New Jersey First-Time Home Buyer Programs of 2021

By NerdWallet 
Updated
Edited by Amanda Derengowski
New Jersey First-Time Home Buyer Programs of 2018

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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.

You may qualify for assistance to apply to down payment and closing costs — and receive competitive 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.

Conventional mortgage

Best for:

Low down payments, limited mortgage insurance premiums

What you need to know:

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down.

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Min. down payment 
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4.5

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500

Min. down payment 
3.5%

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Veterans United

4.5

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4.5

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620

Min. down payment 
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Mortgage loans from our partners

Next Door Lending LLC - PURCHASE logo
Check Rate

on Next Door Lending LLC

Next Door Lending LLC

5.0

NerdWallet rating 
Next Door Lending LLC - PURCHASE logo

5.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 
0%

Check Rate

on Next Door Lending LLC

Rocket Mortgage - PURCHASE logo
Check Rate

on Rocket Mortgage

Rocket Mortgage

5.0

NerdWallet rating 
Rocket Mortgage - PURCHASE logo

5.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 
3.5%

Check Rate

on Rocket Mortgage

NBKC - PURCHASE logo
Check Rate

on NBKC

NBKC

5.0

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NBKC - PURCHASE logo

5.0

NerdWallet rating 
Min. credit score 
620

Min. down payment 
0%

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on NBKC