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BUSINESS SOLUTIONS
Homeward Bound Program
PROGRAM DESCRIPTIONS
New Jersey Housing and Mortgage Finance Agency's (NJMJMFA) Homeward Bound Mortgage Program provides a competitive 30-year fixed-rate government insured loan for eligible homebuyers purchasing a home in New Jersey. The Homeward Bound Mortgage Program can be coupled with the NJHMFA Down Payment Assistance Program (DPA).
DOWN PAYMENT ASSISTANCE
NJHMFA's Down Payment Assistance Program (DPA) provides a 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 loan closing date and does not refinance or otherwise convey the first mortgage.
COUNTY LIST
Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Union
Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester,
Salem, Sussex, Warren
UP TO $15K DPA
DOWN PAYMENT ASSISTANCE AMOUNT
$15,000
$10,000
NJHMFA Down Payment Assistance Program
The NJHMFA state-wide Down Payment Assistance Program (DPA) provides $10,000 for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey. The DPA is an interest-free, five-year forgivable second loan with no monthly paymentTo participate in this program, the DPA must be paired with an NJHMFA first mortgage loan. The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA), originated through an NJHMFA participating lender. Certain restrictions such as maximum household income and purchase price limits apply. For more information, contact an NJHMFA participating lender below.
Do I Qualify for This Program?
Are you a first-time homebuyer?
You're considered a first-time homebuyer if you have not owned a home within the previous three years.
Are you planning to purchase a home in New Jersey?
This program applies to homes to be used as a primary residence in any New Jersey county.
Ready to Get Started?
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