NJHMFA Down Payment Assistance: Up to $15,000 for NJ Buyers

Saving for a down payment can be the biggest hurdle to buying a home in New Jersey, but the New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers incredibly generous assistance to help you cross the finish line. At Bond Street Mortgage, we specialize in helping buyers access these funds to drastically reduce their closing costs.

How Much Can You Receive?

The NJHMFA Down Payment Assistance (DPA) program provides qualified homebuyers with a forgivable loan to use toward down payment and closing costs. The amount you receive depends on the county where you are purchasing:

$15,000 DPA: Available in Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union counties.

$10,000 DPA: Available in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Salem, Sussex, and Warren counties.

The Forgiveness Benefit

This assistance is structured as a zero-interest loan with no required monthly payments. Even better, the entire loan is completely forgiven if you reside in the home as your principal residence for five years and do not refinance or sell during that time.

To qualify, you must be a first-time homebuyer (meaning you have not owned a primary residence in the past three years), have a minimum credit score of 620, and occupy the home within 60 days of closing.