See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated March 29, 2026

Homebuyer Programs in Lakewood, NJ (2026)

Population: 135,000 | Median home price: $400,000 | Est. closing costs: $8,000 - $12,000

Lakewood is one of New Jersey's fastest-growing communities, located in Ocean County in the central part of the state, with a median home price around $400,000. Homebuyers here benefit from the Ocean County First-Time Homebuyer Program, which provides $15,000 as a forgivable loan through HUD HOME funds — forgiven after just 6 years of owner-occupancy. At the state level, the NJHMFA Down Payment Assistance Program adds up to $15,000 as a forgivable loan, and first-generation buyers can receive an additional $7,000 through the NJHMFA First Generation Down Payment Assistance. The NJCC Statewide DPA offers up to $30,000 in grant funding, and NACA provides mortgages with no down payment, no closing costs, and no PMI. Northern Ocean Habitat for Humanity also serves the area with 0% interest mortgages for qualifying families. By stacking county, state, and nonprofit programs, Lakewood buyers could access over $60,000 in combined assistance.

City Programs in Lakewood

Program Name	Type	Amount	First-Time Only	Details
Lakewood Housing Authority HCV Homeownership Program	Grant	Housing Choice Voucher subsidy applied toward monthly mortgage payment instead of rent	Yes	View →

Lakewood Housing Authority HCV Homeownership Program

Type:: Grant
Amount:: Housing Choice Voucher subsidy applied toward monthly mortgage payment instead of rent
First-time only:: Yes

County Programs in Ocean County

Program Name	Type	Amount	First-Time Only	Details
Ocean County First-Time Homebuyer Program	Forgivable Loan	$15,000	Yes	View →

Ocean County First-Time Homebuyer Program

Type:: Forgivable Loan
Amount:: $15,000
First-time only:: Yes

State Programs in New Jersey

Program Name	Type	Amount	First-Time Only	Details
FHLBNY Homebuyer Dream Program	Grant	Up to $30,000	Yes	View →
NJCC Statewide Down Payment Assistance Program	Grant	Up to $30,000	Yes	View →
NJHMFA Down Payment Assistance Program	Forgivable Loan	Up to $15,000: $15,000 in Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties; $10,000 in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Salem, Sussex and Warren counties	Yes	View →
NJHMFA First Generation Down Payment Assistance	Forgivable Loan	$7,000	Yes	View →
NJHMFA First-Time Homebuyer Mortgage Program	Government-Insured Mortgage	30-year fixed-rate FHA, VA or USDA first mortgage through NJHMFA participating lenders (rate quoted by lender); eligible for up to $15,000 NJHMFA down payment assistance	Yes	View →
NJHMFA HFA Advantage Mortgage Program	Government-Insured Mortgage	Competitive 30-year fixed-rate conventional mortgage	No	View →

FHLBNY Homebuyer Dream Program

Type:: Grant
Amount:: Up to $30,000
First-time only:: Yes

NJCC Statewide Down Payment Assistance Program

Type:: Grant
Amount:: Up to $30,000
First-time only:: Yes

NJHMFA Down Payment Assistance Program

Type:: Forgivable Loan
Amount:: Up to $15,000: $15,000 in Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties; $10,000 in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Salem, Sussex and Warren counties
First-time only:: Yes

NJHMFA First Generation Down Payment Assistance

Type:: Forgivable Loan
Amount:: $7,000
First-time only:: Yes

NJHMFA First-Time Homebuyer Mortgage Program

Type:: Government-Insured Mortgage
Amount:: 30-year fixed-rate FHA, VA or USDA first mortgage through NJHMFA participating lenders (rate quoted by lender); eligible for up to $15,000 NJHMFA down payment assistance
First-time only:: Yes

NJHMFA HFA Advantage Mortgage Program

Type:: Government-Insured Mortgage
Amount:: Competitive 30-year fixed-rate conventional mortgage
First-time only:: No

Federal Programs

Program Name	Type	Amount	First-Time Only	Details
FHA Loans	Government-Insured Mortgage	Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)	No	View →
Good Neighbor Next Door (HUD)	Government Property Sale Program	50% discount off the list price of HUD-owned homes	Yes	View →
Home Possible Mortgage (Freddie Mac)	Government-Guaranteed Mortgage	Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment	No	View →
HomeReady Mortgage (Fannie Mae)	Government-Guaranteed Mortgage	Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment	No	View →
HUD $100 Down Program	FHA-Financed HUD REO Purchase	Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.	No	View →
USDA Rural Development Loans	Government-Guaranteed Mortgage	100% financing (no down payment required); loan amount up to appraised value	No	View →
VA Loans	Government-Guaranteed Mortgage	No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)	No	View →

FHA Loans

Type:: Government-Insured Mortgage
Amount:: Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
First-time only:: No

