Little-Known First-Time Home Buyer Programs – County Level (New Jersey/Pennsylvania)

If you are still wondering, or thinking, or contemplating about buying your first home and think you need a lot of money to buy, then you need to check out these little-known first-time home buying programs.

I put together this series, with information of some of these programs at a federal, state, county and individual financial institutions.    Working with so many first-time home buyers, I have seen them make the most of these programs, helping them get into their first home, without breaking their bank.  Sometimes, they even have enough money left over to make their house a home, putting their own personal touches. 

This week, we will be looking at the programs on the county level (New Jersey and Pennsylvania) levels. 

County Level

Most homebuyers are not aware of programs that are available that can help you with downpayment and closing costs in the county of where the purchase is.   Here are the county programs available for the counties in our area for New Jersey and Pennsylvania.

New Jersey

Burlington County

Burlington County First-Time Homebuyers Program

• This program provides financial assistance to low- and moderate-income residents to help them buy their first home in Burlington County.  
• Applicants must not own a home for 3-year period before applying
• Those that are eligible can receive a grant of up to $10,000 for closing costs and interest rate buy down assistance. 
• They also provide $15,000 towards down payment. 
• Buyers must put down at least 3% downpayment
• Applicants must complete a HUD approved first-time homebuyer education course
• Purchase price and income eligibility limits applies
• Homeowners must live in the home for 10 years
• For more info and details go the Burlington County website:  (Click Here). 

Camden County

 Camden County First Time Homebuyer Program

• Can provide up to $25,000 for eligible homebuyers
• Homebuyers must purchase a home in Camden County
• Promotes homeownership for low and moderate-income first-time homebuyers
• Specific income and maximum purchase price limits apply
• Eligible homebuyers must receive Housing Counseling
• For more info and details go to the Camden county website:  (Click Here).

Mercer County 

 Mercer County First Time Homebuyer Program

• This program provides downpayment and closing assistance only
• Offers up to 2% of purchase price toward down payment
• Closing costs up to $4,000
• Total assistance not to exceed $7,000
• Assistance will be as an interest free deferred loan
• Eligible homebuyers must live in the home for at least 3 years
• Eligible homebuyers must be a qualified low-income household
• Property must be purchased within Mercer County (excludes the City of Trenton)
• Eligible homebuyers must be a United States citizen or legal resident.
• For more info and details, check out the website: (Click Here).

Gloucester County

  Gloucester County Homebuyer Down Payment Assistance Program

• Eligible homebuyers to have low to moderate household income
• Eligible homebuyers have not owned a home in the past three years
• Eligible homebuyers must put a minimum of 3% downpayment towards the purchase price
• Eligible properties include single family, condominiums or 2-4 units
• Property must be purchased within Gloucester County
• Assistance provided up to $25,000 to be applied first to closing costs and the balance to down-payment assistance
• Eligible homebuyers must live in the home for up to 10 years. 
• For more info and details, check out the website: (Click Here).

Pennsylvania

   Bucks County

  Bucks County First Time Home Buyers Program

• Provides up to $10,000 for closing costs and/or down payment assistance
• Eligible homebuyers must attend housing counseling class
• Household income limits apply
• Assistance is in the form of a no-interest deferred mortgage and is repayable once the home is sold, transferred or refinanced.
• Property purchased must be in Bucks County
• For more info and details check out the website: (Click Here).

   Philadelphia County

Philly First Home Program

• Offers a homebuyer assistance grant of up to $10,000 (or 6% of the purchase price, whichever is less) to help first-time homebuyers.
• The grant is to assist with down payment and/or closing costs
• Grants will be provided while funding is available.
• If an eligible home buyer moves or refinances before living in the home for 15 years, the grant must be repaid.
• First -time home buyer is a buyer who has not owned a home for a least 3 years. 
• Home purchased must be a single-family or duplex in Philadelphia (condominiums are not eligible).
• Eligible home buyers must attend a homeownership counseling class
• Certain income requirements apply
• For more info and details, check out the website:  (Click Here).

Keep in mind, sometimes that with some of the programs, the funds allotted to them may run out before the end of the fiscal year.  When that happens, potential buyers will have to wait for the new fiscal year for the programs to receive new funding.  Not everyone qualifies for these programs, but it is worth your time to check them out to see if qualifying for any of them is a possibility. 

Stay tuned for next week’s series where I will write about the programs available from local lenders.

If you are ready to get started on your home search and wanted to start the conversation, reach out me at ccr@ccrsellsrealestate.com to set up a time to chat, or click on the box below.