(NJHMFA) First-Time Homebuyer Mortgage Program

First-Time Homebuyer Mortgage Program

with Down Payment Assistance

NJJHMFA

PROGRAM DESCRIPTIONS

First-Time Homebuyer

New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) First-Time Homebuyer Mortgage Program

provides a competitive 30-year ﬁxed-rate government insured loan for eligible homebuyers purchasing a

home in New Jersey. The First Time Home Buyer Mortgage Program can be coupled with the NJHMFA

Down Payment Assistance Program (DPA).

Down Payment Assistance

NJHMFA’s Down Payment Assistance Program (DPA) provides qualiﬁed homebuyers with up to $15,000 toward

down payment and/or closing costs based upon the county of the property being purchased. The DPA is a

forgivable loan with no interest and no monthly payments. The DPA is forgiven if the Borrower continuously

resides in the premises as his/her principal residence for ﬁve years from the loan closing date and does not

reﬁnance or otherwise convey the ﬁrst mortgage. The DPA may only be utilized by a Borrower one time.

ELIGIBLE BORROWERS

Borrower(s) must purchase and occupy a residential home

in New Jersey.

Borrower(s) must be a ﬁrst-time homebuyer, deﬁned as

someone who has not had an ownership interest in their

primary residence during the previous three years.

Borrowers of homes located within Urban Target Areas or

Qualiﬁed Veterans do not need to be ﬁrst-time home buyers,

but must not own another primary residence at closing.

Property must be occupied as the Borrower’s primary

residence within 60 days of closing.

Borrower(s) must meet credit score and debt-to-income

requirements.

ELIGIBLE PROPERTIES

The property must be located in the state of New Jersey.

Properties must comply with any and all guidelines of the

applicable insurer/guarantor such as FHA, VA or USDA.

The property must be a single-family home, condominium,

townhome, manufactured or mobile home, which is

permanently axed to real property owned by the Borrower,

or a two- to four-family dwelling unit of which one unit is to be

occupied by the Borrower as his or her principal residence.

Properties located in an Urban Target Area (UTA) are eligible

for higher income limits. To determine if the proposed property

is within a UTA, visit the Site Evaluator (njhousing.gov/

homeownership/buyers/site) and follow the Site

Evaluator Tutorial

DOWN PAYMENT/CLOSING COSTS

Down payment requirements are based on the mortgage

insurer or guarantor’s guidelines. Borrower may fund down

payment and closing costs through NJHMFA’s Down Payment

Assistance Program, which provides eligible homebuyers

purchasing a home in New Jersey with up to $15,000.

DPA funds may not be used to cover closing costs customarily

paid by the property Seller, including but not limited to the

Realtor commission or transfer tax.

DPA funds may not be used to cover an appraisal shortfall,

where the appraised property value is less than the purchase

price of the home.

INCOME LIMITS

Income limits are determined by the county of the purchase

property, and apply with or without DPA. Please reference the

First Time Home Buyer handout for additional details.

LOAN TERMS/INTEREST

Call an NJHMFA participating lender for current loan term and

rates. The list of participating lenders can be found online at

theroadhomenj.com.

HOW DO I APPLY?

To apply for the NJHMFA First-Time Homebuyer Mortgage

Program, please contact a participating NJHMFA lender.

The list of participating lenders can be found online at

theroadhomenj.com.

COUNTY LIST Down Payment Assistance Amount

Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth,

Morris, Ocean, Passaic, Somerset, Union

$15,000

Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester,

Salem, Sussex, Warren

$10,000

UP TO $15K DPA

1-800-NJ-HOUSE • njhousing.gov

For up-to-date information, 24-hours a day, visit us online at njhousing.gov • Updated 05.20.24

MAXIMUM INCOME LIMITS

Percent of Area Median Income (AMI)

Limits are listed from lowest to highest

100% 115%

COUNTIES

1-2 FAMILY HOUSEHOLD 3+ FAMILY HOUSEHOLD

Atlantic, Burlington, Camden, Cape May,

Cumberland, Gloucester, Hudson,

Salem, & Warren

$125,300 $144,095

Mercer

$125,900 $144,785

Bergen & Passaic

$129,500 $148,925

Essex, Morris, Sussex, Union

$130,300 $149,845

MAXIMUM PURCHASE PRICE LIMITS

COUNTIES 1 - FAMILY 2 - FAMILY 3 - FAMILY 4 - FAMILY

Atlantic, Cumberland, Mercer, Warren $510,939 $654,188 $790,753 $982,742

Burlington, Camden, Cape May,

Gloucester & Salem

$732,173 $885,068 $1,099,901

Bergen, Essex, Hudson, Hunterdon,

Middlesex, Monmouth, Morris, Ocean,

Passaic, Somerset, Sussex, Union

$1,179,091 $1,509,723 $1,824,818 $2,267,891

Statewide Limits

For The First-Time Homebuyer Program

*Federal Housing Administration (FHA) & Veteran Administration (VA) maximum mortgage amounts prevail if more restrictive.

