NJJHMFA

HFA Advantage Homebuyer Mortgage Program

with Down Payment Assistance

PROGRAM DESCRIPTIONS

HFA Advantage Mortgage

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).

Down Payment Assistance

NJHMFA’s Down Payment Assistance Program (DPA) provides qualified homebuyers with up to $15,000 toward down payment and/or closing costs based upon the county of the property being purchased. The DPA is a forgivable loan with no interest and no monthly payments. The DPA is forgiven if the Borrower continuously resides in the premises as his/her principal residence for five years from the loan closing date and does not refinance or otherwise convey the first mortgage.

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

• 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 multi-unit properties, and co-ops are not eligible.

• May be used on some deed restricted

• affordable properties.

DOWN PAYMENT/CLOSING COSTS

• Down payment requirements are based on the Freddie

• Mac HFA Advantage guide which typically allow for a

• 3% downpayment. Borrower may fund down payment

• and closing costs through NJHMFA’s Down Payment Assistance Program, which provides eligible homebuyers purchasing a home in New Jersey with up to $15,000.

INCOME LIMITS

• Income limits are determined by the county of the purchase property, but must not exceed 80% of Area Median Income. Please reference the Freddie Mac HFA Income Limits for additional details.

LOAN TERMS/INTEREST

• Call an NJHMFA participating lender for current loan term and rates. The list of participating lenders can be found online at theroadhomenj.com

HOW DO I APPLY?

• To apply for the NJHMFA HFA Advantage Mortgage Program, please contact a participating NJHMFA lender.

• The list of participating lenders can be found online at theroadhomenj.com.