Gloucester County Homebuyer Down Payment Assistance Program

What is Gloucester County Homebuyer Down Payment Assistance Program?

Gloucester County Homebuyer Down Payment Assistance Program is a forgivable loan for homebuyers in Gloucester County, New Jersey.

• HOME-funded $10,000 forgivable second for first-time homebuyers in Gloucester County, NJ. 80% AMI cap. Max purchase $290,000.
• Up to $10,000 in down payment and closing cost assistance for first-time homebuyers purchasing in Gloucester County, NJ. Funded by HUD HOME. 0% interest deferred-payment forgivable second mortgage. 5-year HOME affordability period. Lien forgiven at end of term if continuously owner-occupied. 80% AMI cap. Max purchase price $290,000. Pairs with FHA, VA, USDA, conventional.
• Funding comes from Federal HOME.

Do you have to pay it back?

Gloucester County Homebuyer Down Payment Assistance 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. 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?

Gloucester County Homebuyer Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Gloucester County Homebuyer Down Payment Assistance 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: $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?

Gloucester County Homebuyer Down Payment Assistance 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?

Gloucester County Homebuyer Down Payment Assistance Program serves buyers purchasing in Gloucester County, New Jersey.

How do you apply?

Applications for Gloucester County Homebuyer Down Payment Assistance 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, etc.)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to Gloucester County Department of Economic 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.