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.
