This program aims to provide significant assistance for down payments and closing costs to homebuyers, offering a generous $7,000 contribution to those who qualify. When paired with an NJHMFA First Mortgage and the Down Payment Assistance Program, eligible homebuyers can receive up to $22,000 in assistance! The amount varies depending on the county where the property is located.
PROGRAM DETAILS
- Owner occupied, primary residence in NJ
- 30-year Fixed-rate mortgage options available for home purchases only
- $22,000 for down payment & closing costs when paired with DPA in certain NJ counties
WHO'S CONSIDERED A FIRST-GENERATION HOMEBUYER?
- An individual whose parents or legal guardians do not own any residential property in the U.S. or abroad, and whose spouse, domestic partner, and household members have not owned a principal residence in the past 3 years in the U.S. or outside of U.S.
- OR An individual who has been in foster care in NJ at any point
FINE PRINT
- Must be a first-generation homebuyer
- Min credit score 620; must meet DTI requirements
- Must be paired with an NJHMFA first mortgage loan and the DPA; DPA is a forgivable loan with no interest and no monthly payments
- Single-Family, Condo, Townhome, Co-ops, 2-4 units
- Ineligible for Police & Fireman Program
