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State Grant for First Time Home Buyers Purchasing a Home in New Jersey

Many young adults and older adults alike will be purchasing a home for the first time this year.  There are many advantages to becoming a first time home buyer such as the $8,000 federal tax credit that is being offered if you close before November 30 of this year. 

Many of the first time home buyers looking to purchase a home and take advantage of the tax credit do not have enough money to put a down payment to wards a house.  This is one of the main reasons that stops many prospective first time home buyers from proceeding with their home purchase. 

If you are a first time home buyer planning on purchasing a home in New Jersey you many be eligible to take advantage of the New Jersey First Time Home Buyers Grant.  This grant is free money to you that is offered by the state.  There are no penalties for taking advantage of this grant. 

One of New Jersey's most popular grant for first time home buyers is the Individual Development Account which gives you $4 for every dollar that you save up toward the purchase of your home.  If you are considering purchasing a house in New Jersey that requires a down payment of $20,000 you will only need to save up $4000 the rest of the money would come from the grant money that has been added to your Individual Development Account. 

Aside from state based grant programs in New Jersey there are also grant programs based on the location in New Jersey that you are considering purchasing your home.  Below is a list of some local grant programs in New Jersey that may be helpful to you:

• East Orange Home buyers Purchase Program (HPP) (973) 266-5416
  
• Hudson County First Time Homebuyers Program (FTHP) (201) 875-5581
  
• Jersey City, First Time Homebuyer Program (201) 547-4793
• Monmouth County First Time Homebuyers Program (FTHP) (732) 431-7490
  
• Ocean County First Time Homebuyer Program (FTHP) (732) 929-2054