Monmouth County First-Time Homebuyer Program
Funding status: Active
How much assistance
Up to $10,000 (Forgivable Loan)
Interest-free deferred second mortgage forgiven after 5 years of owner-occupancy.
Eligibility
- Income limits: At or below 80% of Area Median Income (AMI)
- Purchase price limit: $337,000
- First-time buyer required: Yes — Must not have owned a home in the past 3 years. Must be a Monmouth County resident for at least 1 year prior to application.
- Geographic restrictions: Property must be located in Monmouth County.
- Homebuyer education required: Yes
How to Apply for Monmouth County First-Time Homebuyer Program
Step 1: Download the application from the Monmouth County Planning Board website. Complete a HUD-approved pre-purchase housing counseling course before signing a purchase contract. Submit lender pre-approval letter and signed sales contract with the application. Close with both first and second mortgages.
Notes
Purchase price limits: $337,000 for 1-family/condo, $432,000 for 2-family, $532,000 for 3-family, $648,000 for 4-family. FY2025 figures. Applicant must be Monmouth County resident for 1 year.