First-Time Homebuyer Mortgage Program

First-Time Homebuyer Mortgage Program

The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) First-Time Homebuyer Mortgage Program provides qualified New Jersey first-time homebuyers with a competitive 30-year, fixed-rate government-insured loan originated through an NJHMFA participating lender.

Do I Qualify for This Program?

  • Are you a first-time homebuyer with a credit score of 620 or greater?
    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 the Site Evaluator and follow the tutorial 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 the NJHMFA Down Payment Assistance Program, which provides qualified buyers with $10,000 as an interest-free, five-year forgivable second loan with no monthly payment that can be used to cover down payment and closing costs.

Ready to Get Started?

If you answered YES to the questions above, contact one of NJHMFA’s participating lenders and ask for an NJHMFA First-Time Homebuyer Mortgage Program loan today!

Contact an NJHMFA Participating Lender