First Time Home Buyer Program

What is 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.

Do you have to pay it back?

First Time Home Buyer Program is forgiven after 10 years, so a buyer 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.

Who qualifies?

First Time Home Buyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies (Tri-County Community Action Partnership, NeighborWorks, Camden Lutheran Housing)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to City of Camden Bureau of Housing Services. First-come, first-served subject to HOME/CDBG funding cycle., 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.