First Time Home Buyer Program

First Time Home Buyer Program is a forgivable loan for homebuyers in Camden, New Jersey. City of Camden CDBG/HOME-funded $25,000 forgivable second for first-time homebuyers. 80% AMI cap. 10-year affordability period. Distinct from Camden County program. Up to $25,000 in CDBG/HOME-funded down payment and closing cost assistance for first-time homebuyers purchasing in the City of Camden. 0% interest deferred-payment forgivable second mortgage. 10-year HOME affordability period. 80% AMI cap (Camden HMFA). Distinct from the Camden COUNTY program (which excludes the City of Camden). Pairs with FHA/VA/USDA/conventional first mortgages. Funding comes from Federal HOME and Federal CDBG.

First Time Home Buyer 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.

First Time Home Buyer 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 (Tri-County Community Action Partnership, NeighborWorks, Camden Lutheran Housing). Residency requirement: Property must be in City of Camden. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HOME rules. First-time homebuyer (no primary residence in past 3 years; HUD exceptions). 80% AMI cap. Property in City of Camden ONLY. Owner-occupied primary residence. $1,000 minimum buyer contribution. HUD-certified homebuyer counseling. HQS inspection. Lead-based paint clearance for pre-1978.

First Time Home Buyer 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 Camden HMFA. Approximate 2025: $62,500 (1-person) to $117,850 (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.

First Time Home Buyer Program caps the purchase price as follows: Per HOME 95% AMPP for Camden HMFA (verify current limit with City of Camden BHS). 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.

First Time Home Buyer Program serves homebuyers purchasing in Camden, New Jersey.

Applications for First Time Home Buyer 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 City of Camden Bureau of Housing Services. First-come, first-served subject to HOME/CDBG 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.