Your Path to Homeownership Starts Here
First-Time Homebuyer Programs in Bergen County
Make homeownership possible with as little as 3% down. Access HomeFundIt crowdfunding, down payment assistance, and specialized first-time buyer programs designed for you.
3%
Minimum Down Payment
$5K-$20K
Raised via HomeFundIt
580
Minimum Credit Score (FHA)
Licensed Mortgage Broker • NMLS #1577754 • Equal Housing Lender
First-Time Buyer Loan Options
Multiple programs designed to make homeownership accessible
FHA Loans (3.5% Down)
- • 3.5% down with 580+ credit score
- • 10% down with 500-579 score
- • Loan limits up to $929,200
- • Gift funds allowed
- • Seller concessions up to 6%
Conventional 97 (3% Down)
- • Just 3% down payment
- • 620+ credit score required
- • PMI removable at 20% equity
- • Up to $929,200 in Bergen County
- • Lower MI than FHA for good credit
VA Loans (0% Down)
- • Zero down payment
- • No PMI required ever
- • For veterans & active military
- • No maximum loan amount
- • Flexible credit requirements
HomeFundIt Crowdfunding
- • Raise down payment online
- • Friends & family can contribute
- • $5K-$20K typically raised
- • Lender-approved gift platform
- • Combine with any loan program
Ask us how to get started!
NJ Housing Programs
- • Down payment assistance grants
- • Closing cost help available
- • Competitive interest rates
- • Income & price limits apply
- • Homebuyer education required
Check if you qualify
Gift Funds & Family Help
- • Parents/family can gift funds
- • Can cover entire down payment
- • Simple gift letter required
- • Accepted by all loan types
- • No repayment required
Family support accepted
Calculate Your First Home Payment
See what you can afford with different down payment scenarios
First-Time Buyer Questions
Everything you need to know about buying your first home
What down payment do I need as a first-time homebuyer?
First-time buyers can purchase with as little as 3% down (Conventional 97 or FHA 3.5%). VA loans offer 0% down for eligible veterans. HomeFundIt provides crowdfunding down payment assistance. We help you find the best program for your situation.
What is HomeFundIt and how does it work?
HomeFundIt is a crowdfunding platform that lets you raise down payment and closing cost funds from friends, family, and supporters. Contributions are considered gifts (not loans) and are lender-approved. Many first-time buyers raise $5,000-$20,000 through HomeFundIt campaigns.
What credit score do I need to buy my first home?
FHA loans accept credit scores as low as 580 (3.5% down) or 500 (10% down). Conventional loans require 620 minimum (640+ recommended). VA loans have no minimum but lenders typically want 580-620. We work with all credit profiles.
Can I use gift funds for my down payment?
Yes! All major loan programs (FHA, VA, Conventional) allow gift funds from family members. Gifts can cover your entire down payment and closing costs. The donor provides a simple gift letter confirming no repayment expected.
How much money do I need to buy a home in Bergen County?
For a $500,000 Bergen County home with 3.5% down (FHA): $17,500 down payment + $10,000-15,000 closing costs = $27,500-32,500 total. Seller credits and lender credits can reduce this. Gift funds, HomeFundIt, and down payment assistance programs help cover these costs.
What is the NJ Housing and Mortgage Finance Agency program?
NJ Housing offers first-time buyer programs with down payment assistance, closing cost help, and competitive rates. Income and purchase price limits apply. Programs include Homebuyer Priority, Advantage, and Police & Firemen Retirement System loans.
How long does it take to get approved for a first-time buyer mortgage?
Pre-approval takes 24-48 hours. Full approval to closing takes 30-45 days. First-time buyers benefit from our educational process - we explain each step and ensure you understand the entire home buying journey.
Ready to Buy Your First Home?
CMG Home Loans specializes in first-time buyers. We'll guide you through every step and find the best program for your situation.
Licensed Mortgage Broker • NMLS #1577754
Helping first-time buyers achieve homeownership since 2015