30-year fixed-rate government-insured first mortgage for first-time homebuyers. Pairs with NJHMFA Down Payment Assistance.

Paired with: FHA, VA, RD

• First-time homebuyer: Required
• Primary residence only
• Minimum FICO: 620
• Income: County limits of 100% AMI (1-2 person) and 115% AMI (3+ person); 120%/140% AMI in Urban Target Areas. See NJHMFA schedule.
• Homebuyer education required

First-time homebuyer means no ownership interest in a principal residence in the prior 3 years. Requirement waived in Urban Target Areas and for qualified veterans. Purchase price limits apply.

Source: www.nj.gov

Up to $15,000 for down payment and closing costs ($15,000 in 12 northern and central counties, $10,000 in the other 9 counties). Interest-free, 5-year forgivable second mortgage with no monthly payment.

Paired with: Conventional, FHA, VA, RD

• First-time homebuyer: Required
• Primary residence only
• Minimum FICO: 620
• Income: Household income limits apply by county and funding source (not to exceed 140% AMI).
• Homebuyer education required

Must be paired with an NJHMFA first mortgage (First-Time Homebuyer, Homeward Bound or HFA Advantage). Can be used only once per borrower. Borrower must have insufficient liquid assets to close at 80% LTV or less.

Source: www.nj.gov

Additional $7,000 for first-generation, first-time homebuyers, stacked on the NJHMFA DPA for $17,000 to $22,000 total depending on county. Interest-free, 5-year forgivable second mortgage.

• First-time homebuyer: Required
• Primary residence only
• Minimum FICO: 620
• Income: Household income limits apply.
• Homebuyer education required

First-generation means a first-time buyer whose parents or legal guardians have no current ownership interest in residential property, or anyone who has been in foster care in New Jersey. Must be paired with an NJHMFA 30-year fixed first mortgage and the DPA. Subject to funding availability.

Source: www.nj.gov

30-year fixed-rate government-insured first mortgage for first-time homebuyers. Can be combined with the NJHMFA DPA.

Paired with: FHA, VA, RD

• First-time homebuyer: Required
• Primary residence only
• Income: County income limits from $161,520 to $185,760; see the Homeward Bound schedule.
• Homebuyer education required

Property must be located in New Jersey and occupied as the primary residence within 60 days of closing.

Source: www.nj.gov

30-year fixed-rate conventional first mortgage with reduced mortgage insurance and a low down payment. Can be combined with the NJHMFA DPA.

Paired with: Conventional

• Primary residence only
• Minimum FICO: 620
• Income: County income limits apply; see the HFA Advantage schedule.

First-time homebuyer requirement applies only when paired with the DPA.

Source: www.nj.gov

30-year fixed-rate first mortgage for active members of the NJ Police and Firemen’s Retirement System with at least one year of creditable service.

• Primary residence only

Purchase only. Maximum mortgage $766,550; maximum LTV 85%. Rate set each February and August. First-time buyer status not required.

Source: www.nj.gov

Up to $20,000 no-interest loan for down payment and/or closing costs; 20% of the loan forgiven per full year of residency over a 5-year period.

Buyer must purchase and occupy a home in Newark. Income and other program requirements apply.

Source: www.newarknj.gov

Up to 10% of the purchase price toward down payment plus $10,000 for closing costs, up to $150,000 per household.

For first-time buyers at or below 80% AMI. HUD HOME-funded; recapture applies if the buyer sells or moves before the affordability period ends. Applicants are chosen by lottery; a new application period opens when the current list is exhausted. Requires a mortgage pre-approval and 8 hours of homebuyer education.

Source: www.jerseycitynj.gov