Homebuyers
Buying a home is a big step and it can be hard to know where to start. New Jersey Housing and Mortgage Finance Agency (NJHMFA) provides a variety of programs to assist prospective homebuyers.
NJHMFA is happy to offer step-by-step guidance and accessible tools to enable you to make the right home purchase decision. To get acquainted with the homebuying process, you can access The Road Home New Jersey: A Guide for the New Jersey Homebuyer, to help you navigate your way to affordable homeownership. The guide is also available in Spanish.
If you are ready to get in touch with an NJHMFA approved lender, fill out our request form and we'll pair you with up to three lenders in your area.
The NJHMFA state-wide Down Payment Assistance Program (DPA) provides up to $15,000 based upon the county of the property being purchased. The NJHMFA DPA is for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey. The DPA is an interest-free, five-year forgivable second loan with no monthly payment
To participate in this program, the DPA must be paired with an NJHMFA first mortgage loan. The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA), originated through an NJHMFA participating lender. Certain restrictions such as maximum household income and purchase price limits apply. For more information, contact an NJHMFA participating lender below.
Do I Qualify for This Program?
Are you a first-time homebuyer?
You're considered a first-time homebuyer if you have not owned a home within the previous three years.
Are you planning to purchase a home in New Jersey?
This program applies to homes to be used as a primary residence in any New Jersey county.
Ready to Get Started?
Fill out ourParticipating Lenders form to be paired with an NJHMFA lender partner!
The NJHMFA First Generation Down Payment Assistance Program provides $7,000 of down payment and closing cost assistance. This is offered in addition to the NJHMFA DPA award for first-time buyers providing a total assistance of $17,000 to $22,000. The NJHMFA First Generation Down Payment Assistance Program is for qualified first-time homebuyers who are also first-generation homebuyers. The assistance is provided as an interest-free, five-year forgivable second loan with no monthly payment.
A first-generation homebuyer is defined as a first-time homebuyer who also is either:
a. an individual:
- whose parents or legal guardians do not have any present ownership interest in any residential real property in any state or territory of the United States, or outside of the United States; and
- whose spouse, or domestic partner, and each member of whose household has not, during the 3-year period ending upon acquisition of the eligible home to be acquired using such assistance, had any present ownership interest in any residential real property used as their principal residence in any state or territory of the United States, or outside of the United States;
- whose parents or legal guardians do not have any present ownership interest in any residential real property in any state or territory of the United States, or outside of the United States; and
OR
b. an individual who has at any time been placed in foster care in the State of New Jersey.
The First Generation Down Payment Assistance Program must be paired with an NJHMFA first mortgage loan. The first mortgage loan is a competitive 30-year, fixed-rate loan, originated through an NJHMFA participating lender. Certain restrictions such as maximum household income and purchase price limits apply. For more information, contact an NJHMFA participating lender below.
Further details available on the Smart Start Plus First-Generation Home Buyer Program Fact Sheet
Smart Start Plus First-Generation Home Buyer Program Fact Sheet in Spanish
Ready to Get Started?
Fill out our Participating Lenders form to be paired with an NJHMFA lender partner!
The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) HFA Advantage Mortgage Program provides a 30-year, fixed-rate conventional loan for eligible homebuyers purchasing a home in New Jersey. The HFA Advantage Mortgage Program offers affordable mortgage insurance and low down-payment and can be coupled with the NJHMFA Down Payment Assistance (DPA).
Further details available on the HFA Advantage Consumer Fact Sheet
Ready to Get Started?
Fill out our Participating Lender form to be paired with an NJHMFA lender partner!
The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) First-Time Homebuyer Mortgage Program provides qualified New Jersey first-time homebuyers with a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA) originated through an NJHMFA participating lender.
First -Time Homebuyer Consumer Fact Sheet
Do I Qualify for This Program?
Are you a first-time homebuyer?
You're considered a first-time homebuyer if you have not owned a home within the previous three years.
Are you planning to purchase a home in New Jersey?
This program applies to homes to be used as a primary residence in any New Jersey county.
Does your income and the home's purchase price fall within the required income and purchase price limits?
Income limits are determined by the area of purchase as well as family size, but may not exceed 140% of Area Median Income. Properties located in an Urban Target Area (UTA) are eligible for higher income limits. To determine if your proposed property is within a UTA, visit the Site Evaluator and follow the tutorial instructions, then review the appropriate Purchase Price and Income Limits document, linked below.
- Purchase Price and Income Limits Statewide Area
- Purchase Price and Income Limits Urban Target Area
Do You Need Down Payment and Closing Cost Assistance?
The First-Time Homebuyer Mortgage Program is the foundational mortgage program that can be combined with the NJHMFA Down Payment Assistance Program, which provides qualified buyers with up to $15,000 based upon the county of the property being purchased. NJHMFA DPA isan interest-free, five-year forgivable second loan with no monthly payment that can be used to cover down payment and closing costs.
Ready to Get Started?
Fill out ourParticipating Lenders form to be paired with an NJHMFA lender partner!
New Jersey Housing and Mortgage Finance Agency's (NJHMFA) Homeward Bound Mortgage Program provides a competitive 30-year fixed-rate government insured loan for eligible homebuyers purchasing a home in New Jersey. The Homeward Bound Mortgage Program can be coupled with the NJHMFA Down Payment Assistance Program (DPA).
Further details available on the Homeward Bound Fact Sheet
Ready to Get Started?
Fill out our Participating Lenders form to be paired with an NJHMFA lender partner!
Active members of the New Jersey Police and Firefighter Retirement System (PFRS) with one year of creditable service are eligible for this program. Maximum mortgage amount is $766,550. Interest rate is 30-year fixed. Program rates are set semi-annually in February and August.
Further detail is available on our Police and Firemen's Retirement System Mortgage Program Fact Sheet.
Ready to Get Started?
Fill out ourParticipating Lenders form to be paired with an NJHMFA lender partner!
An NJHMFA approved lender assisted Kyle and Kiri in utilizing the Down Payment Assistance Program to help achieve their dream of home ownership. Hear about Kyle and Kiri's homebuying journey in the below video.
This video is also available with Spanish captions
Have questions? View our Homebuyer FAQs.
Not sure which program is right for you? Call 1-800-NJHOUSE.
Materials in Spanish are available!
- First-Time Homebuyer Program Consumer Fact Sheet
- Homeward Bound Program Consumer Fact Sheet
- HFA Advantage Program Consumer Fact Sheet
- Police and Fire Program Consumer Fact Sheet
Please see below DPA video with Spanish captions
