American Dream Downpayment Initiative (ADDI) | Somerset County Community Development
Resource Name:American Dream Downpayment Initiative (ADDI) | Somerset County Community Development
address
27 Warren St, 4th Fl, Somerville, NJ 08876
Eligibility
First-time homebuyers who are purchasing a home in Somerset County and whose household income does not exceed program limits. (Applicants must not have owned a home during the three-year period prior to purchase)
Required documents
Contract of sale, home inspection report, good faith estimate from lender, income documentation, three prior years' tax return, three months of checking account statements.
Hours
Mon - Fri 8:30 am - 4:30 pm
Application process
Call for information and application instructions. Applicants must complete a homebuyer education course and at least one housing counseling session prior to purchase.
Fees
None, Applicants must contribute a minimum of 5% of the home's purchase price from personal savings
Service area
Somerset County, NJ
Provides financial assistance with closing costs for low-income, first-time homebuyers purchasing a home in Somerset County. Offers up to $10,000 in assistance through the HOME Investment Partnerships Program to increase homeownership opportunities, particularly for low-income households.