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SIX HUNDRED families now call Ocean County home in a new way, as proud first-time homeowners supported by the Ocean County First-Time Homebuyer Program.
Since its creation, the program has helped hundreds of hardworking families take the life-changing step of purchasing their very first home. By offering down payment and closing cost assistance, along with guidance on the responsibilities of owning a home, the program has opened doors to stability, security, and brighter futures.
"Helping 600 families achieve the dream of owning a home is truly something to celebrate," said the 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 First-Time Homebuyer Program is more than financial support, it is a pathway to building roots in Ocean County. Families who once thought owning a home was out of reach are now unlocking front doors, planting gardens, and becoming part of the neighborhoods they love.
Utilizing annual funds from the US Department of Housing and Urban Development, the program provides a down payment and closing cost assistance to low- and moderate-income individuals and families living in Ocean County.
Successful applicants are awarded a $15,000 deferred loan that is forgiven after six years, Sadeghi said.
"In return the homebuyers must provide at least three percent toward the down payment," he said. "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."
Potential applicants must meet the HUD income requirements, demonstrate a steady employment history and have sufficient income and credit score. Applicants are also required to attend HUD-Certified Homeownership Education workshops.
To date, HUD has awarded $5.6 million in HUD funds to help purchase $86 million in property.
The average home price from 2020 to the present is approximately $204,000. Currently, the HUD maximum purchase price is $475,000 for a single-family home in Ocean County.
"Ocean County is built on strong families and strong communities," said Sadeghi. "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."
O.C.E.A.N., Inc. has been the program administrator since 1997. O.C.E.A.N., Inc. has a Certified Housing Counselor on staff who provides client intake, eligibility screening, and coordination with the real estate agent, lender and attorney
For more information on this program, visit the Ocean County Planning Department website or contact O.C.E.A.N., Inc. at 732-244-5333.
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