Monmouth County First-Time Home Buyers Program

What is Monmouth County First-Time Home Buyers Program?

Monmouth County First-Time Home Buyers Program is a forgivable loan for homebuyers in Monmouth County, New Jersey.

• Monmouth County HOME-funded $10,000 forgivable second for first-time homebuyers. 80% AMI cap. Tiered max purchase price ($461K non-target / $885K target). 5-year affordability period.
• Up to $10,000 in down payment and closing cost assistance for first-time homebuyers purchasing in Monmouth County, NJ. HUD HOME-funded. 0% interest deferred-payment forgivable second. 5-year HOME affordability period.
• fully forgiven at end of term if owner-occupied throughout. 80% AMI cap (Monmouth-Ocean / New York-Newark HMFA). Tiered max purchase price: $461,000 in non-target areas, $885,000 in target areas (HUD-designated census tracts) per HOME 95% AMPP.
• Funding comes from Federal HOME.

Do you have to pay it back?

Monmouth County First-Time Home Buyers Program is forgiven after 5 years, so a buyer 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.

Who qualifies?

Monmouth County First-Time Home Buyers Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Monmouth County First-Time Home Buyers 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 Monmouth-Ocean / New York-Newark HMFA. Approximate 2025: $68,500 (1-person) to $129,100 (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?

Monmouth County First-Time Home Buyers Program caps the purchase price at $885,000.

• 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?

Monmouth County First-Time Home Buyers Program serves buyers purchasing in Monmouth County, New Jersey.

• The program targets specific areas: HUD-designated target census tracts (typically Asbury Park, Long Branch, Neptune) qualify for higher purchase-price limit ($885K vs $461K non-target).

How do you apply?

Applications for Monmouth County First-Time Home Buyers 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 (Affordable Housing Alliance, HomeFront, NJ Citizen Action)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to Monmouth County Division of Community Development. 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.