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.

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

Monmouth County First-Time Home Buyers 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 (Affordable Housing Alliance, HomeFront, NJ Citizen Action). Residency requirement: Property must be in Monmouth County, NJ. 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 Monmouth County. Owner-occupied primary residence. $1,000 minimum buyer contribution. HUD-certified homebuyer counseling. HQS inspection. Lead-based paint clearance for pre-1978. Higher purchase-price limit applies in HUD-designated target census tracts.

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.

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.

Monmouth County First-Time Home Buyers Program serves homebuyers 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).

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