City of Perth Amboy Down Payment Assistance for First-Time Homebuyers

What is City of Perth Amboy Down Payment Assistance for First-Time Homebuyers?

City of Perth Amboy Down Payment Assistance for First-Time Homebuyers is a deferred second loan for homebuyers in Perth Amboy, New Jersey, administered by City of Perth Amboy Office of Housing & Social Services.

• The City of Perth Amboy offers Down Payment Assistance ranging from $10,000 up to $14,000 to help first-time homebuyers purchase an owner-occupied one- or two-family home located within Perth Amboy. Buyers must meet HUD low/moderate-income guidelines and complete a homebuyer education course from a HUD-certified agency. Homes built before 1978 require a lead-based paint assessment and clearance.
• $10,000 to $14,000 in down payment assistance.
• One- or two-family homes eligible.
• Bilingual (English/Spanish) program support.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD funds (administered by City of Perth Amboy); HUD low/moderate-income guidelines apply.

How much assistance does it provide?

City of Perth Amboy Down Payment Assistance for First-Time Homebuyers offers between $10,000 and $14,000 in assistance.

• Amounts are the program's published maximums, not an offer — City of Perth Amboy Office of Housing & Social Services determines any individual award.

Do you have to pay it back?

City of Perth Amboy Down Payment Assistance for First-Time Homebuyers is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• The assistance is recorded in Subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Perth Amboy Down Payment Assistance for First-Time Homebuyers is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Perth Amboy Down Payment Assistance for First-Time Homebuyers limits household income to 80% of the area median income, which varies by county and household size.

• Family must meet HUD low/moderate-income guidelines for the area; specific dollar limits by household size not published on the city page.
• 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?

City of Perth Amboy Down Payment Assistance for First-Time Homebuyers caps the purchase price as follows: Not published.

• Eligible property types include Single-family (one-family) and Two-family.
• Manufactured homes are not eligible.

Where does it apply?

City of Perth Amboy Down Payment Assistance for First-Time Homebuyers is a federal program, so it is not limited to New Jersey.

• The program targets specific areas: Property must be located within the City of Perth Amboy.

How do you apply?

Applications for City of Perth Amboy Down Payment Assistance for First-Time Homebuyers go through City of Perth Amboy Office of Housing & Social Services, 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 Homebuyer Education Course from a HUD-certified agency..

2. 2

   Contact City of Perth Amboy Office of Housing & Social Services to reserve funds

   Funds are reserved through Apply through the Office of Housing & Social Services, 1 Olive Street, 1st Floor., 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.