Township of Lakewood First Time Homebuyer Program

What is 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.

Do you have to pay it back?

Township of Lakewood First Time Homebuyer Program is forgiven after 10 years, so a buyer 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.

Who qualifies?

Township of Lakewood 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?

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.

What kind of home can it be used for?

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.

Where does it apply?

Township of Lakewood First Time Homebuyer Program serves buyers 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).

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies (Affordable Housing Alliance, Ocean Inc.)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application to Lakewood Township Department of Community Development. First-come, first-served subject to HOME funding cycle., 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.