Bootcamp For Buyers

First Time Homebuyer Programs in New Jersey

New Jersey provides a variety of first-time homebuyer programs through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). These initiatives offer financial assistance, affordable mortgage options, and tailored benefits to make homeownership more attainable.

First-Time Homebuyer Mortgage Program

The First-Time Homebuyer Mortgage Program offers fixed-rate loans with favorable terms for new buyers.

  • Features competitive interest rates on 30-year fixed-rate mortgages.
  • Available for FHA, VA, USDA, and conventional loans.
  • Income and purchase price limits apply based on location and household size.

Down Payment Assistance Program (DPA)

The Down Payment Assistance Program provides financial support for upfront costs.

  • Offers $10,000 in down payment and closing cost assistance.
  • Structured as a 0% interest loan, forgivable after five years of homeownership.
  • Must be used with an NJHMFA mortgage product.

Police and Firemen’s Retirement System Mortgage Program

This program is designed for members of the Police and Firemen’s Retirement System (PFRS).

  • Offers low-interest fixed-rate loans.
  • Eligibility limited to active or retired members of the PFRS.
  • Can be combined with NJHMFA’s down payment assistance programs.

New Jersey’s first-time homebuyer programs provide the tools and resources you need to achieve your homeownership dreams. Explore these options to find the best fit for your needs and start your journey in the Garden State today.