You've been dreaming of buying your first home and can imagine repainting the bedrooms, arranging your furniture in the cozy living room, and cooking for your family in the beautiful kitchen. What if you could receive a $10,000 grant towards the down payment and closing costs when purchasing a house? It makes buying a home more attainable, that's for sure!
Low- and moderate-income, first-time home buyers in Monmouth County, New Jersey, may be eligible for up to $10,000 towards down payment and closing costs. Monmouth County's First Time Home Buyer Program offers interest-free second mortgage grants to help with down payment assistance. Before applying for down payment assistance, here are a few things to consider:
Requirements:
- First-time home buyers, single parents, or those who haven't owned a home in 3+ years
- Residents of Monmouth County for 1+ years
- Monthly house payment cannot be more than 40% of your income
- Must attend first-time home buyer classes
- Home price must not exceed $399,000
- Home must pass an inspection
- Must have a Contract of Sale in place
- Must sign secondary mortgage & deed restriction
- Use approved lender
- No co-signer on the mortgage
- Income limits
What's included:
- Up to $10,000 loan that's forgivable after 5 years
- 0% interest if you live in the house for 5 years
If you live in Monmouth County, NJ, and are a first-time home buyer, we hope you'll apply for this down payment assistance program. More information is available on their website. Please comment below if you need help finding a local real estate agent.
Please share this article with your friends and family so they can take advantage of this down payment assistance program too.
For more information on buying a home, check out Reazo's extensive home buyers guide and bookmark it for future reference:
