Golden Neighborhood Homeownership Program

What is Golden Neighborhood Homeownership Program?

Golden Neighborhood Homeownership Program is a forgivable loan for homebuyers in Jersey City, New Jersey.

• Jersey City HOME-funded forgivable second up to $30,000 for first-time homebuyers in designated Golden Neighborhoods. Tiered AMI (50/80/120%). Min FICO 660. 10-year affordability period.
• Up to $30,000 in HOME-funded down payment and closing cost assistance for first-time homebuyers purchasing in designated Jersey City Golden Neighborhoods (Bergen-Lafayette, Greenville, Journal Square, West Side, Country Village). 0% interest deferred-payment forgivable second mortgage. 10-year HOME affordability period for amounts $15-40K. Tiered eligibility by AMI band (50% / 80% / 120% AMI). Min credit score 660. Pairs with FHA/VA/USDA/conventional first mortgages.
• Funding comes from Federal HOME, Federal CDBG, and Local Government.

Do you have to pay it back?

Golden Neighborhood Homeownership Program is forgiven after 10 years, so a buyer 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.

Who qualifies?

Golden Neighborhood Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Golden Neighborhood Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• Tiered AMI eligibility for Hudson County / New York-Newark HMFA: 50% AMI ($43,500 1-person), 80% AMI ($69,600 1-person), 120% AMI ($109,300 1-person upper bound). Higher tiers receive lower assistance amounts.
• 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?

Golden Neighborhood Homeownership Program caps the purchase price as follows: Per HOME 95% AMPP for Hudson County (verify current limit with JC 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.

Where does it apply?

Golden Neighborhood Homeownership Program serves buyers purchasing in Jersey City, New Jersey.

• The program targets specific areas: Jersey City Golden Neighborhoods only: Bergen-Lafayette, Greenville, Journal Square, West Side, Country Village.

How do you apply?

Applications for Golden Neighborhood Homeownership 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 (Garden State Episcopal CDC, Hudson County Housing Resource Center)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to Jersey City Division of Community Development. First-come, first-served subject to HOME/CDBG 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.