An affordable path to homeownership for first-time homebuyers in Monmouth & Ocean Counties!
What is the Homebuyer Dream Program?®
In partnership with the Federal Home Loan Bank of New York, First Financial is able to offer the Homebuyer Dream Program® Suite (HDP®) – featuring options that increase access to affordable homeownership by providing grants up to $30,000 to eligible first-time homebuyers. These funds can help cover a down payment, closing costs, and homebuyer counseling services. Each program has different criteria to qualify.
Grants are limited and allocated to eligible homebuyers on a first-come, first-serve basis.
How Do I Get Started?
1. Contact a First Financial Mortgage Expert at 732.312.1500, Option #4 to review the eligibility requirements for each program option and determine which one you might qualify for. You can also schedule a Mortgage Q&A Session, with no commitment required.
2. Explore First Financial Mortgage options, and get pre-approved.*
3. A First Financial Mortgage Expert will work with you to ensure you complete all requirements and submit any necessary supporting documentation for the funds to be awarded, including the completion of a mandatory homeownership counseling class.
Homebuyer Dream Program® Requirements
- Applicants must be qualified first-time homebuyers.
- Income requirements must be met (detailed explanation provided below).
- Must have an executed purchase and sales contract prior to the funding reservation date.
- Applicants must have a minimum $1,000 equity contribution toward the purchase of the home.
- An approved homeownership course completed before the funding reservation submission.
- Applicants must agree to remain in the purchased home during the 5 year retention period or repay a prorated share of the grant if the property is sold.
Explore Available Homebuyer Dream Program® Options
Homebuyer Dream Program®
- Grants up to $30,000 are provided for first-time homebuyers earning at or below 80% of the Area Median Income (AMI) for the county in which the home is being purchased, adjusted for household size.**
- Home must be purchased in Monmouth or Ocean Counties, NJ and used as a primary residence.
Homebuyer Dream Program® Plus
- Grants up to $30,000 are provided for first-time homebuyers earning over 80%, but not exceeding 120%, of the Area Median Income (AMI) for the county in which the home is being purchased, adjusted for household size.**
- Home must be purchased in Monmouth or Ocean Counties, NJ and used as a primary residence.
Homebuyer Dream Program® Wealth Builder
- This option is designed to address the wealth gap for individuals and families who have historically experienced challenges accessing credit or housing markets.
- The maximum grant is $30,000 per household, but can be layered with HDP® or HDP Plus® to provide up to $60,000 in grant funding per eligible household.
Specific Criteria to Qualify for the Wealth Builder Option:
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- Earning income is equal to or less than 120% of the AMI.**
- Must reside within a majority-minority census tract or qualify as first-generation homebuyers.
- Home must be purchased in Monmouth or Ocean Counties, NJ and used as a primary residence.
Questions?
Resources for Getting Started
Explore First Financial Mortgages & Current Rates
Homebuying Articles from First Financial's First Scoop Blog
Mortgage Comparison Calculator
Department of Housing and Urban Development (HUD) Information on Home Loans
Review Area Median Income Guidelines for New Jersey
The FHLBNY and First Financial Federal Credit Union (FFFCU) reserve the right to change the Homebuyer Dream Program® terms and conditions at any time, without prior notice. The household also fully understands that the limited funds are available on a first-come, first-serve basis and even if the household meets all of the terms and conditions - this does not guarantee that there may be funds available at the time that the household qualifies. The FHLBNY, in its sole discretion, may refuse to honor a Homebuyer Dream Program® funding request. The household further agrees that any proceeds, which will not be, or cease to be, used for the purposes approved by the FHLBNY will be recaptured and the unused, or improperly used, grant will be returned to the FHLBNY. The household will also acknowledge receipt of a copy of these terms and conditions.
Federal Home Loan Bank of New York Homebuyer Dream Program® Mortgage recipients do not qualify for the 90th Anniversary promotional $900 lender’s credit on first mortgages.
*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. NMLS CU ID: 685814
***Area Median Income (AMI) is based on the county where the home is located and adjusted for household size (1 & 2 person households, 3+ person households). View a chart of AMI Guidelines for New Jersey.
