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.

First Time Home Buyers (FTHB) 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 Buyers (FTHB) 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 (Puerto Rican Action Board, NJ Citizen Action). Residency requirement: Property must be in City of Perth Amboy. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HOME rules. First-time homebuyer. Tiered AMI eligibility. Property in City of Perth Amboy. 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 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.

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.

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

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