First-Time Home Buyer Mortgage & Down Payment Assistance Programs
First Time Home Buyer Program
The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) First-Time Homebuyer Mortgage Program provides qualified New Jersey first-time home buyers with a competitive 30-year, fixed-rate government-insured loan originated through an NJHMFA participating lender.
How To Qualify:
You must be a first-time home buyer; you are considered a first-time home buyer if you have not owned a home within the previous three years.
You must have a minimum credit score of 620 or above
The home must be used as a primary residence in any New Jersey county.
Your income must fall within the required income price limits (refer to chart A)
The home's purchase price must fall within the required purchase price limits (refer to chart A)
Down Payment and Closing Cost Assistance Program
Together with the First-Time Homebuyer Mortgage Program you could qualify for the NJHMFA Down Payment Assistance Program:
Qualified buyers can receive that can be used to cover down payment and closing costs.