First-Time Homebuyer Programs In Hudson County

If there’s one thing most of us can agree on, it’s that New Jersey real estate is pricey. It’s in high demand, especially when you go to counties closer to New York City. Hudson county remains one of the hottest markets, and that means that many would-be homeowners often assume that there’s no way they can afford a house of their own in this county. 

Believe it or not, that assumption is usually wrong. There are several programs that are specifically designed to help first-time homebuyers acquire their first home in Hudson County, NJ. These programs below are some of the best ones to check out if you’re looking for a little help with a home.

North Hudson Community Action Corporation Home Counseling

Are you unsure whether you can really own a home, or just want to get a better knowledge of what can be done to help your housing situation? Are you worried that a lender you’ve wanted to work with isn’t who he seems to be, or are you concerned that you don’t know much about the home buying process?

Sometimes, what you need isn’t a typical home buying program, but counseling. North Hudson Community Action will help give you the answers to the questions you have and possibly refer you to someone who can help you out. Some people even qualify for downpayment assistance through this option.

Hudson County First Time Home Buyers Program (FTHP)

The FTHP is one of many county-specific home buying programs in the state of New Jersey. This program is designed to help low to middle-income people afford a first home by providing them with down payment assistance. 

Currently, the FTHP gives up to $20,000 for a first time home loan. It’s a deferred loan with easier terms than a standard bank. You can find out if you qualify by calling the phone number on this site.

NJHMFA First-Time Homebuyer Mortgage Program (FTHMP)

This is not a Hudson-specific program, but it’s still a New Jersey-specific program geared towards first-time homebuyers. This is a mortgage program that can connect you with a very affordable, 30-year, government-backed mortgage for the property of your choice. 

In order to qualify for this program, you need to be a first-time homebuyer, and your income cannot exceed 140 percent of the Area Median Income of the place you want to move to if this sounds like you, give this place a click for a list of participating lenders.

Golden Neighborhoods Homeownership Program (GNHP)

Located right in the heart of Jersey City, the Golden Neighborhoods program is dedicated to helping low-income to medium-income families find a new home to buy. Golden Neighborhoods offers skills classes for first-time homebuyers, mortgage loan assistance, and even helps cover closing costs. 

If you are looking for a home in or around Jersey City, this is a spectacular program. The maxim subsidy that you can receive is $40,000 or 10 percent of the purchase price. 

NJHMFA Homeward-Bound Program

Another option that you can use as a first-time homebuyer is the Homeward Bound program. This is a statewide program that offers below-market 30-year, fixed-rate home loans for first-timers. 

If you want a single-family home, a condo, or a similar home, this is a good choice for you. It also is compatible with DPA loans up to $10,000. You can find out more here.

NJHMFA Down Payment Assistance Program

Another statewide option that you should pursue is the NJHMFA Down Payment Assistance Program. This is an interest-free, forgivable five-year loan that can offer qualified families up to $10,000 to put down on the home of their choice. 

If you are short on money for a down payment, this could be a good way to get the cash you need. The DPA loan has to be paired with an NJHMFA loan in order to qualify. 

Individual Development Account (IDA) Program

The IDA program is a unique savings-matching program geared towards first-time homebuyers, created by PROCEED. This statewide program creates a savings account for you, then matches whatever you want to contribute to it. 

This program is open and available for anyone who has less than 200 percent of the Federal Poverty Guidelines. If you choose to go through this program, be aware that you will need to contribute at least $25 to $40 per month to stay in there. 

Still, Feeling Lost?

If you are worried that you won’t be able to find a program that works well for your specific lifestyle or needs, don’t be upset. These programs are just the tip of the proverbial iceberg, both within Hudson County and New Jersey as a whole. 

There are tons of resources that you can find as a first-time homebuyer, especially if you are new to the world of real estate. To find out other options for your situation, feel free to reach out to us, and we can connect you with a mortgage lender or social worker today familiar with these homebuyer programs today.