Faced with high real estate costs and the struggle to save for a down payment, many find themselves unable to translate their hard work and hopes into a home of their own. In response to this situation, Bergen County government has developed an innovative program in partnership with area banks that combines below market interest rates and deferred pay back mortgage financing for qualified first-time homebuyers.

How much can you spend on the purchase of a home? 

That will be determined by several factors; i.e. credit history, income, debt ratio, down payment and closing cost amounts. 

Each family will be different, even if they have the same incomes. The factors cited above will make the difference in the amount of the first mortgage they receive. The amount of down payment they have will also be a determining factor. 

The program provides a 0% deferred second mortgage; combining up to $40,000 of HOME Program funds, which are paid back upon sale of house, transfer of title or the home no longer is your primary residence. Additionally, CDBG funds of up to $10,000 in matching down payment assistance are available to eligible applicants. These matching funds (CDBG) are forgiven 1/10th per year for 10 years, after 10 years these funds become a grant.

To be eligible for Bergen County’s American Dream Program, you must meet the following qualifications:

• Reside or work full-time in Bergen County
• If filed for bankruptcy, must be discharged 5 years with re-established credit
• Not have owned a home in the past three years
• A household must have an annual income within the low/moderate income as stated by the HOME Income Guidelines
• Total income must be used to qualify for the program and will include all income from all sources, for all members of the household, who are over

Event Type	Advocacy Family Support Community Conversation Educational Workshop
Age Groups	Adults
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Last Updated: 09/26/22