These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

New Jersey

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

NJHMFA Down Payment Assistance Program

  • Assistance: Provides up to $15,000 for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey.

  • Terms: Interest-free, five-year forgivable second loan with no monthly payments.

  • Eligibility: First-time homebuyers purchasing a primary residence in New Jersey; income and purchase price limits apply.

  • More Information: NJHMFA Homebuyer Assistance

NJHMFA First-Time Homebuyer Mortgage Program

  • What It Offers: Competitive fixed-rate mortgages with low down payment options.

  • Who Qualifies: First-time homebuyers who meet credit and income requirements.

  • Income Limits: Based on area median income (AMI).

  • Repayment: Standard mortgage repayment terms.

  • More Information: NJHMFA Mortgage Programs

NJHMFA First-Generation Down Payment Assistance Program

  • Assistance: Offers an additional $7,000 for first-generation homebuyers, which can be combined with the standard NJHMFA Down Payment Assistance Program for a total of up to $22,000.

  • Terms: Interest-free, five-year forgivable second loan with no monthly payments.

  • Eligibility: First-time homebuyers who are also first-generation buyers (defined as individuals whose parents or legal guardians do not have any present ownership interest in any residential real property).

  • More Information: NJHMFA First-Generation Assistance

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

NJCC Statewide Down Payment Assistance Program

  • Assistance: Provides up to $30,000 in down payment assistance for primary residences.

  • Terms: Offers forgivable grants; specific terms and eligibility criteria apply.

  • More Information: NJCC Down Payment Assistance

Newark Homebuyer Assistance Program

  • Assistance: Provides up to $25,000 in down payment and closing cost assistance.

  • Who Qualifies: Homebuyers purchasing within Newark city limits.

  • Income Limits: Based on HUD guidelines.

  • Repayment: Forgivable loan after a set period.

  • More Information: https://www.newarknj.gov/card/live-newark-program

Gloucester County Homebuyer Down Payment Assistance Program

  • Assistance: Offers 0% deferred payment loans up to $25,000, applied first to closing costs, then to the down payment.

  • Eligibility: Applicants must meet specific income requirements and purchase a home within Gloucester County.

  • More Information: Gloucester County Homebuyer Program

Atlantic City Down Payment Assistance Program

  • Assistance: Provides up to 10% of the purchase price and up to $5,000 of eligible closing costs, with a combined total amount not to exceed $30,000.

  • Eligibility: Applicants must meet income requirements and purchase a home within Atlantic City.

  • More Information: Atlantic City Assistance Program

Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.