Monmouth County First-Time Homebuyer Program

Key Benefits of the Program

• Up to $10,000 in Assistance: Funds may be used toward down payment and/or closing costs.
• Deferred Second Mortgage: Assistance is provided as a deferred payment second mortgage loan.
• Forgivable After Five Years: The loan may be forgiven and canceled after the required five-year period, as long as program requirements are met.
• Designed for Monmouth County Buyers: The program supports eligible first-time homebuyers purchasing a primary residence in Monmouth County.

Eligibility Criteria

• First-Time Homebuyer: Applicants must have never owned a home, or may qualify under certain exceptions such as being a displaced homemaker, single parent, or not having owned a home in the past three years.
• Monmouth County Residency: Applicants must have been Monmouth County residents for at least one year at the time of qualification and purchase.
• Primary Residence: The home must be occupied as the buyer’s principal, year-round residence.
• Income Limits Apply: Household income must fall within the program’s current income limits.
• Housing Payment Limit: The estimated monthly housing payment, including principal, interest, taxes, insurance, and HOA fees if applicable, cannot exceed 40% of the applicant’s income.
• Homebuyer Education Required: Applicants must complete HUD-approved Home Buyer Education and Homebuying Counseling.
• No Co-Signer: The property must be purchased without a co-signer.

2026 Income Limits

• 1 Person: $76,000
• 2 People: $86,850
• 3 People: $97,700
• 4 People: $108,550
• 5 People: $117,250
• 6 People: $125,950
• 7 People: $134,650
• 8 People: $143,300

Eligible Properties

• Property Types: Eligible homes may include 1-4 family properties, condominiums, townhomes, and manufactured homes.
• Monmouth County Only: The property must be located in Monmouth County.
• Inspection Requirements: Existing homes must meet Section 8 Housing Quality Standards, local construction codes, and applicable HUD requirements.
• Lead-Based Paint Review: Homes built before January 1, 1978 may require a visual lead-based paint inspection and remediation before closing if issues are found.

Application Process

• Start with a Participating Lender: The lender is the primary contact and will help collect and submit the application package.
• Contract of Sale Required: Buyers must have a signed contract of sale before applying for down payment assistance.
• Complete Counseling: A HUD-approved Home Buyer Education and Homebuying Counseling certificate must be included with the application.
• County Review: Monmouth County reviews residency, income, property details, appraised value, property condition, and HUD requirements.
• Plan Ahead: Final approval and closing review may take approximately eight to ten weeks after the County receives the application.

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 application preparation, we help make the process easier to navigate.

Take the Next Step with Advisors Mortgage

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

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