Six hundred families have achieved the dream of homeownership through the Ocean County First-Time Homebuyer Program, a milestone county officials are calling a testament to the program’s lasting impact on residents and communities.
Since its inception, the initiative has helped hundreds of hardworking families purchase their first homes by providing down payment and closing cost assistance, along with education on the responsibilities of homeownership.
“Helping 600 families achieve the dream of owning a home is truly something to celebrate,” said Ocean County Board of Commissioners Deputy Director Frank Sadeghi, liaison to the Ocean County Planning Department. “Each family represents a new story, a fresh start, and a stronger community for us all.”
The program, funded annually by the U.S. Department of Housing and Urban Development (HUD), offers eligible low- and moderate-income individuals and families up to $15,000 in deferred loan assistance, which is forgiven after six years. In return, participants must contribute at least three percent toward their down payment.
“This is truly a joint effort between the county and eligible families to ensure that as many people as possible will always have a roof over their heads,” Sadeghi said.
Applicants must meet HUD income requirements, demonstrate steady employment, and maintain sufficient income and credit. They are also required to attend HUD-Certified Homeownership Education workshops before final approval.
To date, HUD has awarded $5.6 million in funding to Ocean County, supporting the purchase of approximately $86 million in property. The average home price since 2020 has been about $204,000, with HUD currently setting the maximum allowable purchase price for a single-family home in Ocean County at $475,000.
O.C.E.A.N., Inc. has administered the program since 1997, providing certified housing counselors who assist families throughout the process, from eligibility screening to coordination with real estate agents, lenders, and attorneys.
“Ocean County is built on strong families and strong communities,” Sadeghi added. “This milestone shows what can happen when we invest in our residents and give them the tools to succeed. Six hundred families have now put down roots right here in Ocean County, and that is something worth celebrating.”
For more information about the First-Time Homebuyer Program, visit the Ocean County Planning Department’s website or contact O.C.E.A.N., Inc. at 732-244-5333.