First-Time Homebuyer

First-Time Homebuyer

Contact a Participating Lender for 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 40 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 50 percent (total monthly debt load).

Purchase Price and Income Limits Information


Eligible Properties: One-family units, including condominiums (new and existing), 2- to 4-family dwellings which have been in existence for 5 or more years. Urban Target Area only: any new or existing 2 unit dwelling.

  • Urban Target Areas (UTAs) are based upon census data. Therefore, in order to find out if an address is located in a UTA, you will need to identify the census tract within which the address is located.
  • To determine if your proposed home is within an Urban Target Area (UTA), visit the Site Evaluator and follow the tutorial instructions.

Further detail is available on our First-Time Homebuyer Fact Sheet (155k PDF) or call 1-800-NJ-HOUSE.

Not sure which program is right for you?

Visit theroadhomenj.com to discover all of HMFA’s available mortgage programs.