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American Dream Downpayment Program | Middlesex County Division of Housing, Community Development, and Social Services

75 Bayard St, 2nd Fl, New Brunswick, NJ 08901

First-time homebuyers, existing residents of Middlesex County for at least one year, must have mortgage pre-approval issued within the last 2 months, must meet household income eligibility limits, Able to put down at least 1% of purchase price from own funds, any co-signers must be planning to reside in the home, single-family property (including detached home, townhome, condo, and co-op), purchase price cannot exceed 4 times the household income, up to a maximum of $299,000, can be in any Middlesex County municipality except Perth Amboy or New Brunswick, must be certified free of lead based paint hazards if built before 1978
https://www.middlesexcountynj.gov/Government/Departments/CS/Pages/Housing/Middlesex-County-American-Dream-Downpayment-Program.aspx
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Applicants must supply at least 1% of the purchase price from their own funds towards their down payment. Applicants must also pay any associated fees for the homebuyer education.

Description

Awards $5,000 in assistance towards down payments and closing costs to eligible first-time homebuyers in Middlesex County. Interested applicants must attend a homebuyer class and undergo an individualized budget review/counseling process prior to closing on the house. The assistance will be in the form of a deferred repayment mortgage, which doesn't require payment of principal or interest by the homebuyers provided they own and live in the property for five years.

Providing organization

Middlesex County Division of Housing, Community Development, and Social Services

Administers three housing programs funded by the U.S. Department of Housing and Urban Development (HUD): Section 8 Rental Assistance; Community Development Block Grant (CDBG); and HOME Investment Partnerships.