New Jersey Housing and Mortgage Finance Agency

Homebuyers

The New Jersey Housing and Mortgage Finance Agency provides a variety of programs for prospective homebuyers. For further information, choose from the links below.

The NJHMFA state-wide Down Payment Assistance Program (DPA) provides $10,000 for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey. The DPA is an interest-free, five-year forgivable second loan with no monthly payment

To participate in this program, the DPA must be paired with an NJHMFA first mortgage loan. The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan, originated through an NJHMFA participating lender. Certain restrictions such as maximum household income and purchase price limits apply. For more information, contact an NJHMFA participating lender below.

Do I Qualify for This Program?

Are you a first-time homebuyer?
You're considered a first-time homebuyer if you have not owned a home within the previous three years.

Are you planning to purchase a home in New Jersey?
This program applies to homes to be used as a primary residence in any New Jersey county.

Ready to Get Started?

Fill out our Participating Lenders form to be paired with an NJHMFA lender partner!

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 originated through an NJHMFA participating lender.

Do I Qualify for This Program?

Are you a first-time homebuyer?
You're considered a first-time homebuyer if you have not owned a home within the previous three years.

Are you planning to purchase a home in New Jersey?
This program applies to homes to be used as a primary residence in any New Jersey county.

Does your income and the home's purchase price fall within the required income and purchase price limits?
Income limits are determined by the area of purchase as well as family size, but may not exceed 140% of Area Median Income. Properties located in an Urban Target Area (UTA) are eligible for higher income limits. 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. 

Do You Need Down Payment and Closing Cost Assistance?
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 $10,000 as an interest-free, five-year forgivable second loan with no monthly payment that can be used to cover down payment and closing costs.

Ready to Get Started?

Fill out our Participating Lenders form to be paired with an NJHMFA lender partner!

Active members of the New Jersey Police and Firefighter Retirement System (PFRS) with one year of creditable service are eligible for this program. Members may buy a home (first-time or trade up) or refinance an existing home. Maximum mortgage amount is $484,350. Interest rate is 30 year fixed. Program rates are set semi-annually in February and August.
 
Further detail is available on our Police and Firemen's Retirement System Mortgage Program Fact Sheet.

Ready to Get Started?

Fill out our Participating Lenders form to be paired with an NJHMFA lender partner!

Have questions? View our Homebuyer FAQs.

Not sure which program is right for you? Call 1-800-NJHOUSE.

Materials in Spanish are available! View our First-Time Homebuyer Program fact sheet and our Homeward Bound fact sheet in Spanish.