Sick of renting year after year? There’s good news for first-time homebuyers in New Jersey!
The state provides the NJHMFA Down Payment Assistance Program (DPA) which offers up to $15,000 towards your first home purchase as a forgivable loan. This loan has no interest and no monthly payments. Here are the qualifications:
Must be a first-time homebuyer (have not owned a home in the previous three years)
Planning to purchase a home as primary residence in the state of NJ
DPA must be paired with an NJHMFA first mortgage loan
Borrowers must meet credit score and debt-to-income requirements
Purchase price and income restrictions do apply and are set by county. (Bergen & Passaic County income limits are currently $138,500 for 1-2 family households)
Note: Information provided is subject to change. Check with NJHMFA for most current information.