Atlantic City Down Payment Assistance Program
The Atlantic City Down Payment Assistance Plan helps eligible applicants secure safe and affordable housing.
Available Assistance
The Program may provide down payment assistance up to 10% of the purchase price and up to $5,000.00 of eligible closing cost for a combined total amount not to exceed $30,000.00.
All down payment and closing cost assistance is offered to the homebuyer as a deferred 0% interest loan, secured by a mortgage, to be repaid to the program based on the proceeds from resale, refinance or any changes in title and a portion of the appreciation as detailed in the recapture provision.
Eligibility Requirements
To be considered eligible, applicants must be Atlantic County residents who have lived there for the previous 12 months or are employed in Atlantic City. They must be first-time homebuyers who have not owned a home for the previous 2 years, and must have the ability to obtain a fixed rate mortgage through NJHMFA approved lenders*. They must meet established income guidelines.
Eligible Properties include single-family properties including townhouses and condominiums located within Atlantic City, New Jersey. The sales price of property cannot exceed $300,000.00, and the property must be primary residence and maintained as same.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information
Available Assistance
The Program may provide down payment assistance up to 10% of the purchase price and up to $5,000.00 of eligible closing cost for a combined total amount not to exceed $30,000.00.
All down payment and closing cost assistance is offered to the homebuyer as a deferred 0% interest loan, secured by a mortgage, to be repaid to the program based on the proceeds from resale, refinance or any changes in title and a portion of the appreciation as detailed in the recapture provision.
Eligibility Requirements
To be considered eligible, applicants must be Atlantic County residents who have lived there for the previous 12 months or are employed in Atlantic City. They must be first-time homebuyers who have not owned a home for the previous 2 years, and must have the ability to obtain a fixed rate mortgage through NJHMFA approved lenders*. They must meet established income guidelines.
Eligible Properties include single-family properties including townhouses and condominiums located within Atlantic City, New Jersey. The sales price of property cannot exceed $300,000.00, and the property must be primary residence and maintained as same.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information
First-Time Homebuyer Programs in New Jersey
Atlantic City Down Payment Assistance Program
The Atlantic City Down Payment Assistance Plan helps eligible applicants secure safe and affordable housing.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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