City of Newark
Down Payment Assistance Program
The Pre-Application Period is NOW OPEN
The City of Newark is thrilled to announce the launch of a new Down Payment Assistance Program designed to help eligible first-time homebuyers achieve the dream of homeownership. This program provides qualifying residents with financial assistance toward the purchase of a home within Newark city limits, creating a pathway into affordable homeownership.
The Down Payment Assistance Loan is a deferred payment loan and provides tiered assistance based on the household's Area Median Income:
• The loan amount for households at or below 120% AMI is capped at $150,000.
• The loan amount for households at or below 100% AMI is capped at
$200,000.
• The loan amount cannot be greater than the First Mortgage regardless of the tiered assistance noted above.
The Pre-Application is Now Open
To be considered for a down payment assistance loan, applicants must follow a 5-step application process. The first step in the process is submitting a Pre-Application by the application deadline in order to qualify for entry into the Application Lottery. See below for a high-level view of the application process and timeline.
Step 1
Complete the On-line Pre-Application
Interested households must complete the online pre-application by January 8, 2027 by 5:00 PM. The pre-application assesses initial household eligibility to apply for the down payment assistance loan. Applicants who meet the preliminary eligibility criteria will be invited to a mandatory Down Payment Assistance Workshop.
Step 2
Mandatory Workshop
January 20, 2027
Applicants who submitted an eligible pre-application by the deadline will be invited to attend a mandatory workshop where households will learn important information about the program, the loan terms and how to submit a Full Program Application and all supporting documentation required for review. An invitation to the virtual workshop will be emailed to you following the pre-application deadline.
Step 3
Application Lottery & Full Program Application
Week of January 25th
All workshop attendees will be entered into an Application Lottery. Top-ranking households will be invited by lottery number in batches to submit a Full Program Application. The Program application requires more detailed household information and supporting documentation for each household member. A link to the online application will be emailed to the first batch of applicants following the lottery. Hello Housing will continue to invite applicants by ranked lottery numbers in subsequent batches until funds are fully expended.
Step 4
Conditional Approval
On-going
Once an application has been deemed approved by the City, applicants will receive a conditional approval letter and funds will be reserved for the applicant so that the applicant can start to shop for a home. Conditionally approved applicants will have 120-days from the date the conditional approval letter is received to shop for a home.
Step 5
Final Approval
& Loan Closing
On-going
Once an applicant is in contract to purchase a home, the Hello Housing team will work with the applicant, their real estate agent, and their mortgage lender to complete the final loan approval process and help the team navigate the home closing process.
