STATEWIDE PROGRAMS

NJHMFA Downpayment Assistance Program

Assistance Available:
The New Jersey Housing and Mortgage Finance Agency administers a statewide assistance program that provides qualified borrowers with $10,000 in downpayment and closing cost assistance.

The downpayment assistance must accompany an NJHMFA 1st mortgage. The assistance is in the form of a 5 year, forgivable 2nd mortgage with zero interest and no monthly payments.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). The minimum credit score is 620. You must purchase your home in New Jersey and occupy it as your primary residence. You must meet the debt to income requirements. Your maximum income level may not exceed 140% of the area median. The actual income level is dependent on the location of the property, household size, and the funding source of the 1st mortgage.

Single family homes, condominiums, townhomes, manufactured homes, and mobile homes that are permanently affixed are all eligible. Two to four unit properties are eligible as long as one of the units is occupied by the borrower as his or her permanent residence. Price limits are based on location and family size.