The HFA Advantage Mortgage: Low Down Payments for NJ Buyers

If you want the benefits of a conventional loan but are worried about strict down payment requirements, the HFA Advantage Mortgage Program through NJHMFA is designed specifically for you.

At Bond Street Mortgage, we guide buyers through this 30-year, fixed-rate conventional loan product, which features affordable mortgage insurance and extremely flexible terms.

Program Highlights

Low Down Payment

Down payment requirements are based on Freddie Mac guidelines, which typically allow you to purchase a home with just 3% down.

Pair with DPA

You can easily fund your down payment and closing costs by coupling this loan with the NJHMFA Down Payment Assistance (DPA) program, accessing a $10,000 (or up to $15,000) forgivable loan.

Eligibility

You must have a FICO credit score of 620 or greater and meet the program's debt-to-income requirements. Your household income must not exceed 80% of the Area Median Income (AMI) for your county.

The property must be located in New Jersey and serve as your primary residence within 60 days of closing. It can be a single-family home, townhome, condo, or PUD, though mobile and manufactured homes are explicitly ineligible.