NJ First-Time Home Buyers


NJ First-Time Home Buyer Mortgages and Grants

South Jersey Mortgages, First Time BuyerOne of the most common questions in the mortgage world is in regards to first time home buyer mortgages and financial assistance for down payments and closing costs.

In South Jersey there are several down payment and grant assistance programs for first-time home buyers. A short discription of each is listed below.

As an example, each South Jersey County below has at least one grant program.  If utilized correctly, many buyers can get into a home with little or no money of their own. 

Burlington Cty Grant = $3,500 - $7,000

Camden Cty Grant = $5,000 - $10,000

Gloucester Cty Grant = Up to $10,000

Statewide NJ Grant and Down Payment Assistance

Known as the NJ Smart Start program, this program allows 2%, 3%, or 4% of the purchase price to be delievered as a grant to assist with closing costs and down payments.  For instance, on a $200,000 purchase, a first-time buyer* can receive up to $8,000 towards the purchase of a home. This program can be utilized with Conventional, FHA, VA, or even 100% USDA financing. Like many assistance programs, there is an income limitation depending on the size of your family. 

Other Considerations

Currently available is the USDA rural housing loan that offers 100% financing for designated areas. Concerning South Jersey, all of Salem County is applicable, much of Gloucester County, and a small portion of Camden County.  Qualifying borrowers can utilize county grant assistance, along with 100% financing, get a great rate, and have all of your closing costs paid. 

The programs above vary from simple qualifying based off of income limitations, to more extensive 16-week classes after making a monetary contribution.  There are also some assistance programs to purchase and rehab housing in designated areas. Contact Steve Kappre for more information regarding First Time Buyer Programs and Down Payment Assistance Programs.
(First-time buyers are usually considered those who haven't owned a home in the last 3 years.)
Comment balloon 5 commentsStephen Kappre • December 12 2008 08:06PM


Steve, having knowledge on these grants is critical and important !  We love it when we refer people to local mortgage folks who are familiar with all the grants and programs and what not.  If done correctly, you are right, some buyers end up needing sooo little money with these grants !  We are currently working Temple University buyers who are getting a nice grant from the University !  Is awesome.  Great post !

Posted by The Somers Team, Real People. Real Dreams. Real Estate. (The Somers Team at RE/MAX Access) over 10 years ago

Great post.  Give me a resource to find out about grants in Monmouth and Middlesex counties!


Posted by Gail Szeluga & JoAnna Siminerio, Fostering Community Spirit Through Real Estate (Weichert Realtors - Manalapan - Marlboro) over 10 years ago

Great Info Steve.  Have a great weekend.

Posted by Paddy (Patricia) Pizappi, Real Estate Associate Broker Hudson Valley NY (Better Homes and Gardens Rand Realty) over 10 years ago

Steve - thanks so much for spreading the good word!  I firmly believe that if we keep letting the consumers know what is out there things will turn around.  Great post with some great info - thanks, again!

Posted by Leesa Finley, RED Properties - Raleigh NC Real Estate (RED Properties) over 10 years ago

Chris - Interesting - I wonder if he university aruond here has such a program?  If not, maybe I need to speak to them!!

JoAnna - I have no clue, but I'll look for you!

Paddy - Weeken is going GREAT!!

Leesa - It is true - most people don't know about these programs. I dind't know about them for the first 6 years I was a loan officer so I KNOW that even mortgage companies and realtors don't know of these.

Posted by Stephen Kappre, Helping You Home (KW Hometown) over 10 years ago

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