Key Benefits of the Program

• Up to $25,000 in Assistance: Qualified applicants may receive assistance toward down payment and closing costs.
• Deferred Second Mortgage: Assistance is secured by a second mortgage on the property.
• Forgiven After Six Years: The second mortgage may be forgiven and canceled after the required six-year period.
• Lower Upfront Costs: Funds are applied toward closing costs first, with remaining funds applied toward down payment assistance.
• Flexible Loan Options: The program may be used with eligible fixed-rate FHA, VA, and Conventional mortgage loans.

Eligibility Criteria

• First-Time Homebuyer: Applicants generally must not have owned a home in the past three years.
• Ocean County Residency: Applicants must be Ocean County residents for at least 180 days.
• Citizenship Requirement: Applicants must be U.S. citizens or permanent resident aliens.
• Credit Requirement: A minimum credit score of 620 is required.
• Income Limits Apply: Household income must fall within HUD income limit requirements.
• Homebuyer Contribution: Applicants must contribute at least 3% of the sales price toward the down payment, with at least 1% coming from the buyer’s own funds.
• Homeownership Education: Applicants must attend O.C.E.A.N., Inc. HUD-certified Homeownership Education Workshops.

Current HUD Income Limits

• 1 Person: $72,950
• 2 People: $83,400
• 3 People: $93,800
• 4 People: $104,200
• 5 People: $112,550
• 6 People: $120,900
• 7 People: $129,250
• 8 People: $137,550

Eligible Properties

• Ocean County Only: The property must be located in Ocean County, New Jersey.
• Primary Residence: The home must be used as the buyer’s primary residence.
• Eligible Property Types: Single-family homes, condominiums, townhomes, and manufactured homes may be eligible.
• Mobile Homes Not Eligible: Mobile homes are not eligible under this program.
• Purchase Price Limit: The maximum purchase price cannot exceed $521,000.
• Occupancy Requirement: The buyer must occupy the property within 60 days after closing.

Mortgage and Loan Requirements

• Fixed-Rate Loans Only: The program works with fixed-rate mortgage products.
• Eligible Loan Types: FHA, VA, and Conventional mortgage loans may be used.
• No Cash Back: Buyers may not receive cash back at closing.
• Second Mortgage: Program assistance is secured by a second mortgage and may be forgiven after six years.

Housing Counseling and Education

• HUD-Certified Counseling: O.C.E.A.N., Inc. provides housing counseling services for applicants and prospective homebuyers.
• Budget and Savings Support: Counseling may help buyers develop a savings plan, create a budget, and prepare for homeownership.
• Credit Guidance: Counseling may also help buyers repair and maintain good credit.

Why Choose Advisors Mortgage?

• Experienced Guidance: Advisors Mortgage can help buyers understand program requirements and prepare for the mortgage process.
• Local Program Knowledge: Our team can help determine whether this program may fit your homebuying goals.
• Step-by-Step Support: From pre-approval to closing, we help make the process easier to navigate.

Take the Next Step with Advisors Mortgage

The Ocean County First-Time Homebuyer Program may help reduce the upfront cost of purchasing a home by providing eligible buyers with assistance toward down payment and closing costs.

Contact Advisors Mortgage today or call 800-778-9044 to learn more and begin your path toward homeownership in Ocean County.