How much down payment assistance can I get with NJHMFA?

NJ first-time homebuyers may qualify for up to $15,000 through the statewide NJHMFA DPA. Additionally, first-generation homebuyers can receive an extra $7,000, bringing the total available assistance to over $20,000.

Verified Local NJ Programs

South Jersey First-Time Buyer Grants: Over $20,000 in Free Money

The state of New Jersey has expanded down payment assistance for first-time buyers. Here's how to claim your portion of over $20,000 in forgivable grants.

See If I Qualify

No credit pull. No obligation.

NJHMFA Approved Statewide Coverage 0% Interest

Program Highlights

$15k

NJHMFA State DPA

Forgivable 0% interest loan

+$7k

First-Gen Add-On

Additional statewide funding

140%

Higher Limits

Expanded income eligibility

What Is Down Payment Assistance?

Down Payment Assistance (DPA) is money provided by the NJ Housing & Mortgage Finance Agency (NJHMFA) to help you buy your first home. These programs are designed to make homeownership more accessible by covering the upfront costs of a down payment and closing.

The best part: These are forgivable grants. As long as you stay in the home for at least 5 years, you don't have to pay a single penny back.

💡The key insight most buyers miss: Many of these programs can be STACKED.

NJHMFA Grant Programs

The detailed breakdown of exactly what's available through the state and what it takes to qualify.

NJHMFA Down Payment Assistance

NJ Housing & Mortgage Finance Agency

Up to $15,000

Coverage Area

Statewide (all NJ counties)

Forgiveness Timeline

5 years

Income Requirement

Up to 140% of Area Median Income (varies by county & household size)

Key Requirements:

First-time homebuyer (no ownership in past 3 years)
Must use an NJHMFA-participating lender
Home must be primary residence in New Jersey
Minimum 620 FICO credit score

Active Program

Official Source

NJHMFA First Generation Homebuyer Program

NJ Housing & Mortgage Finance Agency

+$7,000 Additional

Coverage Area

Statewide

Forgiveness Timeline

5 years

Income Requirement

Same as NJHMFA DPA (up to 140% AMI)

Key Requirements:

Must qualify for standard NJHMFA DPA
First-generation homebuyer: parents/guardians have no current residential property ownership
OR: buyer and all household members have not owned a home in the past 3 years
NJ foster care alumni also qualify

Active Program

Official Source

Frequently Asked Questions

Step 1: Check your eligibility

Ensure you meet the baseline requirements like first-time buyer status (no home ownership in 3 years) and NJHMFA income limits.

Step 2: Get pre-approved with a participating lender

You must work with an NJHMFA participating lender. They will review your credit, structure the loan properly, and provide a pre-approval letter showing how much you can afford with the grant included.

Step 3: Complete a homebuyer education course

You'll complete an 8-hour HUD-approved course (usually available online) and receive a certificate. We can provide a list of approved counselors.

Step 4: Find your home & sign a contract

Shop for homes with your realtor. The NJHMFA grant reservation officially happens AFTER you have a signed purchase contract.

Step 5: Closing & funding

Your lender submits the final grant reservation. The funds are wired directly to the title company and applied at the settlement table.

The NJHMFA Down Payment Assistance is a 0% interest, forgivable loan with no monthly payments. It is completely forgiven after 5 years of living in the home as your primary residence. You only pay it back if you sell, refinance, or move out before that 5-year period ends.

For NJHMFA's standard Down Payment Assistance program, you typically need a minimum FICO credit score of 620. This applies to most loan types paired with the grant, including FHA and Conventional.

Yes. NJHMFA statewide programs usually cap income at 140% of the Area Median Income (AMI), which is quite generous for South Jersey families. These limits vary slightly by county and household size.

Find Out Exactly What You Qualify For

Tell us a little about your situation and we'll connect you with a local South Jersey lender who specializes in these programs. Safe, secure, and no obligation.

🔒

Safe & Secure: We do not pull your credit. No hard inquiry. Your info is only shared with a licensed NJ mortgage professional.

Program availability, amounts, and eligibility requirements are subject to change without notice. South Jersey Home Loans does not administer or guarantee approval for any of the programs listed above. Information is provided for educational purposes and was last verified in March 2026. Always confirm current program terms with an NJHMFA-approved participating lender or the administering agency directly. Links to official sources are provided throughout this page.

Equal Housing Opportunity

Verified Local NJ Programs

South Jersey First-Time Buyer Grants: Over $20,000 in Free Money

The state of New Jersey has expanded down payment assistance for first-time buyers. Here's how to claim your portion of over $20,000 in forgivable grants.

See If I Qualify

No credit pull. No obligation.

NJHMFA Approved Statewide Coverage 0% Interest

Program Highlights

$15k

NJHMFA State DPA

Forgivable 0% interest loan

+$7k

First-Gen Add-On

Additional statewide funding

140%

Higher Limits

Expanded income eligibility

What Is Down Payment Assistance?

The best part: These are forgivable grants. As long as you stay in the home for at least 5 years, you don't have to pay a single penny back.

💡The key insight most buyers miss: Many of these programs can be STACKED.

NJHMFA Grant Programs

The detailed breakdown of exactly what's available through the state and what it takes to qualify.

NJHMFA Down Payment Assistance

NJ Housing & Mortgage Finance Agency

Up to $15,000

Coverage Area

Statewide (all NJ counties)

Forgiveness Timeline

5 years

Income Requirement

Up to 140% of Area Median Income (varies by county & household size)

Key Requirements:

First-time homebuyer (no ownership in past 3 years)
Must use an NJHMFA-participating lender
Home must be primary residence in New Jersey
Minimum 620 FICO credit score

Active Program

Official Source

NJHMFA First Generation Homebuyer Program

NJ Housing & Mortgage Finance Agency

+$7,000 Additional

Coverage Area

Statewide

Forgiveness Timeline

5 years

Income Requirement

Same as NJHMFA DPA (up to 140% AMI)

Key Requirements:

Must qualify for standard NJHMFA DPA
First-generation homebuyer: parents/guardians have no current residential property ownership
OR: buyer and all household members have not owned a home in the past 3 years
NJ foster care alumni also qualify

Active Program

Official Source

Frequently Asked Questions

Step 1: Check your eligibility

Ensure you meet the baseline requirements like first-time buyer status (no home ownership in 3 years) and NJHMFA income limits.

Step 2: Get pre-approved with a participating lender

Step 3: Complete a homebuyer education course

You'll complete an 8-hour HUD-approved course (usually available online) and receive a certificate. We can provide a list of approved counselors.

Step 4: Find your home & sign a contract

Shop for homes with your realtor. The NJHMFA grant reservation officially happens AFTER you have a signed purchase contract.

Step 5: Closing & funding

Your lender submits the final grant reservation. The funds are wired directly to the title company and applied at the settlement table.

For NJHMFA's standard Down Payment Assistance program, you typically need a minimum FICO credit score of 620. This applies to most loan types paired with the grant, including FHA and Conventional.

Yes. NJHMFA statewide programs usually cap income at 140% of the Area Median Income (AMI), which is quite generous for South Jersey families. These limits vary slightly by county and household size.

Find Out Exactly What You Qualify For

Tell us a little about your situation and we'll connect you with a local South Jersey lender who specializes in these programs. Safe, secure, and no obligation.

🔒

Safe & Secure: We do not pull your credit. No hard inquiry. Your info is only shared with a licensed NJ mortgage professional.

Equal Housing Opportunity