Your Guide to New Jersey Mortgage Assistance Programs

YOUR Home Program 

The YOUR Home program offers qualifying borrowers in New Jersey a variety of benefits, including a below market rate.

Mortgage Assistance Program Highlights:

• Discounted rate 
• No first-time buyer requirement 
• As little as 5% down
• Expanded eligibility for no PMI payments 
• 100% gift funds for down payment allowed; borrower must bring 1% of sales price for single-unit properties and 3% for two-unit properties 

Eligibility Requirements for New Jersey Buyers:

• Dependent on income and location 
• Eligible counties include Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey, as well as Orange County in New York 

NJHMFA Down Payment Assistance in New Jersey

Through the New Jersey Housing & Mortgage Finance Agency (NJHMFA), borrowers in New Jersey can secure competitive terms on a 30-year, fixed rate mortgage, which is able to be combined with up to $15,000 in down payment assistance offered by the agency. 

New Jersey Mortgage Assistance Program Highlights:

• Up to $15,000 in down payment assistance, depending on location, when paired with qualifying loan types 
• Qualifying loans include: NJHMFA first mortgage loan, a competitive 30-year, fixed-rate, government-insured loan (FHA/VA/USDA; or a conventional mortgage originated through an NJHMFA participating lender.
• The DPA is an interest-free, five-year forgivable second loan with no monthly payment. 
  
  

Eligibility Requirements for New Jersey Buyers:

• The home will be a primary residence and is located in New Jersey
• Meet NJHMFA income and purchase price limits*
• Must be a first-time homebuyer** or haven’t owned a home in the past three years
• Meet credit and debt-to-income ratio requirements

* NJHMFA sets income and purchase price limits based on the number of individuals in a household and the location of the home. Price limits are higher for homes in certain urban communities that the agency has designated as “target areas”.

** If the home is in a “target area”, borrowers may be eligible for the program without being a first-time homebuyer, but cannot be the current owner of another primary residence. 

NJHMFA Down Payment Assistance for First-Time, First-Generation Homebuyers in New Jersey

Effective October 20, 2023, qualifying first-time, first-generation borrowers* in New Jersey can receive up to $22,000 for their down payment and closing costs via the Smart Start Plus First-Generation Home Buyer Program. 

Program limitations and eligibility requirements are dependent on the county in which the property being purchased is located. 

First-time, first-generation homebuyers can receive up to $22,000 in assistance in the following counties: 

Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union counties. 

The following counties are eligible for up to $17,000 in assistance under the same program: 

Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Salem, Sussex, and Warren counties. 

* Eligible borrowers must be considered both first-time and first-generation homebuyers per the NJHMFA program guidelines outlined in Lender Bulletin 2023-19. 

Find Out if You Qualify for Mortgage Assistance in New Jersey Today

Working with an experienced and trusted loan officer will help determine your eligibility for mortgage assitance programs offered in New Jersey. Give us a call or visit us online to find the best program for your family today.