First Time Homebuyer Program

What is First Time Homebuyer Program?

First Time Homebuyer Program is a forgivable loan for homebuyers in Camden County, New Jersey.

• HOME-funded $10,000 forgivable second for first-time homebuyers in Camden County (excluding City of Camden). 80% AMI cap. Max purchase $290,000. 5-year affordability period.
• Up to $10,000 in down payment and closing cost assistance for first-time homebuyers purchasing in any Camden County municipality EXCEPT the City of Camden (which administers its own program). Funded with HUD HOME Investment Partnerships funds. Structured as a 0% interest deferred-payment forgivable second mortgage. 5-year HOME affordability period.
• lien fully forgiven at end of term if owner-occupied throughout. 80% AMI household income cap (Camden HMFA). Maximum purchase price $290,000.
• Funding comes from Federal HOME.

Do you have to pay it back?

First Time Homebuyer Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 5-year HOME affordability period and lien forgiven at end of term if owner-occupied throughout. 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 Homebuyer 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 Homebuyer 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 per HUD. Approximate 2025 80% AMI: $64,250 (1-person) to $121,150 (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 Homebuyer Program caps the purchase price at $290,000.

• 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 Homebuyer Program serves buyers purchasing in Camden County, New Jersey.

How do you apply?

Applications for First Time Homebuyer 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 (e.g., Tri-County Community Action Partnership, NeighborWorks, Acelero Learning)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to Camden County Department of Community Development. First-come, first-served subject to HOME funding availability., 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.