Mercer County Consortium HOME First-Time Homebuyer Program

What is 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.

Do you have to pay it back?

Mercer County Consortium HOME First-Time Homebuyer Program is forgiven after 10 years, so a buyer 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.

Who qualifies?

Mercer County Consortium HOME First-Time Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies (Princeton-Mercer NeighborWorks, HomeFront, etc.)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to Mercer County HCD. 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.