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First Time Home Buyer Programs - New Jersey

First Time Home Buyer Programs - New Jersey

The New Jersey Housing and Mortgage Finance Agency provides a variety of home loan programs to help prospective home buyers.

The New Jersey Housing and Mortgage Finance Agency

If you are considering the purchase of a home in New Jersey, the New Jersey Housing and Mortgage Finance Agency provides a variety of programs to assist prospective home buyers.

First Time and Urban Target Area Home Loan Program

First time home buyers and urban area home buyers can benefit from a below-market, fixed rate, 30-year home mortgage. Down payments of as little as 3.5% are required and must come from the borrower's own assets.

Tax Credit Loan "Prefund" Program

The First-Time Home Buyers Tax Credit Loan Program provides a loan to pay downpayment and/or closing costs to first time home buyers who meet all of the requirements of the Home Buyer Program and close on the home purchase between April 8, 2009 and December 1, 2009.

Read more about the Tax Credit Loan "Prefund" Program

Smart Start Program

The Smart Start Program is available to participants in the New Jersey Housing and Mortgage Finance Agency’s first mortgage homebuyer’s program who are purchasing homes in Smart Growth areas. The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage.

Live Where You Work Program

The LWYW program is a home mortgage incentive program that provides low-interest mortgage loans to homebuyers purchasing homes in towns where they are employed.

The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs. This, in turn, will reduce the need for cars and increase the use of alternative transportation such as walking, biking and public transit.

Read more about the Live Where You Work Program

100% Financing Program

The 100% Financing Program provides no downpayment, no mortgage insurance, no closing cost mortgage loans at pre-approved new or rehabilitated single-family housing developments and for certain newly constructed units.

First-time and urban area buyers are eligible for 30-year fixed rate financing at the HMFA's prevailing interest rate. The program is subject to funding and housing availability.

Read more about the 100% Financing Program

Purchase/Rehab and Refi/Rehab Mortgage Program

Qualified first-time home buyers and urban target area buyers can receive below-market interest rate financing for the purchase and rehabilitation of a home, or the rehabilitation of a presently owned home.

Read more about the Purchase/Rehab and Refi/Rehab Mortgage Program

Home Plus Program

The Home Plus Program offers a fixed interest rate home mortgage to qualified first-time and urban area home buyers with immediate home improvement needs. Homeowners are allowed to finance up to $15,000 toward home repairs and improvements as part of the first mortgage.

At Home Downtown Mortgage Program

The At Home Downtown program aims to revive the mixed-use vitality of New Jersey's downtowns and neighborhood commercial districts.

By taking advantage of reduced-rate loans, business owners, non-profit organizations and investors can construct or acquire, refinance, and renovate buildings that offer ground floor storefront commercial opportunities with up to four units of rental housing overhead.

First mortgage loans are at fixed, below market interest rates. Second mortgages will also be provided, when necessary.

Read more about the At Home Downtown Mortgage Program

Home Ownership for Performing Employees (HOPE) Program

HOPE is an employer guaranteed loan program that offers no downpayment, below-market, fixed rate mortgages to eligible employees without private mortgage insurance. Employers must be approved by the HMFA. The program adheres to the same mortgage program requirements as the Home Buyer Program.

Other Local New Jersey Home Loan Resources

New Jersey also has several first time home buyer and other home loan programs available through city, county, and other state agencies. Find a local New Jersey home buyer program that is right for you on the official New Jersey HUD website.

Source: State of New Jersey Housing and Finance Agency

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