NJHMFA Provides Financial Assistance To NJ First Time Buyers

Programs In New Jersey For 1st Time Home Buyers

First time home buyers in New Jersey have many options available to them for help in purchasing their first residence. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) provides some very worthwhile programs for New Jersey residents seeking to purchase their first home.


New Jersey First Time Home Buyer Programs
New Jersey First Time Home Buyer Programs

Here are some highlights:

First-Time Homebuyer

Click here to see NJHMFA’s current First-Time Homebuyer interest rate.

A below-market, fixed interest rate is offered to First-Time Homebuyers and Urban Target Area buyers. Downpayments of as little as 3.5% are required and must come from the borrower’s own assets. Loans are 30-year fixed rate. Certain closing costs can be gifted by family members, non-profit organizations or government agencies. Debt-to-income ratios are as high as 33 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 38 percent (total monthly debt load).

Purchase Price and Income Limits Information

  • Purchase Price & Income Limits Statewide Area (47k PDF)
  • Purchase Price & Income Limits Urban Target Area (57k PDF)

For complete details on these programs, including contact information and instructions on how to apply, please visit this NJHMFA page.

More New Jersey First Time Buyer Programs

In addition to the above homebuyer programs offered by NJHMFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in New Jersey.