Township of Lakewood First Time Homebuyer Program

Township of Lakewood First Time Homebuyer Program is a forgivable loan for homebuyers in Lakewood, New Jersey. Lakewood Township HOME-funded $25,000 forgivable second for first-time homebuyers. Targeted moderate-income band. Tiered max purchase price. 10-year affordability period. Up to $25,000 in HOME-funded down payment and closing cost assistance for first-time homebuyers purchasing in the Township of Lakewood, Ocean County, NJ. 0% interest deferred-payment forgivable second mortgage. 10-year HOME affordability period (since amount > $15K). Targeted moderate-income band ($87,700-$100,855 AMI per seed). Tiered max purchase price: $429,619 non-target / $826,218 target areas (per HOME 95% AMPP for Ocean County / Monmouth-Ocean HMFA). Pairs with FHA/VA/USDA/conventional first mortgages. Funding comes from Federal HOME.

Township of Lakewood First Time Homebuyer Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 10-year HOME affordability period and lien forgiven at end of term. Prorated balance due on early sale, transfer, cash-out refi, or non-owner-occupancy. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Township of Lakewood 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: HUD 24 CFR 92.2 displaced-homemaker / single-parent exceptions. On credit, the program states: First-mortgage lender overlays apply. A homebuyer education course is required, through HUD-approved housing counseling agencies (Affordable Housing Alliance, Ocean Inc.). Residency requirement: Property must be in Township of Lakewood. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HOME rules. First-time homebuyer (no primary residence in past 3 years; HUD exceptions). Targeted income band $87,700-$100,855 (approximately 100% AMI Monmouth-Ocean HMFA - moderate-income targeting). Property in Township of Lakewood. Owner-occupied primary residence. $1,000 minimum buyer contribution. HUD-certified homebuyer counseling. HQS inspection. Lead-based paint clearance for pre-1978.

Township of Lakewood First Time Homebuyer Program limits household income to 100% of the area median income, which varies by county and household size. Targeted moderate-income band approximately 100% AMI Monmouth-Ocean HMFA. Approximate 2025: $87,700 (1-person) to $100,855 (4-person upper bound). 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 Lakewood First Time Homebuyer Program caps the purchase price at $826,218. Eligible property types include Single-family detached, Townhome, Condominium, and 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Township of Lakewood First Time Homebuyer Program serves homebuyers purchasing in Lakewood, New Jersey. The program targets specific areas: HUD-designated target census tracts within Lakewood Township qualify for higher purchase-price limit ($826,218 vs $429,619 non-target).

Applications for Township of Lakewood First Time Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application to Lakewood Township Department of Community Development. First-come, first-served subject to HOME funding cycle. 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.