First Time Homebuyer Eligibility
Do I qualify as a first time buyer if I owned a home in the past?
Yes. An individual who has not had a mortgage or deed in their name in three years qualifies as a first-time homebuyer.
What if I owned a home or was a borrower on a mortgage during that time?
Under certain circumstances, even some individuals who owned a home in the last three years will qualify as a first time homebuyer. Refer to the United States Code definition of a first time homebuyer.
Are these programs income-restricted?
Yes. Most any grant or program available to first-time homebuyers requires the recipient to meet the guidelines for a low- to moderate-income household. The most commonly-used guidelines are the New Jersey Council on Affordable Housing (COAH) income limits.
In order to qualify, an individual or household must make no more than 80% of the median income by region, which means earning at or below the maximum for moderate income on the COAH chart. Some programs will distinguish between whether a household is low or moderate-income, based on the opportunities available to you.
Do I have to live in the town or county where a grant is available in order to receive those funds?
This varies by the program. Some opportunities are state-wide, others are county-wide, and some are offered at the municipal level.
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