Mercer County Consortium HOME First-Time Homebuyer Program

Mercer County Consortium HOME First-Time Homebuyer Program is a forgivable loan for homebuyers in Mercer County, New Jersey. Mercer County Consortium HOME-funded forgivable second up to $15,000 for first-time homebuyers in Mercer County (excluding Trenton and Hamilton). 80% AMI cap. Max purchase $309,000. Up to $15,000 in HOME-funded down payment and closing cost assistance for first-time homebuyers purchasing in the Mercer County HOME Consortium. Mercer County HOME Consortium covers all Mercer County municipalities EXCEPT the cities of Trenton and Hamilton (which have separate HOME entitlements). 0% interest deferred-payment forgivable second. HOME affordability period: 5 years if under $15K, 10 years if $15-40K. 80% AMI cap (Trenton-Princeton HMFA). Max purchase price $309,000. Funding comes from Federal HOME.

Mercer County Consortium HOME First-Time Homebuyer Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 5- or 10-year HOME affordability period (5-yr if under $15K, 10-yr if $15-40K). 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.

Mercer County Consortium HOME First-Time Homebuyer 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 displaced-homemaker / single-parent exceptions. On credit, the program states: First-mortgage lender overlays apply. A homebuyer education course is required, through HUD-approved housing counseling agencies (Princeton-Mercer NeighborWorks, HomeFront, etc.). Residency requirement: Property must be in Mercer County HOME Consortium municipalities (excluding Trenton, Hamilton). 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 Mercer County HOME Consortium (excludes Trenton and Hamilton). Owner-occupied primary residence. $1,000 minimum buyer contribution. HUD-certified homebuyer counseling certificate. HQS inspection. Lead-based paint clearance.

Mercer County Consortium HOME First-Time Homebuyer 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 Trenton-Princeton HMFA. Approximate 2025: $66,300 (1-person) to $124,950 (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.

Mercer County Consortium HOME First-Time Homebuyer Program caps the purchase price at $309,000. Eligible property types include Single-family detached, Townhome, Condominium, and 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Mercer County Consortium HOME First-Time Homebuyer Program serves homebuyers purchasing in Mercer County, New Jersey.

Applications for Mercer County Consortium HOME First-Time Homebuyer 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 Mercer County HCD. 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.