The Atlantic County Improvement Authority

Atlantic County Improvement Authority
5909 Main Street
2nd Floor
Mays Landing, NJ 08330

609-645-5838
609-645-5813 (FAX)

Fequently Asked Questions

 
 
 

Atlantic City Down Payment Assistance Program

Basic Program Guidelines

  1. Eligible Applicants (Households);
  2. Who have resided in Atlantic County for the previous 12 months or are employed in Atlantic City,
  3. Who have not owned a home for the previous 2 years,
  4. Who have the ability to obtain a fixed rate mortgage through NJHMFA approved lenders*,
  5. And meet established income guidelines.

Eligible Properties

  1. Single family properties including townhouses and condominiums located within Atlantic City, New Jersey,
  2. Sales price of property cannot exceed $350,000.00,
  3. Property must be primary residence and maintained as same.

Program Financing

  1. The Program may provide down payment assistance up to 10% of the purchase price and up to $5,000.00 of eligible closing cost for a combined total amount not to exceed $30,000.00.
  2. All down payment and closing cost assistance is offered to the homebuyer as a deferred 0% interest loan, secured by a mortgage, to be repaid to the program based on the proceeds from resale, refinance or any changes in title and a portion of the appreciation as detailed in the recapture provision. 

Household Income Requirements


# Persons  In Household

2008 Minimum Income Limit

Maximum Income Limit

1

$36,500

$100,000.00

2

$41,700

$100,000.00

3

$46,950

$100,000.00

4

$52,150

$100,000.00

5

$56,300

$100,000.00

6

$60,500

$100,000.00

7

$64,650

$100,000.00

8

$68,850

$100,000.00

Income Includes: Wages, Tips/Commissions, Pension / Retirement, Unemployment, Disability, Social Security, Investment Income, Alimony, Child Support, Business Income, Rents, Royalties, Welfare, Annuities, Death Benefits

Approved Lender List for Program Participation*

1st Constitution Bank Columbia Bank National City
Advisor's Mortgage Group Commerce Bank Newfield National Bank
AGMC Countrywide Bank, FSB Northern States Funding
American Equity One, Inc. Northfield Bank
American Bank of NJ Fairmont Funding NVR Mortgage
American Federal Mortgage First Horizon Home Loan Oak Mortgage
American United Mortgage First Interstate Financial Ocean First Bank
Approved Funding First Meridian Mortgage Princeton Mortgage Corp.
Ark Mortgage Inc. First Residential Mtg. Sun Home Loans
Arlington Capital First West Mortgage Suncoast Mortgage Corp.
Atlantic Stewardship Bank Gateway Funding Superior Mortgage
Aurora Financial Group GFI Mortgage Susquehanna Patriot Bank
Bank of America GMAC Mortgage Corp. Trident Mortgage
C & F Mortgage Huntington Mortgage Co. Universal American Mortgage
Cardinal Financial Jersey Mortgage Company Valley National Bank
Carnegie Mtg/Grand Bank JP Morgan Chase Wachovia Mortgage
Cenlar FSB Lenders Mortgage Services Washington Mutual/North
City National Bank Lincoln Mortgage Weichert Financial Services
Colonial Bank, FSB Mountain Mortgage Corp Wells Fargo

* As approved by the NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY

Click here for the Frequently Asked Questions.

For more information contact: The Atlantic County Improvement Authority, 5909 Main Street, Mays Landing NJ 08330 or by Phone at 609-645-5838, ask about ACIA’s Atlantic City Down Payment Assistance Program.