Township of Irvington Homeownership Program (First-Time Homebuyer / HOME)

Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) is a forgivable loan for homebuyers in Irvington, New Jersey, administered by Township of Irvington Department of Economic Development and Grants Oversight (DEDGO). The Township of Irvington Homeownership Program uses federal HUD HOME funds to provide eligible first-time homebuyers up to $10,000 in down payment and/or closing-cost assistance toward a 1-4 family home, condo, co-op, or manufactured home within Irvington. The subsidy is secured by a lien with a 5-year affordability period and becomes a partially repayable loan (per a recapture schedule) only if the buyer sells, moves, or defaults before 5 years. Applicants must complete Urban League of Essex County homebuyer counseling, have a credit score of at least 640, at least $1,500 in savings, and earn at or below 80% AMI. Up to $10,000 DPA/closing-cost grant. Forgiven after 5 years. Condos, co-ops, manufactured homes eligible. Free HUD-approved counseling via Urban League of Essex County. Open to any lender. Funding comes from Federal HUD HOME Investment Partnerships Program.

Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) offers between $1,000 and $10,000 in assistance. Award tiers: Sliding scale based on the primary mortgage; minimum $1,000, maximum $10,000 per dwelling unit. Homebuyer contribution: At least $1,500 in a savings account. Amounts are the program's published maximums, not an offer — Township of Irvington Department of Economic Development and Grants Oversight (DEDGO) determines any individual award.

Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Partial repayment (per recapture schedule) if buyer moves, sells, or defaults before the end of the 5-year affordability period. 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.

Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer defined as not having owned a home in the last 3 years. On credit, the program states: Minimum credit score of 640 with no late payments, collections, judgments, or tax liens in the past 12 months. A homebuyer education course is required, through Urban League of Essex County (ULEC) First-Time Homeowners Program (HUD-approved); certificate required plus post-purchase counseling commitment. Residency requirement: Property must be located within the Township of Irvington. Must complete Urban League of Essex County (ULEC) First-Time Homeowners Program and obtain certificate; no late payments/collections/judgments/tax liens in past 12 months; property must pass local Housing Standards and Lead-Based Paint inspections.

Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% of area median income (HUD Section 8 low-income limits), adjusted for household size; revised annually. 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.

Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) can be used for Single Family, 2-4 Unit, Condo, Co-op, and Manufactured. New construction is eligible. Manufactured homes are eligible.

Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) serves homebuyers purchasing in Irvington, New Jersey.

Applications for Township of Irvington Homeownership Program (First-Time Homebuyer / HOME) go through Township of Irvington Department of Economic Development and Grants Oversight (DEDGO), which publishes the current terms and the application steps on its own site. Funds are reserved through Walk-in preliminary application at DEDGO office; referral to Urban League of Essex County counseling; then Program Participation Application and eligibility interview. 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.