Do you have questions about our NJ First-Generation DPA Program?
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About the NJ First-Generation Down Payment Assistance Program
This program aims to provide significant assistance for down payments and closing costs to homebuyers, offering a generous $7,000 contribution to those who qualify. By combining this assistance with an NJHMFA First Mortgage and the Down Payment Assistance Program, eligible homebuyers may receive an impressive total of up to $22,000! The amount varies depending on the county where the property is located.
Program Details
- Owner occupied, primary residence in NJ
- 30-year Fixed-rate mortgage options available for home purchases only
- $22,000 for down payment & closing costs when paired with DPA in certain NJ counties
Who's Considered a First-Generation Homebuyer?
- An individual whose parents or legal guardians do not own any residential property in the U.S. or abroad, and whose spouse, domestic partner, and household members have not owned a principal residence in the past 3 years in the U.S. or outside of U.S.
- OR An individual who has been in foster care in NJ at any point
The Fine Print
- Must be a first-generation homebuyer
- Min credit score 620; must meet DTI requirements
- Must be paired with an NJHMFA first mortgage loan and the DPA; DPA is a forgivable loan with no interest and no monthly payments
- Single-Family, Condo, Townhome, Co-ops, 2-4 units
- Ineligible for Police & Fireman Program
Eligibility requirements, exclusions and other terms and conditions apply.