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

Type:: Government-Guaranteed Mortgage
Amount:: Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
First-time only:: No

HomeReady Mortgage (Fannie Mae)

Type:: Government-Guaranteed Mortgage
Amount:: Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
First-time only:: No

HUD $100 Down Program

Type:: FHA-Financed HUD REO Purchase
Amount:: Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
First-time only:: No

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

Type:: Government-Guaranteed Mortgage
Amount:: No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
First-time only:: No

Nonprofit Programs

Program Name	Type	Amount	First-Time Only	Details
NACA Best in America Mortgage Program	Zero-Interest Loan	No down payment, no closing costs, no fees, no mortgage insurance, below-market interest rate	No	View →
Northern Ocean Habitat for Humanity Homeownership Program	Zero-Interest Loan	Below-market-price home purchase with 0% interest mortgage	Yes	View →

NACA Best in America Mortgage Program

Type:: Zero-Interest Loan
Amount:: No down payment, no closing costs, no fees, no mortgage insurance, below-market interest rate
First-time only:: No

Northern Ocean Habitat for Humanity Homeownership Program

Type:: Zero-Interest Loan
Amount:: Below-market-price home purchase with 0% interest mortgage
First-time only:: Yes

Free eligibility check

17 programs available in Lakewood. See which ones you qualify for.

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Question 1 of 6

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How to Apply

Step 1: Check your eligibility. The Ocean County program requires low to moderate income per HUD guidelines and a maximum purchase price of $475,000. NJHMFA programs require income at or below 115% to 140% AMI and a minimum credit score of 620.

Step 2: Complete homebuyer education. Both the Ocean County program and NJHMFA require HUD-approved homebuyer education. Contact O.C.E.A.N. Inc. Housing Counseling Department at (732) 244-5333 or the Lakewood Resource and Referral Center at (732) 942-9292 for local counseling options.

Step 3: Contact O.C.E.A.N. Inc. for the county program. Call (732) 244-5333 to learn about current funding availability for the Ocean County First-Time Homebuyer Program. You will need a down payment of at least 3% of the purchase price with at least 1% from your own funds.

Step 4: Get pre-approved for a mortgage. Contact an NJHMFA participating lender through theroadhomenj.com for state DPA programs, or begin the NACA qualification process for their no-down-payment mortgage.

Step 5: Find a home within program limits. The Ocean County program caps the purchase price at $475,000. The home must be within Ocean County. NJHMFA programs apply statewide.

Step 6: Submit your applications and close. Ocean County HOME funds are distributed on a first-come, first-served basis. NJHMFA DPA and First Generation assistance are applied at closing through your participating lender. Plan for a closing timeline of 45 to 60 days.

Frequently Asked Questions

How much down payment assistance can I get in Lakewood?+

Lakewood buyers can stack several programs. The Ocean County First-Time Homebuyer Program provides $15,000 as a forgivable loan. The NJHMFA DPA adds up to $15,000, and the NJHMFA First Generation program provides an additional $7,000 for first-generation buyers. The NJCC Statewide DPA offers up to $30,000. NACA provides mortgages with zero down payment, no closing costs, and no PMI. In total, eligible buyers could access over $60,000 in combined assistance.

Do I have to be a first-time homebuyer to qualify?+

The Ocean County program and NJHMFA DPA programs require first-time buyer status, defined as not having owned a home in the past 3 years. The NJHMFA First Generation program additionally requires that neither the borrower nor their parents have owned a home. However, the NJHMFA HFA Advantage Mortgage and NACA are not limited to first-time buyers.

What is the maximum home price I can pay?+

The Ocean County First-Time Homebuyer Program caps the purchase price at $475,000. NJHMFA programs tie eligibility to income limits rather than a strict home price cap. Contact O.C.E.A.N. Inc. at (732) 244-5333 or an NJHMFA-approved lender for the most current guidelines.

What homebuyer education is required?+

Both the Ocean County program and NJHMFA programs require HUD-approved homebuyer education. Contact the O.C.E.A.N. Inc. Housing Counseling Department at (732) 244-5333 for courses in Ocean County. The Lakewood Resource and Referral Center at (732) 942-9292 also provides homebuyer education and counseling. NACA requires attendance at their free 4-hour workshop.

How does the Ocean County forgivable loan work?+

The Ocean County First-Time Homebuyer Program provides $15,000 as a deferred loan that is completely forgiven after 6 years of owner-occupancy as your primary residence. During those 6 years, there are no monthly payments and no interest. The program also comes with reduced bank fees and closing costs, and no mortgage points are charged.

Can Section 8 voucher holders buy a home in Lakewood?+

Yes. The Lakewood Housing Authority runs an HCV Homeownership Program that converts Section 8 rental vouchers into homeownership subsidies applied toward monthly mortgage payments. Contact the Lakewood Housing Authority for eligibility requirements and available slots.