What if we told you the County of Ocean has a program to assist First-Time Homebuyers with down payments and closing costs? What if we told you that “eligible” First-Time Homebuyers could receive a “grant” from Ocean County toward those down payments and closing costs in the amount of $10,000? What if we told you that as long as you live in (and own) the home you purchase, with the assistance of the “County Grant”, for a minimum of six years, you won’t have to pay it back? Would you buy a home in Ocean County, NJ?
The County of Ocean Consortium receives HOME Investment Partnership Program block grant funding annually from the U.S. Department of Housing and Urban Development to create affordable housing for low and moderate income households. Ocean County has allocated funding from the HOME Program to initiate the First-time Homebuyer Program for income eligible households.
Here’s a quick checklist to see if you may be eligible:
- Must be an Ocean County resident
- ? Must have three percent (3%) down payment funds (at least 1-1/2% MUST be from your own funds and evidence by over 3 months steady savings account; NO gifts allowed to meet the 1-1/2% down payment requirement; recent lump sums of deposit will also be verified).
- Meet income limit requirements (see below).
- Meet credit guidelines – a credit score of 620 or above is required to qualify for acceptance into the program (mortgage ready)**
- Income to support mortgage payments.
- Steady employment history.
- Have an established pattern of savings.
- Must be a U.S. citizen or a qualified alien.
- Attend OCEAN, Inc.’s free eight-hour HUD certified homeownership education program.
This outstanding program is administered by the Ocean County Department of Planning and funded with the cooperation of the following Financial Lenders:
- Ocean First Bank
- Bank of America
- Wells Fargo Home Mortgage
- Franklin American Mortgage
- TD Bank
- ISB Mortgage
- Intercounty Mortgage Network
So, if you think you might qualify as a First-Time Homebuyer in Ocean County, NJ, and would like to see if you would be “eligible” for the $10,000 grant, visit this website, or just send us an e-mail with the subject line; Ocean County Grant! We’ll help you discover whether you qualify and we’ll help you buy your first home in Ocean County, NJ!
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