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.

Gloucester County Homebuyer Down Payment Assistance Program is forgiven after 5 years, so a homebuyer 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.

Gloucester County Homebuyer Down Payment Assistance Program 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 exceptions. On credit, the program states: First-mortgage lender overlays apply. A homebuyer education course is required, through HUD-approved housing counseling agencies (Tri-County Community Action Partnership, etc.). Residency requirement: Property must be in Gloucester County, NJ. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HOME rules. First-time homebuyer (no primary residence in past 3 years; HUD exceptions). 80% AMI cap. Property in Gloucester County. Owner-occupied primary residence. $1,000 minimum contribution. HUD-certified homebuyer counseling. HQS inspection. Lead-based paint clearance.

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.

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.

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

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