One 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.