The Housing Partnership is pleased to announce the availability of $10,000 down payment assistance for income eligible first time home-buyers planning to purchase a home in the state of New Jersey.
Funding is 100% recoverable upon re-sale, refinance or renting out of the home. Condos and single-family homes are eligible.
1. All applicants must have completed our Homebuyer education workshop, an eight-hour ownership education series provided by the Housing Partnership, within the past 12 months.
2. Down payment assistance is offered as a zero interest second mortgage. The assistance will be recoverable at time of resale, renting or refinance. The Housing Partnership must be in second position for the mortgage.
3. You must have completed a one-on-one financial coaching session with a homeownership specialist to determine eligibility for the program and credit requirements.
4. A minimum down payment of 2% of the selling price must be the buyer’s own funds. For FHA loans, the buyer must have 3.5% down of their own funds, which does not include this down payment assistance. All prospective applicants must have a minimum $2,000 of their own funds in a savings type account as reserves after closing.
5. All assets will be reviewed in order to determine eligibility for down payment assistance. Liquid assets of over 15% of the purchase price will render the applicant ineligible. The maximum selling price of a home is $548,250.
6. Ratio calculations: Maximum allowable back end ratio (total debt to income) is 43%.
7. You must secure a fixed rate 30-year mortgage through one of the Housing Partnership’s partner banks. Partner bank lists are available.
8. You must remain a resident of the home. In the case of renting, refinancing, resale or obtaining home equity loan the $10,000 zero interest loan must be repaid.
9. The property must be free of deteriorating paint, must be habitable and must have potable water. Inspection report must be provided.
10. Gross household income for all adults over age 18 must be under 115% of the current HUD median income.
| Household Size | HUD 115% Income Limit |
|---|---|
| 1 | $106,019 |
| 2 | $121,164 |
| 3 | $136,310 |
| 4 | $151,455 |
| 5 | $163,571 |
| 6 | $175,686 |
| 7 | $187,802 |
| 8 | $199,917 |
*Above figures, represent HUD maximum gross household incomes for 2025.
11. Return completed applications, together with a non-refundable $125 application fee and all documentation, to: Housing Partnership, 2 E. Blackwell Street, Suite 12, Dover, NJ 07801. Be sure to allow up to six weeks for review of application, income verification and final approval.
12. Your income eligibility does not guarantee receipt of down payment assistance. Funds are limited to a first come, first serve basis.
13. Be sure to ask your attorney about any additional fees for filing the zero interest second mortgage.
14. This flyer is for informational purposes only and negates all previous flyers and information regarding the Housing Partnership’s down payment assistance program.
