgivable second mortgage. 10-year HOME affordability period (since amount > $15K). 80% AMI cap (Trenton-Princeton HMFA / NY-Newark HMFA). Trenton has its own HOME entitlement separate from Mercer County Consortium. Pairs with FHA/VA/USDA/conventional first mortgages. Funding comes from Federal HOME.

City of Trenton First Time Homebuyer Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 10-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.

City of Trenton First Time Homebuyer 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 (HomeFront, Princeton-Mercer NeighborWorks, NJ Citizen Action). Residency requirement: Property must be in City of Trenton. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HOME rules. First-time homebuyer. 80% AMI cap. Property in City of Trenton ONLY. Owner-occupied primary residence. $1,000 minimum buyer contribution. HUD-certified homebuyer counseling. HQS inspection. Lead-based paint clearance for pre-1978.

City of Trenton First Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% AMI Trenton-Princeton HMFA. Approximate 2025: $68,500 (1-person) to $129,100 (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.

City of Trenton First Time Homebuyer Program caps the purchase price as follows: Per HOME 95% AMPP for Trenton HMFA (verify current limit with Trenton DOH). Eligible property types include Single-family detached, Townhome, Rowhouse, Condominium, and 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

City of Trenton First Time Homebuyer Program serves homebuyers purchasing in Trenton, New Jersey.

Applications for City of Trenton First Time Homebuyer 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 Trenton Department of Housing & Economic Development. First-come, first-served subject to HOME 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.