Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant

What is Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant?

Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant is a grant for homebuyers in Franklin Township, New Jersey, administered by Central Jersey Housing Resource Center (CJHRC) — administering agent for Franklin Township.

• Franklin Township offers a Down Payment and/or Closing Cost Affordability Assistance Grant administered by the Central Jersey Housing Resource Center (CJHRC) for buyers purchasing a deed-restricted affordable unit in the township. Applicants must obtain a CJHRC homebuyer education certificate before signing a contract of sale, cannot mortgage more than three times their gross annual income, cannot own other real estate, and must occupy the home as their primary residence.
• Down payment and/or closing cost grant for affordable units.
• Homebuyer education and counseling through CJHRC.
• Funding comes from Franklin Township municipal affordable housing trust funds (administered by CJHRC).

Do you have to pay it back?

Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant is open to buyers who will live in the home as their primary residence.

What are the income limits?

Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant sets its income limit as follows: Income-qualified for an affordable unit in Franklin Township (low/moderate income per COAH/UHAC); specific limits set by household size and not published on the CJHRC summary.

• 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?

Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant caps the purchase price as follows: Home must be a deed-restricted affordable unit in Franklin Township.

• Eligible property types include Deed-restricted affordable unit.
• New construction is eligible.

Where does it apply?

Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant serves buyers purchasing in Franklin Township, New Jersey.

• The program targets specific areas: Affordable units within Franklin Township only.

How do you apply?

Applications for Franklin Township Down Payment and/or Closing Cost Affordability Assistance Grant go through Central Jersey Housing Resource Center (CJHRC) — administering agent for Franklin Township, 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 Homebuyer education certificate from CJHRC required prior to signing a Contract of Sale..

2. 2

   Contact Central Jersey Housing Resource Center (CJHRC) — administering agent for Franklin Township to reserve funds

   Funds are reserved through Completed application submitted after Contract of Sale and receipt of Home Inspection Report (or Certificate of Occupancy for new construction); scheduled phone appointment with CJHRC required., 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.