The document is a consumer‑focused brochure that explains how first‑time and first‑generation homebuyers in New Jersey can use the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to obtain affordable mortgages and forgivable down‑payment assistance (DPA). It outlines three NJHMFA mortgage programs (First‑Time Homebuyer, Homeward Bound, HFA Advantage), describes the DPA grant structure (a $10,000 base grant, a $15,000 high‑cost county grant, and a $7,000 first‑generation bonus that can be stacked for up to $22,000 of forgivable funds), and details the fine‑print (100 % forgivable after five years of primary residence, zero interest, no monthly payments). The guide lists eligibility requirements – minimum 620 credit score, primary‑residence occupancy within 60 days, a three‑year ownership rule, and county‑specific income limits – and provides a clear three‑step application pathway (connect with a realtor, match with a participating NJHMFA lender, get pre‑approved). The tone is instructional and encouraging, aiming to demystify the process and motivate prospective buyers to take action.
Topics
NJHMFA Mortgage Programs Overview
Presentation of the three primary mortgage options – First‑Time Homebuyer (standard 30‑year fixed FHA/VA/USDA), Homeward Bound (fixed‑rate with DPA maximization), and HFA Advantage (up to 97 % financing with low mortgage‑insurance costs).
Down‑Payment Assistance Grants: Base and High‑Cost Options
Explanation of the $10,000 base grant (available in lower‑cost counties) and the $15,000 high‑cost grant (available in higher‑cost counties), including the county lists for each tier.
First‑Generation Bonus: Additional $7,000 Assistance
Details of the exclusive $7,000 grant for first‑generation, first‑time homebuyers, and how it pairs with the standard DPA.
Stacking Grants for Maximum Forgivable Funds
How borrowers can combine the base grant, high‑cost boost, and first‑generation bonus to receive up to $22,000 of 100 % forgivable assistance.
Fine Print: 100 % Forgivable, Zero‑Interest, No‑Payment Loan Terms
Key loan terms – the assistance disappears after five years of primary residence, accrues zero interest, and requires no monthly payments.
Eligibility Criteria: Credit Score, Primary Residence, and 3‑Year Ownership Rule
Minimum credit score of 620, requirement that the home be occupied within 60 days, and the rule that the applicant must not have owned a primary residence in the past three years.
Income Limits by County
County‑specific maximum household incomes (e.g., $144,620 for certain counties, $148,400‑$153,160 for others, $167,300 for high‑cost counties) that determine DPA eligibility.
Step‑by‑Step Application Pathway
Three‑step process: (1) connect with a local realtor, (2) get matched with a participating NJHMFA lender, (3) obtain pre‑approval and begin house hunting.