NJHMFA Down Payment Assistance Program
Funding status: Active
How much assistance
Up to $15,000 (Forgivable Loan)
Zero-interest, no monthly payments. Forgiven after 5 years of continuous owner-occupancy. Prorated balance due upon sale or refinance within 5 years.
Eligibility
- Income limits: Must not exceed 115% of area median income; up to 140% AMI in targeted areas
- First-time buyer required: Yes — Must not have owned a home in the past 3 years
- Credit score minimum: 620
- Geographic restrictions: Must purchase a home in New Jersey. Amount varies by county.
- Homebuyer education required: Yes
How to Apply for NJHMFA Down Payment Assistance Program
Step 1: Apply through an NJHMFA participating lender at theroadhomenj.com. Must be paired with an NJHMFA first mortgage. Complete HUD-approved homebuyer education within one year of closing.
Notes
Provided as a second mortgage. Amount varies by county — some counties offer up to $15,000, others up to $10,000. Borrower must not have enough liquid assets to close at 80% LTV.