Down Payment Assistance Programs
Saving for a down payment on a home can be challenging and a common roadblock on the path to home ownership. Fortunately, there are many federal, state, and county down payment assistance programs available. The mortgage experts at 1st Colonial can work with you to try to find a program you’re eligible for. Information on programs available including requirements can be found at the links below.
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First-Time Homebuyer Mortgage Program
The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) state-wide Down Payment Assistance Program (DPA) provides up to $15,000 based upon the county of the property being purchased. The NJHMFA DPA is for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey. The DPA is an interest-free, five-year forgivable second loan with no monthly payment.
First Generation Down Payment Assistance Program
The NJHMFA First Generation Down Payment Assistance Program provides $7,000 of down payment and closing cost assistance. The First Generation Down Payment Assistance Program is for qualified first-time homebuyers who are also first-generation homebuyers. Combining First Generation with First-Time Homebuyer, an eligible buyer can receive $17,000 to $22,000 depending on which county the property is located in.
HFA Advantage Mortgage Program
The NJHMFA HFA Advantage Mortgage Program provides a 30-year, fixed-rate conventional loan for eligible homebuyers purchasing a home in New Jersey. The HFA Advantage Mortgage Program offers affordable mortgage insurance, a low down-payment option, and can be coupled with the NJHMFA Down Payment Assistance (DPA).
Homeward Bound Program
NJHMFA’s Homeward Bound Mortgage Program provides a competitive, 30-year fixed-rate government insured loan for eligible homebuyers purchasing a home in New Jersey. The Homeward Bound Mortgage Program can be coupled with the NJHMFA Down Payment Assistance Program (DPA) and offers higher income limits.
Police and Firemen's Retirement System Mortgage Program
Active members of the New Jersey Police and Firefighter Retirement System (PFRS) with one year of creditable service are eligible for this program.
PHFA Down Payment Assistance Program
The Pennsylvania Housing Finance Agency works to provide affordable homeownership options for first time homebuyers. There are many down payment assistance programs offered. T
Keystone Home Loan Program
The Keystone Advantage Assistance Loan Program provides a second mortgage loan to help cover down payment and/or closing costs. Eligible borrowers can receive 4% of the home's purchase price, market value, or $6,000, whichever is least, in down payment and closing cost assistance. The program offers conventional insured, FHA loans, VA loans and RD loans.
Federal Home Loan Bank of New York (FHLBNY)
1st Colonial Community Bank is a federally chartered bank and participates in the Federal Home Loan (FHLB) program. The Federal Home Loan Bank offers a couple of down payment assistance programs that may help with down payments for home purchases. This program may be combined with the NJ HMFA program.
Homebuyer Dream Program
The HDP offers grants up to $20,000. FHLBNY will grant up to $19,500 towards down payment and closing cost assistance to eligible first-time homebuyers with an additional $500 towards defrayment of nonprofit counseling agency costs for a maximum amount of $20,000 The maximum household income is 80% or less of area median income.
Homebuyer Dream Plus Program
The HDP+ offers grants up to $20,000. FHLBNY will grant up to $19,500 towards down payment and closing cost assistance to eligible first-time homebuyers with an additional $500 towards defrayment of nonprofit counseling agency costs for a maximum amount of $20,000 The maximum household income is 80.01% to 120% of area median income.
1st Colonial Community Bank has partnered with these local organizations to help 1st time homebuyers achieve their goal of homeownership.
Burlington County - NJ
Eligible applicants may receive a grant for up to $10,000 in closing cost assistance, interest rate buy down assistance and $15,000 towards their down payment.
Camden County - NJ
Camden County Commissioners want to make it possible for everyone to own their own home. In partnership with Camden County Improvement Authority, residents of Camden County who want to own a home can apply for funds to help make their dream happen. Our HUD funded program can provide up to $25,000 for eligible home buyers.
Gloucester County - NJ
Assistance through this program provides 0% deferred payment loans up to $25,000 as required through underwriting that will be applied first to closing costs and the balance to down-payment assistance.
Philly First Home - PA
The City of Philadelphia wants you to be a successful homeowner! They are offering a homebuyer assistance grant of up to $10,000 (or 6% of the home's purchase price, whichever is lower) to assist first-time homebuyers reduce the principal, cover down payment and loan closing costs.
Atlantic City - NJ
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.
Urban League of Philadelphia - PA
The Urban League of Philadelphia offers a $1,000 Grant for closing cost assistance to First Time Homebuyers. This grant is available on a first-come, first-served basis and requires completion of housing counseling through approved agencies like Congreso, HACE, or the Urban League of Philadelphia.