Columbia Bank Access Homeownership Grant

What is 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).

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

Columbia Bank Access Homeownership Grant is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

Columbia Bank Access Homeownership Grant serves buyers 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).

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Homebuyer education required prior to closing..

2. 2

   Contact Columbia Bank (New Jersey) to reserve funds

   Funds are reserved through Apply online and select a loan program; closing must occur within the 120-day commitment period for grant approval., 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.