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. Funding comes from HUD HOME Investment Partnerships Program (Ocean County Consortium).

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.

Ocean County Consortium First-Time Homebuyer Program is forgiven after 6 years, so a homebuyer 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.

Ocean County Consortium First-Time Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Applicant who previously owned with a former spouse/partner and no longer resides there, buying solely, may qualify. On credit, the program states: Must be 'mortgage ready' with minimum credit score of 620. A homebuyer education course is required, through O.C.E.A.N., Inc. HUD-Certified Homeownership Education Workshops (two-part, 6 hours). Residency requirement: Must be an Ocean County resident; home in Ocean County occupied as principal residence within 60 days of closing. Citizenship or immigration status: Must be a U.S. citizen or qualified alien.

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.

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.

Ocean County Consortium First-Time Homebuyer Program serves homebuyers purchasing in Ocean County, New Jersey.

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. 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.