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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Shopping for your first home is a thrill, but if you’re looking to buy in New Jersey, the cost of real estate can take your breath away. Home prices in Garden State towns like Princeton, Montclair and Westfield are on an upward trend, as many buyers flock to the area and away from denser urban centers. Whether you’re a first-time or repeat homebuyer, you can get assistance through the New Jersey Housing and Mortgage Finance Agency, which partners with approved mortgage lenders to offer competitive loans and . Here is a look at the agency’s housing programs. New Jersey first-time homebuyer loan programs
NJHMFA First-Time Homebuyer Mortgage
Through the New Jersey Housing and Mortgage Finance Agency (NJHMFA), first-time homebuyers in New Jersey can get competitive terms on a 30-year, fixed-rate mortgage backed by the government, which can be combined with the agency’s down payment assistance. To qualify, borrowers must meet these requirements: You’re a first-time homebuyer or haven’t owned a home in the past three years. The home must be your primary residence and located in New Jersey. You must meet credit score and debt-to-income ratio requirements. You must meet NJHMFA . NJHMFA sets income and purchase price limits based on the number of people in your household and the location of the home. Price limits are higher for the agency considers “target areas.” In these areas, you could be eligible for the program without being a first-time homebuyer, but you must not be the current owner of another primary residence. NJHMFA Police and Firemen s Retirement System Mortgage
NJHMFA also assists those who serve residents of the state when it comes time to buy a home. If you’re a New Jersey police officer or firefighter and a member of the Police and Firemen’s Retirement System — and have at least one year of service — you could be eligible for a competitive 30-year fixed-rate loan up to $647,200. The financing can be used to purchase a one- or two-family home or condo, or land to build a home on as long as the home will be your primary residence. You don’t need to be a first-time homebuyer to be eligible for this program, but a portion of the funding for it is reserved for first-time buyers. There are some fees associated with the program, including a $1,500 lender fee and a $325 administrative fee, as well as typical closing costs. You’ll also be required to pay mortgage insurance if your down payment is less than 20 percent. New Jersey down payment assistance
If you’re a first-time homebuyer in need of down payment funds, NJHMFA’s Down Payment Assistance (DPA) program can provide you with $10,000 to use toward a down payment or closing costs. The funds come in the form of a five-year, forgivable second mortgage. There’s no interest charged on the loan, and you won’t have to make a monthly payment. The eligibility requirements include: The first mortgage must be an NJHMFA loan. You must be purchasing a primary residence in New Jersey. You must not have owned a home in the past three years. Other first-time homebuyer loan programs
In addition to the NJHMFA programs, check your eligibility for the many national . Government-backed FHA, VA and USDA loans can offer favorable terms and flexible underwriting that can help you meet the credit or down payment requirements for a mortgage sooner. For first-time buyers working in certain public service roles, the program can be another option. Get started
As you consider what loan programs or assistance you might qualify for, be sure to research the latest New Jersey and compare loan options from a variety of mortgage lenders. When you’re ready to buy a home, you can connect with an NJHMFA participating lender near you through the agency’s . First-time homebuyer programs in nearby states
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SHARE: Lee writes about mortgages, personal finance and enjoys finding ways for people to hack their finances. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles