Program Benefits

• Receive from $15,000 to $30,000 in down payment assistance.

• Stay in your home for 5 years, and the grant is forgiven.

• 1-4 family homes. No investment or second homes are eligible.

Eligibility Requirements

• Financial Readiness: Must have a minimum of one full escrowed mortgage payment (PITI) from your own funds at closing, as specified in the first lender’s Closing Disclosure.
• Local Residents: Must be a current resident of New Jersey purchasing a home in the Esperanza neighborhood of New Brunswick.
• First-Time Homebuyers: Must be purchasing a home in the US for the first time.
• Income Guidelines: Income qualified at 80% of gross prior year income based on family size, using current Middlesex County HUD income guidelines.
• Homeownership Coaching: Must complete homeownership counseling from a nonprofit HUD-approved counseling organization within the last 12 months.
• ITIN Holders: Eligible for the program.
• Pre-Approval: Must have a pre-approval letter from an approved lender and a fully executed purchase contract for an eligible property.

Additional Assistance

You may qualify for an extra $15,000 in down payment assistance if you meet any of the following criteria:

• All household members are current residents of New Brunswick.
• You are a first-generation homebuyer (none of the applicants’ immediate families, including parents, have previously owned a home in the US).
• You are a current resident outside of New Brunswick with a gross income of less than 50% of HUD’s AMI adjusted for household size for Middlesex County.

Take the Next Step

Ready to make your dream of homeownership a reality? Contact us today to learn more about the Esperanza Down Payment Assistance Program and start your journey to owning a home in New Brunswick.