First Time Home Buyers (FTHB)

What is First Time Home Buyers (FTHB)?

First Time Home Buyers (FTHB) is a forgivable loan for homebuyers in Perth Amboy, New Jersey.

• Perth Amboy HOME-funded $20,000 forgivable second for first-time homebuyers. Tiered AMI (50/80/120%). 10-year affordability period.
• Up to $20,000 in HOME-funded down payment and closing cost assistance for first-time homebuyers purchasing in the City of Perth Amboy. 0% interest deferred-payment forgivable second mortgage. 10-year HOME affordability period (since amount > $15K). Tiered AMI eligibility (50% / 80% / 120% AMI bands.
• income range $32,200-$137,550 reflects this wide band). Middlesex/Edison HMFA. Pairs with FHA/VA/USDA/conventional.
• Funding comes from Federal HOME and Local Government.

Do you have to pay it back?

First Time Home Buyers (FTHB) 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 Buyers (FTHB) 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 Buyers (FTHB) limits household income to 120% of the area median income, which varies by county and household size.

• Tiered AMI eligibility (50%, 80%, 120% AMI bands) for Middlesex/Edison HMFA. Approximate range $32,200 (1-person, 50% AMI) to $137,550 (8-person, 120% AMI).
• 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 Buyers (FTHB) caps the purchase price as follows: Per HOME 95% AMPP for Middlesex HMFA (verify current limit with Perth Amboy CD).

• Eligible property types include Single-family detached, Townhome, Condominium, and 2-4 unit owner-occupied.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

First Time Home Buyers (FTHB) serves buyers purchasing in Perth Amboy, New Jersey.

How do you apply?

Applications for First Time Home Buyers (FTHB) 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 (Puerto Rican Action Board, NJ Citizen Action)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to City of Perth Amboy Office of Community Development. First-come, first-served subject to HOME 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.