The First-Time Homebuyer Mortgage Program is the foundational mortgage program that can be combined with the NJHMFA Down Payment Assistance Program, which provides qualified buyers with up to $15,000 based upon the county of the property being purchased. Purchase Price and Income Limits Urban Target Areaĭo You Need Down Payment and Closing Cost Assistance?.Purchase Price and Income Limits Statewide Area.To determine if your proposed property is within a UTA, visit the Site Evaluator and follow the tutorial instructions, then review the appropriate Purchase Price and Income Limits document, linked below. Properties located in an Urban Target Area (UTA) are eligible for higher income limits. Additionally, FHA requires only a 3.5 percent down payment. Income limits are determined by the area of purchase as well as family size, but may not exceed 140% of Area Median Income. Fortunately, FHA financing allows borrowers in high-cost counties to take out loans of up to 729,950. The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) First-Time Homebuyer Mortgage Program provides qualified New Jersey first-time homebuyers with a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA) originated through an NJHMFA participating lender.įirst -Time Homebuyer Consumer Fact Sheet Do I Qualify for This Program?ĭoes your income and the home's purchase price fall within the required income and purchase price limits? This program applies to homes to be used as a primary residence in any New Jersey county.įill out our Participating Lenders form to be paired with an NJHMFA lender partner! You're considered a first-time homebuyer if you have not owned a home within the previous three years.Īre you planning to purchase a home in New Jersey? For more information, contact an NJHMFA participating lender below. Certain restrictions such as maximum household income and purchase price limits apply. PRODUCT CODES V30HB, V30HB IRRL ELIGIBLE STATES Please refer to Chapter 2 or the Overlay Matrix. Borrowers, properties and loans must meet eligibility standards as established by the Veteran’s Administration. The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA), originated through an NJHMFA participating lender. PRODUCT DESCRIPTION First lien, fully amortizing VA Fixed Rate. To participate in this program, the DPA must be paired with an NJHMFA first mortgage loan. The DPA is an interest-free, five-year forgivable second loan with no monthly payment

The NJHMFA DPA is for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey.

The NJHMFA state-wide Down Payment Assistance Program (DPA) provides up to $15,000 based upon the county of the property being purchased.

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