NJHMFA Eligibility

Welcome to the overview of eligibility criteria for the New Jersey Housing and Mortgage Finance Agency (NJHMFA) programs. Whether you’re a first-time homebuyer, a public servant, or seeking specialized financial assistance, NJHMFA offers a range of programs designed to make homeownership accessible and affordable. Below is a breakdown of the eligibility requirements for our key programs:

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

General Eligibility Criteria for Most NJHMFA Programs

• First-Time Homebuyer Status: Typically, you must be a first-time homebuyer, which means you haven’t owned a home in the past three years. Exceptions are often made for qualified veterans and buyers in Urban Target Areas.
• Income Limits: Most programs have income limits, which vary by county and family size.
• Credit Score: A minimum credit score is usually required, which can vary by program.
• Occupancy: The purchased property must be your primary residence.
• Location: The property must be located in New Jersey.

Specific Program Eligibility

Homeward Bound Program & HFA Advantage Mortgage Program

• Debt-to-Income Ratio: Must meet specific debt-to-income ratio requirements.
• Property Types: Eligible properties include single-family homes, townhouses, condos, and more.

Down Payment Assistance Program

• Additional Requirements: Must be paired with a qualifying NJHMFA first mortgage product. The assistance is a second mortgage that can be forgiven if certain conditions are met.

Police and Firemen’s Retirement System Mortgage Program

• Eligible Borrowers: Active members of the New Jersey Police and Firefighter Retirement System with at least one year of creditable service.
• Loan-to-Value (LTV): Maximum LTV ratios apply.

First Generation Homebuyer Program

• First-Generation Definition: Either individuals whose parents have never owned a home or those who have been in foster care in New Jersey.
• Combined Assistance: Can be combined with the Down Payment Assistance Program for up to $22,000 in total assistance.