Columbia Bank Access Homeownership Grant

Columbia Bank Access Homeownership Grant is a grant for homebuyers in New Jersey, administered by Columbia Bank (New Jersey). Columbia Bank's Access Homeownership Grant provides up to $5,000 toward down payment and closing costs for qualified first-time homebuyers who obtain a mortgage from Columbia Bank. Applicants must earn less than 80% of the FFIEC Median Family Income limits and purchase a home in a low- or moderate-income census tract within the Bank's CRA assessment area. Homebuyer education is required prior to closing, and the grant is repayable if the home is sold within two years. Up to $5,000 grant for down payment/closing costs. Competitive fixed mortgage rates. No direct cash to borrower (applied to costs). Funding comes from Columbia Bank (CRA assessment-area grant program).

Columbia Bank Access Homeownership Grant offers up to $5,000 in assistance. Amounts are the program's published maximums, not an offer — Columbia Bank (New Jersey) determines any individual award.

Columbia Bank Access Homeownership Grant is structured as a grant, so it is not repaid. Repayment is triggered by Grant is subject to repayment if the homebuyer sells the residence within two years of closing. The assistance is recorded in None (grant) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Columbia Bank Access Homeownership Grant is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: All loans subject to credit approval; specific minimum not published. A homebuyer education course is required, through Homebuyer education required prior to closing. First-time homebuyers only, income below 80% FFIEC MFI, property in an LMI census tract within the Bank's assessment area. Grant repayable if sold within 2 years. Closing must occur within 120-day commitment period. Cannot have previously received this grant. Available only with a Columbia Bank mortgage.

Columbia Bank Access Homeownership Grant limits household income to 80% of the area median income, which varies by county and household size. Applicants must earn less than 80% of the FFIEC Median Family Income limits for the applicable calendar year. 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.

Columbia Bank Access Homeownership Grant caps the purchase price as follows: Maximum purchase prices may apply; confirm with an Account Executive. Eligible property types include Primary residence.

Columbia Bank Access Homeownership Grant serves homebuyers purchasing anywhere in New Jersey. The program targets specific areas: Low- or moderate-income census tracts within Columbia Bank's CRA assessment area (New Jersey).

Applications for Columbia Bank Access Homeownership Grant go through Columbia Bank (New Jersey), which publishes the current terms and the application steps on its own site. Funds are reserved through Apply online and select a loan program; closing must occur within the 120-day commitment period for grant approval. 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.