NJCC Statewide Down Payment Assistance Program

NJCC Statewide Down Payment Assistance Program is a forgivable loan for homebuyers in Statewide, New Jersey. The NJCC Statewide Down Payment Assistance Program is the flagship statewide DPA grant operated by NJCC's Address Yourself(TM) program. Available to income-eligible first-time buyers purchasing a 1-4 family primary residence anywhere in New Jersey, the program provides $5,000 - $30,000 in DPA depending on need. Buyers must earn less than 100% of the HUD area median income for their county and household size, and the maximum purchase price is $625,000. Funded in partnership with a variety of lenders and funders. Structured as a 5-year forgivable second mortgage at 0% interest. Provides $5,000 - $30,000 in down payment and closing cost assistance grants to income-eligible first-time buyers purchasing a primary residence anywhere in New Jersey, depending on need. Forgivable over 5 years (20% per year), 0% interest, no monthly payment. Funding comes from Nonprofit, CDFI, Bank, and Foundation.

NJCC Statewide Down Payment Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, refinance (without subordination), or property no longer used as primary residence prior to 5-year forgiveness and balance forgiven 20% per year. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

NJCC Statewide Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Standard 3-year first-time homebuyer rule. On credit, the program states: Per first-mortgage product overlay (typically 620+ FICO). A homebuyer education course is required, through NJCC- and HUD-approved housing counseling agencies; pre-purchase counseling certificate (within 1 year) required. Residency requirement: Property must be located in New Jersey and used as the borrower's primary residence. Citizenship or immigration status: U.S. citizen, qualified non-citizen, or ITIN holder eligible. Must be a first-time homebuyer (no ownership in past 3 years) purchasing a 1-4 family primary residence anywhere in New Jersey. Must enroll in the Address Yourself homeownership program, complete HUD-approved pre-purchase counseling, and be preapproved with one of NJCC's approved lenders. ITIN holders are eligible. Must be under contract before applying. Maximum purchase price $625,000.

NJCC Statewide Down Payment Assistance Program limits household income to 100% of the area median income, which varies by county and household size. Up to 100% of HUD Area Median Income (AMI) by county and household size. Statewide range across all counties and household sizes (2025 HUD): low end ~ $59,500 (1-person, lowest county) up to ~ $188,700 (8-person, highest county). Income limits increase with household size; see the NJCC NJ 100% AMI table. 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.

NJCC Statewide Down Payment Assistance Program caps the purchase price at $625,000. Eligible property types include 1-4 family residential property occupied as primary residence. New construction is eligible. Manufactured homes are not eligible.

NJCC Statewide Down Payment Assistance Program serves homebuyers purchasing in Statewide, New Jersey.

Applications for NJCC Statewide Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved through Address Yourself online application process once borrower is enrolled, preapproved, and under contract; funds disbursed to settlement agent at closing. 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.