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HFA Advantage Mortgage Program

The New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) HFA Advantage Mortgage Program provides a 30-year, fixed-rate conventional loan for eligible homebuyers purchasing a home in New Jersey. The HFA Advantage Mortgage Program offers affordable mortgage insurance and low down payment and can be coupled with the NJHMFA Down Payment Assistance (DPA). More info

Eligible Borrowers

• Borrower(s) must purchase and occupy a residential home in New Jersey. A Borrower(s) must be a first-time homebuyer, defined as someone who has not had an ownership interest in their primary residence during the previous three years. If not using the DPA, the first-time homebuyer requirement is waived
• Borrowers of homes located within Urban Target Areas or qualified veterans do not need to be first-time homebuyers, but must not own another primary residence at closing
• Property must be occupied as the Borrower’s primary residence within 60 days of closing
• Borrower(s) must have a FICO score of 620 or greater and meet debt-to-income requirements

Eligible Properties

• The property must be located in the state of New Jersey
• Must be a single-family home, condominium, townhome, or PUDs
• Mobile homes, manufactured homes are not eligible

Down Payment/Closing Costs

Down payment requirements are based on the Freddie Mac HFA Advantage guide which typically allows for a 3% downpayment. The borrower may fund the down payment and closing costs through NJHMFA’s Down Payment Assistance Program, which provides eligible homebuyers purchasing a home in New Jersey with $10,000.

Income Limits

Income limits are determined by the county of the purchase property, but must not exceed 80% of the Area Median Income.

• Cumberland = $53,920
• Atlantic = $66,480
• Cape May & Warren = $67,920
• Burlington, Camden, Gloucester & Salem = $75,600
• Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union = $79,600
• Mercer = $85,540

First-Time Homebuyer Program with Down Payment Assistance

HFA Advantage Mortgage provides a 30-year, fixed-rate conventional loan for eligible homebuyers purchasing a home in New Jersey and can be coupled with the NJHMFA Down Payment Assistance (DPA) which provides qualified homebuyers with $10,000 toward down payment and/or closing costs. The DPA is a $10,000 forgivable loan with no interest and no monthly payments if the borrower resides in the property as their primary residence for at least five years. Read more

Eligible Borrowers

• Must purchase and occupy a residential home in New Jersey
• Be a first-time homebuyer, defined as not having an ownership interest in their primary residence during the previous three years
• Borrowers of homes located within Urban Target Areas or Qualified Veterans do not need to be first-time homebuyers, but must not own another primary residence at closing
• The home must be occupied as the borrower’s primary residence
• Meet credit score and debt-to-income requirements

National First-Time Homebuyer Loan Programs

• FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
• Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
• USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
• VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
• HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

Helpful Resources

Statewide and Regional Programs

Programs by City/County

(Programs organized by the County in which each City or Town is located)

Atlantic County

Office of Community Development
1301 Bacharach Boulevard, Room 505
Atlantic City, NJ 08401
(609) 347-5373

Bergen County

Community Development
Home Ownership Center
One Bergen County Plaza, 4th Floor
Hackensack, NJ 07601
(201) 336-7200 – Office
(201) 336-7248 – Fax

Burlington County

1st Time Homebuyer’s Program
Human Services Facilities
795 Woodlane Road
West Hampton, NJ 08060
(609) 265-5072

Camden County

Bureau of Grants Management
City Hall – Room 213
Camden, NJ 08101
(856) 968-6423

Department of Community Development
520 Market Street
Camden, NJ 08102
(856) 757-6656

Housing & Economic Opportunities (HEO) of South Jersey
(856) 858-0303

Cumberland County

Gateway Community Action Partnership
110 Cohansey Street
Bridgeton, NJ 08302
(856) 451-6330

Essex County

East Orange Department of Neighborhood Housing & Revitalization
44 City Hall Plaza
East Orange, NJ 07019
(973) 266-5143

Community Urban Renewal Enterprises (CURE)
(201) 217-0855

Essex County Division of Housing and Community Development
120 Fairview Avenue
Cedar Grove, NJ 07009
(973) 655-0200

J.P. Affordable Housing
(201) 217-0855

Metropolitan Ecumenical Ministries/CDC
(973) 481-6650

Unified Vailsburg Services Organization (UVSO)
40 Richelieu Terrace
Newark, NJ 07106
(973) 374-2000, ext. 12

Gloucester

Department of Economic Development
Division of Housing & Community Development
Budd Boulevard Complex
Woodbury, NJ 08096
(856) 384-6970

Gateway Community Action Partnership
110 Cohansey Street
Bridgeton, NJ 08302
(856) 451-6330

Hudson County

Hudson County Division of Housing & Community Development
830 Bergen Avenue, 5B
Jersey City, NJ 07306
(201) 369-4520

Jersey City Division of Community Development
30 Montgomery Street
Jersey City, NJ 07302
(201) 547-6910

Mercer County

Housing & Community Development
McDade Administration Building
640 South Broad Street
Trenton, NJ 08650
(609) 989-6959

Trenton City Home Corporation, Inc.
319 East State Street
Trenton, NJ 08608
(609) 989-3504

Middlesex County

Housing Development Corporation
Homebuyer Soft Costs Assistance Loan Program
One Olive Street
Perth Amboy, NJ 08861
(732) 826-1519

New Brunswick Office of Planning and Community Development
PO Box 269
25 Kirkpatrick St.
New Brunswick, NJ 08903
(732) 745-5050

Monmouth County

Asbury Park Community Development Program
Homebuyers Assistance Program
One Municipal Complex
Asbury Park, NJ 07712
(732) 502-5730

Long Branch Community Assistance Program
Office of Community & Economic Development
344 Broadway
Long Branch, NJ 07740
(732) 923-2040

Monmouth County Community Development
First Time Homebuyers Program
Hall of Records Annex
One East Main Street
Freehold, NJ 07728
(732) 431-7490

Morris County

The Housing Partnership for Morris County
Two East Blackwell Street, Suite 29
Dover, NJ 07801
(973) 659-9222

Ocean County

Department of Planning
129 Hooper Avenue
Toms River, NJ 08754
(732) 244-5333

Ocean Community Economic Action Now, Inc. (O.C.E.A.N.)
22 Hyers Street
Toms River, NJ 08754-0129
(732) 244-2351

Passaic County

Passaic Affordable Housing Corporation
333 Passaic Street
Passaic, NJ 07055
Contact: Sonia Alcantara, Assistant Director
(973) 365-1873

Paterson Department of Community Development Housing Division
125 Ellison Street, 3rd Floor
Paterson, NJ 07505
(973) 321-1214

Salem County

Gateway Community Action Partnership
110 Cohansey Street
Bridgeton, NJ 08302
(856) 451-6330

Somerset County

Central Jersey Housing Resource Center, Inc.
600 First Avenue
Raritan, NJ 08869
(908) 704-8901

CDC Properties
630 Franklin Boulevard
Somerset, NJ 08876
(732) 247-0444

Union County

Department of Economic Development
Division of Community Development
Administration Building
Elizabeth, NJ 07207
(908) 527-4057

Elizabeth Home Improvement Program
50 Winfield Scott Plaza
Elizabeth, NJ 07201
(908) 352-8450

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