NJHMFA First Generation Down Payment Assistance

Administered by: New Jersey Housing and Mortgage Finance Agency · State · Forgivable Loan

Funding status: Active

How much assistance

$7,000 (Forgivable Loan)

Zero-interest, no monthly payments. Forgiven after 5 years of continuous owner-occupancy as primary residence.

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. Must be a first-generation homebuyer (neither the borrower nor their parents/guardians have owned a home).
  • Credit score minimum: 620
  • Geographic restrictions: Must purchase a home in New Jersey
  • Homebuyer education required: Yes

How to Apply for NJHMFA First Generation Down Payment Assistance

Step 1: Apply through an NJHMFA participating lender. Must be used in conjunction with the NJHMFA DPA and an NJHMFA first mortgage. Complete HUD-approved homebuyer education.

Visit program website

Notes

Can be combined with the NJHMFA DPA for total assistance of $17,000 to $22,000 depending on county. Must meet first-generation buyer definition.

Available Statewide In