Limits are listed from lowest to highest

1-800-NJ-HOUSE • njhousing.gov

Effective Date 05.20.24

$150,190

$130,600

Monmouth & O cean

$168,130$146,200

Hunterdon, Middlesex, & Somerset

For up-to-date information, 24-hours a day, visit us online at njhousing.gov • Updated 05.20.24

$571,946

Urban Target Area Limits

For The First-Time Homebuyer Program

The following areas are identiﬁed as Urban Target Areas. Entire municipalities may not be a designated Urban Target Area (UTA).

Please use the Site Evaluator online tool at www.njhousing.gov/homeownership/buyers/site/ or contact an NJHMFA participating lender to

determine if your property is within a UTA.

Atlantic County: Absecon, Atlantic City, Hamilton, Pleasantville, Ventnor City

Bergen County: Elmwood Park, Fairview, South Hackensack, Wallington

Burlington County: Burlington, Delran, Palmyra, Washington, Woodland

Camden County: Berlin, Camden, Cherry Hill, Gloucester City, Pennsauken,

Pine Hill, Woodlynne

Cumberland County: Bridgeton, Commercial, Millville, Vineland

Essex County: Belleville, City of Orange, East Orange, Glen Ridge, Irvington,

Maplewood, Newark, South Orange Village

Gloucester County: Elk, Westville

Hudson County: Bayonne, Guttenberg, Harrison, Hoboken, Jersey City, Kearny,

Union City, Weehawken, West New York

Mercer County: Trenton

Middlesex County: Cranbury, New Brunswick, North Brunswick, Old Bridge,

Perth Amboy, South Amboy

Morris County: Mount Olive

Ocean County: Berkeley, Lakewood, Manchester, Toms River, Tuckerton

Passaic County: Passaic, Paterson, Totowa

Salem County: Elsinboro, Penns Grove, Quinton

Somerset County: Green Brook, North Plainﬁeld, South Bound Brook

Union County: Elizabeth, Hillside, Linden, Plainﬁeld

Warren County: Phillipsburg

MAXIMUM INCOME LIMITS

Percent of Area Median Income (AMI)

Limits are listed from lowest to highest

COUNTIES

1-2 FAMILY HOUSEHOLD 3+ FAMILY HOUSEHOLD

Atlantic, Burlington, Camden, Cape May,

Cumberland, Gloucester, Hudson,

Salem, & Warren

$150,360 $175,420

$151,080 $176,260

Bergen & Passaic

$155,400 $181,300

Essex, Morris, Sussex, Union

$156,360 $182,420

MAXIMUM PURCHASE PRICE LIMITS

COUNTIES 1 - FAMILY 2 - FAMILY 3 - FAMILY 4 - FAMILY

Atlantic, Cumberland, Mercer, Warren $624,481 $799,563 $966,475 $1,201,130

$894,879 $1,081,750 $1,344,323

$1,441,111 $1,845,217 $2,230,334 $2,771,867

*Federal Housing Administration (FHA) & Veteran Administration (VA) maximum mortgage amounts prevail if more restrictive.

Limits are listed from lowest to highest

1-800-NJ-HOUSE • njhousing.gov

Effective Date 05.20.24

140%

$182,840

: Asbury Park, Freehold, Long Branch, West Long Branch

120%

Monmouth County

$156,720

For up-to-date information, 24-hours a day, visit us online at njhousing.gov • Updated 05.20.24

Lower, West Wildwood, Wildwood Crest

Mercer

Monmouth & O cean

Cape May County:

$204,680

$175,440

Hunterdon, Middlesex & Somerset

$699,046

Burlington, Camden, Cap e May

Gloucester & Salem

Bergen, Essex, Hudson, Hunterdon,

Middlesex, Monmouth, Morris, Ocean,

Passaic, Somerset, Sussex, Union