Ocean County Consortium First-Time Homebuyer Program

What is Ocean County Consortium First-Time Homebuyer Program?

Ocean County Consortium First-Time Homebuyer Program is a deferred second loan for homebuyers in Ocean County, New Jersey, administered by O.C.E.A.N., Inc. (administering the Ocean County HOME Consortium).

• HOME-funded down payment and closing cost assistance for low- and moderate-income first-time homebuyers purchasing in Ocean County. Sponsored by the Ocean County Board of Commissioners on behalf of the Ocean County HOME Consortium (Ocean County, Brick, Jackson, Lakewood, Toms River) and administered by O.C.E.A.N., Inc. as a deferred second mortgage forgiven after 6 years.
• $15,000 down payment and closing cost assistance.
• Deferred second mortgage forgiven after 6 years.
• Reduced bank fees; no mortgage points.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD HOME Investment Partnerships Program (Ocean County Consortium).

How much assistance does it provide?

Ocean County Consortium First-Time Homebuyer Program offers up to $15,000 in assistance.

• Amounts are the program's published maximums, not an offer — O.C.E.A.N., Inc. (administering the Ocean County HOME Consortium) determines any individual award.

Do you have to pay it back?

Ocean County Consortium First-Time Homebuyer Program is forgiven after 6 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, rental, or cash-out refinance within 6 years triggers full repayment; forgiven after 6 years of continuous primary-residence occupancy.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Ocean County Consortium 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?

Ocean County Consortium First-Time Homebuyer Program limits household income to $97,800.

• 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?

Ocean County Consortium First-Time Homebuyer Program caps the purchase price at $475,000.

• Eligible property types include Single Family, Condo, Townhouse, and Manufactured.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Ocean County Consortium First-Time Homebuyer Program is a federal program, so it is not limited to New Jersey.

How do you apply?

Applications for Ocean County Consortium First-Time Homebuyer Program go through O.C.E.A.N., Inc. (administering the Ocean County HOME Consortium), 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 O.C.E.A.N., Inc. HUD-Certified Homeownership Education Workshops (two-part, 6 hours)..

2. 2

   Contact O.C.E.A.N., Inc. (administering the Ocean County HOME Consortium) to reserve funds

   Funds are reserved with the provider 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.