American Dream Downpayment Program
The American Dream Downpayment Program awards $5,000 in assistance towards down payments and closing costs to eligible first-time homebuyers in Middlesex County. Interested applicants must attend a homebuyer class and undergo an individualized budget review/counseling process prior to closing on the house. The assistance will be in the form of a deferred repayment mortgage, which doesn’t require payment of principal or interest by the homebuyers provided they own and live in the property for five years.
- First-time homebuyers
- Existing residents of Middlesex County for at least one year
- Must have mortgage pre-approval issued within the last 2 months
- Must meet household income eligibility limits
- Able to put down at least 1% of purchase price from own funds
- Any co-signers must be planning to reside in the home