First-Time Home Buyer Programs in New Jersey
Get up to $22,000 in down payment assistance through NJHMFA programs. Forgivable loans, no monthly payments, no interest charges. We help you access every dollar available.
NMLS 1577754 • Licensed in NJ, NY, PA, CT, MD, OH, GA
NJHMFA Down Payment Assistance Programs
Up to $15,000 Down Payment Assistance
NJHMFA's signature program provides up to $15,000 in forgivable assistance for down payment and/or closing costs.
$7,000 First-Generation Homebuyer Program
Additional assistance for first-generation homebuyers and former NJ foster youth.
How NJHMFA Assistance Works:
- 1Get Pre-Approved:
Apply for a NJHMFA first-time homebuyer mortgage through an approved lender (like us).
- 2Complete Homebuyer Education:
Take an approved 8-hour homebuyer education course (online or in-person).
- 3Apply for Assistance:
Request down payment assistance when you find a home and go under contract.
- 4Close on Your Home:
Assistance is provided at closing. You receive up to $15,000 (or $22,000 with first-gen program).
- 5Live in Your Home 5 Years:
After 5 years of continuous occupancy, the entire loan is forgiven. No repayment required.
NJHMFA Program Requirements
Who qualifies for New Jersey first-time buyer assistance
✅ Buyer Requirements:
- No home ownership in past 3 years (you, your spouse, or any co-borrower)
- Primary residence only - must occupy within 60 days and for 5+ years
- Complete homebuyer education - 8-hour approved course
- Meet income limits - varies by county and household size
- Credit score 580+ (FHA) or 620+ (Conventional)
🏠 Property Requirements:
- Located in New Jersey - any county eligible
- 1-4 unit property - single-family, condo, townhouse, or small multi-family
- Meet purchase price limits - varies by county (higher in Bergen/Hudson)
- Pass property inspection - must meet minimum standards
- Cannot be investment property - primary residence only
Federal First-Time Buyer Loan Programs
Low down payment options available to all NJ first-time buyers
FHA Loans - 3.5% Down Payment
Federal Housing Administration loans are the most popular choice for first-time buyers. Low down payment, flexible credit requirements, and seller can pay up to 6% of closing costs.
3.5% minimum (580+ score) or 10% (500-579 score)
580 minimum (500 with 10% down)
Required (1.75% upfront + 0.55% annual)
VA Loans - 0% Down Payment
Veterans, active duty military, and eligible spouses can buy with $0 down. No PMI required, competitive rates, and seller can pay all closing costs.
$0 - 100% financing available
No official minimum (lenders prefer 580+)
None - only 2.15% VA funding fee
Conventional 97 Loans - 3% Down Payment
Fannie Mae and Freddie Mac's HomeReady/Home Possible programs allow just 3% down for first-time buyers. PMI can be removed at 20% equity.
3% minimum
620 minimum (higher is better)
Required until 20% equity (removable)
Ready to Access NJ First-Time Buyer Programs?
We're NJHMFA-approved lenders. Get pre-approved in 24 hours and we'll help you access up to $22,000 in down payment assistance.
Jimmy Joseph MBA • NMLS 1577754 • jjoseph@cmghomeloans.com