Housing Partnership First-Time Homebuyer Down Payment Assistance Program

Housing Partnership First-Time Homebuyer Down Payment Assistance Program is a deferred second loan for homebuyers in Statewide County, New Jersey, administered by Housing Partnership (NeighborWorks HomeOwnership Center). The Housing Partnership (a NeighborWorks HomeOwnership Center serving Northern NJ since 1992) offers $10,000 in down payment assistance to income-eligible first-time homebuyers purchasing a primary residence anywhere in New Jersey. Assistance is a zero-interest second mortgage that is 100% recoverable upon resale, refinance, or rental. Requires completion of the Housing Partnership's 8-hour homebuyer education workshop (within the prior 12 months) and a one-on-one financial coaching session. $10,000 zero-interest second mortgage. No monthly payments. Statewide NJ eligibility. Pairs with conventional or FHA first mortgages. Funding comes from Housing Partnership program funds (private/nonprofit).

Housing Partnership First-Time Homebuyer Down Payment Assistance Program offers up to $10,000 in assistance. Homebuyer contribution: Minimum 2% of selling price from buyer's own funds (3.5% own funds for FHA, not incl. DPA); plus $2,000 minimum reserves after closing. Amounts are the program's published maximums, not an offer — Housing Partnership (NeighborWorks HomeOwnership Center) determines any individual award.

Housing Partnership First-Time Homebuyer Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Resale, refinance, renting out the home, or obtaining a home equity loan; funds are 100% recoverable. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Housing Partnership First-Time 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 homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: No published minimum; eligibility/credit determined via mandatory one-on-one financial coaching. A homebuyer education course is required, through Housing Partnership 8-hour homebuyer education workshop (within past 12 months) plus a one-on-one financial coaching session. Page describes funds as '100% recoverable upon resale, refinance or renting out' with NO stated forgiveness period — assistance_type set to deferred_loan and forgiveness_years left blank; confirm whether any portion is forgiven over time before relying on it. Borrower cannot take a home equity loan without triggering repayment. Income eligibility does not guarantee funds (first-come). Liquid-asset rule: >15% of purchase price disqualifies (not a fixed dollar). Confirmed active: page modified 2025-12-10, 2025 HUD limits, 2026 copyright.

Housing Partnership First-Time Homebuyer Down Payment Assistance Program limits household income to 115% of the area median income, which varies by county and household size. Gross household income (all adults 18+) under 115% of HUD median income. 2025 HUD 115% limits: 1p $106,019; 2p $121,164; 3p $136,310; 4p $151,455; 5p $163,571; 6p $175,686; 7p $187,802; 8p $199,917. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Housing Partnership First-Time Homebuyer Down Payment Assistance Program caps the purchase price at $548,250. Eligible property types include Single Family and Condo.

Housing Partnership First-Time Homebuyer Down Payment Assistance Program serves homebuyers purchasing in Statewide County, New Jersey.

Applications for Housing Partnership First-Time Homebuyer Down Payment Assistance Program go through Housing Partnership (NeighborWorks HomeOwnership Center), which publishes the current terms and the application steps on its own site. Funds are reserved through First come, first served; funds limited. 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.