GBHNJ HELP FOR HOME BUYERS WHO NEED DOWN PAYMENT ASSISTANCE
Buying a home is a big step and it can be hard to know where to start. New Jersey Housing and Mortgage Finance Agency (NJHMFA) provides a variety of programs to assist prospective homebuyers.
NJHMFA is happy to offer step-by-step guidance and accessible tools to enable you to make the right home purchase decision. To get acquainted with the homebuying process, you can access The Road Home New Jersey: A Guide for the New Jersey Homebuyer, to help you navigate your way to affordable homeownership.
Watch the video below to here a success story!
HFA Advantage Mortgage Program
The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) HFA Advantage Mortgage Program provides a 30-year, fixed-rate conventional loan for eligible homebuyers purchasing a home in New Jersey. The HFA Advantage Mortgage Program offers affordable mortgage insurance and low down-payment and can be coupled with the NJHMFA Down Payment Assistance (DPA).
NJHMFA Down Payment Assistance Program
The NJHMFA state-wide Down Payment Assistance Program (DPA) provides up to $15,000 based upon the county of the property being purchased. 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 DPA is an interest-free, five-year forgivable second loan with no monthly payment
To participate in this program, theDPA must be paired with anNJHMFA first mortgage loan. The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA), 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 lenderbelow.
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.
First-Time Homebuyer Mortgage Program
The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) First-Time Homebuyer Mortgage Program providesqualified New Jersey first-time homebuyers with a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA) originated through anNJHMFA 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 theSite Evaluatorand follow thetutorial 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 theNJHMFA Down Payment Assistance Program, which provides qualified buyers with up to $15,000 based upon the county of the property being purchased. NJHMFA DPA is an interest-free, five-year forgivable second loan with no monthly paymentthat can be used to cover down payment and closing costs.
Homeward Bound Program
New Jersey Housing and Mortgage Finance Agency's (NJHMFA) Homeward Bound Mortgage Program provides a competitive 30-year fixed-rate government insured loan for eligible homebuyers purchasing a home in New Jersey. The Homeward Bound Mortgage Program can be coupled with the NJHMFA Down Payment Assistance Program (DPA).
Police and Firemen's Retirement System Mortgage Program
Active members of theNew Jersey Police and Firefighter Retirement System (PFRS) with one year of creditable service are eligible for this program. Maximum mortgage amount is $726,200. Interest rate is 30-year fixed. Program rates are set semi-annually in February and August.
HUD GOOD NEIGHBOR NEXT DOOR PROGRAM
Law enforcement officers, teachers (pre-Kindergarten through 12th grade) firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, an eligible buyer must commit to live in the property for 36 months as his/her principal residence.
How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.
How to Participate in Good Neighbor Next Door
Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.
HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.
The number of properties available is limited and the list of available properties changes weekly.
For buyers looking to purchase a new home; we can help guide you through the many programs that may be able to help you acheive your goal. CONTACT US today for a free consultation to discuss your home buying options.