NJHMFA Eligibility
Welcome to the overview of eligibility criteria for the New Jersey Housing and Mortgage Finance Agency (NJHMFA) programs. Whether you’re a first-time homebuyer, a public servant, or seeking specialized financial assistance, NJHMFA offers a range of programs designed to make homeownership accessible and affordable. Below is a breakdown of the eligibility requirements for our key programs:
Have questions? Please call 866-761-7979 today and speak with an NJHMFA expert.
General Eligibility Criteria for Most NJHMFA Programs
- First-Time Homebuyer Status: Typically, you must be a first-time homebuyer, which means you haven’t owned a home in the past three years. Exceptions are often made for qualified veterans and buyers in Urban Target Areas.
- Income Limits: Most programs have income limits, which vary by county and family size.
- Credit Score: A minimum credit score is usually required, which can vary by program.
- Occupancy: The purchased property must be your primary residence.
- Location: The property must be located in New Jersey.
Homeward Bound Program & HFA Advantage Mortgage Program
- Debt-to-Income Ratio: Must meet specific debt-to-income ratio requirements.
- Property Types: Eligible properties include single-family homes, townhouses, condos, and more.
Down Payment Assistance Program
- Additional Requirements: Must be paired with a qualifying NJHMFA first mortgage product. The assistance is a second mortgage that can be forgiven if certain conditions are met.
Police and Firemen’s Retirement System Mortgage Program
- Eligible Borrowers: Active members of the New Jersey Police and Firefighter Retirement System with at least one year of creditable service.
- Loan-to-Value (LTV): Maximum LTV ratios apply.
First Generation Homebuyer Program
- First-Generation Definition: Either individuals whose parents have never owned a home or those who have been in foster care in New Jersey.
- Combined Assistance: Can be combined with the Down Payment Assistance Program for up to $22,000 in total assistance.
