Find Out How You Can Get Down Payment Assistance of Up To $15,000
Toward Your Home Purchase!
In Addition, First Generation Buyers Are Eligible For Another $7,000, For A Combined Total Of $22,000!
State-Wide Down Payment and Closing Cost Assistance for Homes
Located in New Jersey
The NJHMFA Down Payment Assistance Program (DPA) provides up to $15,000 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 (FHA/VA/USDA) or conventional mortgage, originated through an NJHMFA participating lender. Certain restrictions such as maximum household income and purchase price limits apply. View the income and purchase price limits here.
NJHMFA's participating lenders are the best representatives to help walk you through program qualification details including income and purchase price limits, and help you complete the application process. Click here to find an NJHMFA participating lender..
Additional Down Payment and Closing Cost Assistance for
Eligible First Generation Buyers
The The NJHMFA First Generation Down Payment Assistance Program provides $7,000 of down payment and closing cost assistance. This is offered in addition to the NJHMFA DPA award for first-time buyers providing a total assistance of $17,000 to $22,000. The NJHMFA First Generation Down Payment Assistance Program is for qualified first-time homebuyers who are also first-generation homebuyers. The assistance is provided as an interest-free, five-year forgivable second loan with no monthly payment.
A first-generation homebuyer is defined as a first-time homebuyer who also is either:
a. an individual:
(1) whose parents or legal guardians do not have any present ownership interest in any residential real property in any state or territory of the United States, or outside of the United States; and
(2) whose spouse, or domestic partner, and each member of whose household has not, during the 3-year period ending upon acquisition of the eligible home to be acquired using such assistance, had any present ownership interest in any residential real property used as their principal residence in any state or territory of the United States, or outside of the United States;
OR
b. an individual who has at any time been placed in foster care in the State of New Jersey.
The First Generation Down Payment Assistance Program must be paired with an?NJHMFA first mortgage loan. The first mortgage loan is a competitive 30-year, fixed-rate 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.
Ready to Get Started
Fill out our Participating Lenders form to be paired with an NJHMFA lender partner!
