Frequently Asked Questions (FAQ) about NJHMFA Programs

  • Frequently Asked Questions (FAQ) about NJHMFA Programs

Have questions? Please call 866-761-7979 today and speak with an NJHMFA expert.

What is NJHMFA?

Answer: NJHMFA, or the New Jersey Housing and Mortgage Finance Agency, is a state agency dedicated to increasing the availability of and accessibility to safe, affordable housing for New Jersey residents.

Who qualifies for NJHMFA programs?

Answer: Eligibility varies by program but generally includes first-time homebuyers, those meeting certain income and credit score requirements, and in some cases, public service professionals like police officers and firefighters.

What is the First-Time Homebuyer Program?

Answer: This program offers a 30-year, fixed-rate government-insured loan to qualified New Jersey first-time homebuyers, providing a stable and affordable mortgage option.

Can I get assistance with my down payment?

Answer: Yes, NJHMFA’s Down Payment Assistance Program provides up to $15,000 for down payment and closing costs, helping make homeownership more accessible.

Are there programs for public servants?

Answer: Yes, the Police and Firemen’s Retirement System Mortgage Program offers specialized mortgages for active members of New Jersey’s police and fire services.

What is the Homeward Bound Program?

Answer: Homeward Bound provides competitive 30-year fixed-rate government-insured loans to both first-time and repeat homebuyers in New Jersey.

What is a first-generation homebuyer?

Answer: A first-generation homebuyer is someone whose parents have never owned a home or who has been in foster care in New Jersey. The First Generation Homebuyer Program is tailored to these individuals.

How do I apply for an NJHMFA loan?

Answer: Start by consulting with an Advisors Mortgage loan officer to discuss eligibility and application procedures. Advisors Mortgage is the #1 NJHMFA lender in New Jersey.

Are there income limits for these programs?

Answer: Yes, income limits vary by program and county. They are designed to ensure that the programs serve those in need. Please call 866-761-7979 for guidance on income limits.

Can I combine different NJHMFA programs?

Answer: In many cases, yes. For example, the First Generation Homebuyer Program can be combined with the Down Payment Assistance Program.

What type of properties are eligible?

Answer: Eligibility varies, but generally includes single-family homes, condos, and townhouses in New Jersey.

How does NJHMFA support affordable housing?

Answer: NJHMFA offers various programs to support affordable housing development, special needs housing, and urban revitalization.