New Jersey First-Time Home Buyer Programs of 2020

NerdWalletJanuary 23, 2020
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First-time home buyers in the Garden State looking for help in getting their homeownership dreams fulfilled can turn to the New Jersey Housing and Mortgage Finance Agency. The NJHMFA has assisted over 115,000 state residents in becoming homeowners in the past 50 years.

You may qualify for free money to apply to down payment and closing costs — and receive favorable fixed-interest-rate home loans.

National first-time home buyer programs

State assistance and loan programs aren’t the only resources you can tap into. Some municipalities offer housing assistance, especially for residents, and national funding sources should also be considered. Here are major programs that offer low- and no-down-payment programs.

NJHMFA highlights and eligibility requirements

You're considered a first-time home buyer in the Garden State if you haven't owned a home in the previous three years. The New Jersey Housing and Mortgage Finance Agency offers the following programs to help you put down roots.


  • 30-year fixed-interest-rate programs.

  • Government-insured loans.

  • Programs for buyers who are upgrading and downsizing, as well as first-timers.


  • Some programs have location, income and purchase price restrictions.

  • The home must be your primary residence.

  • If the house is a two- to four-unit home, one unit must be your primary residence.

  • You’ll need a credit score of 620 or higher.

Compare NJHMFA lenders

NJHMFA first-time home buyer loan programs

Summary: 2020 NJHMFA first-time home buyer programs

  • Down payment assistance program for help with down payment and closing costs.

  • Police and Firemen's Retirement System Mortgage Program for first responders.

For full details on any New Jersey Housing and Mortgage Finance Agency program, visit the NJHMFA website.

You’ll find lenders that participate in NJHMFA programs. It’s always a good idea to shop around for a lender, as loan terms and interest rates will vary among lenders.

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