OCEAN COUNTY, NJ—The First-Time Homebuyers Program in Ocean County has successfully assisted 585 families in achieving their home ownership dreams, according to the Ocean County Board of Commissioners. This initiative, celebrated especially during National Homeownership Month in June, has been a cornerstone in helping low- and moderate-income residents secure a place they can call home.
The program, funded annually by the US Department of Housing and Urban Development (HUD), offers essential financial support through a $15,000 deferred loan for down payments and closing costs, which is forgivable after six years. Barbara “Bobbi” Jo Crea, Director of the Ocean County Board of Commissioners, emphasized the significance of the program’s timing and its crucial role in supporting community members.
Eligibility for the program requires applicants to meet HUD income standards, demonstrate steady employment, and possess adequate income and credit scores. Participants are also required to contribute at least 3 percent towards the down payment and attend HUD-Certified Homeownership Education workshops.
Since its inception, the program has facilitated the purchase of $82.4 million worth of property with $5.4 million in HUD funds. Looking ahead, the program anticipates serving up to 25 new applicants over the next year. With the average home price in Ocean County rising from around $190,000 in 2020 to the current HUD maximum purchase price of $438,000 for a single-family home, the program’s $15,000 subsidy has become increasingly significant.
O.C.E.A.N., Inc. has administered the program since 1997, providing services including client intake, eligibility screening, and coordination with real estate agents, lenders, and attorneys. For more information, interested individuals can visit the Ocean County Planning Department website or contact O.C.E.A.N., Inc. directly at 732-244-5333.