Now home buyers can dream even bigger! The New Jersey Conventional Down Payment Assistance (DPA) Program has increased to $15,000 for properties in certain New Jersey counties*. This program was created to provide first-time home buyers a flexible and affordable option for purchasing a home.
What Does This Change Mean for Home Buyers?
Now, qualified clients can receive $15,000 to be used towards the down payment and closing with affordable mortgage insurance premiums that follows conventional mortgage guidelines.
About The NJ Conventional DPA Program:
- 30-year, Fixed-Rate Conventional Loan
- Affordable Mortgage Insurance Premiums
- $15,000 for Down Payment and Closing Costs*
Do You Qualify for the New Jersey Conventional Down Payment Assistance Program?
First-time buyers are borrowers that have not had an ownership interest in their primary residence during the previous three years.
DPA is a $15,000 forgivable loan with no interest and no monthly payments. Forgiven after 5 years as primary residence (While grant funds are available).
Single-Family Properties and Condos, Owner Occupied, Primary Residence in NJ, Minimum FICO 620
Income limits are determined by the county of the purchase property but must not exceed 80% of Area Median Income. Please reference the Freddie Mac HFA Income Limits for additional details.
*$15,000 applies to: Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union. Effective November 1, 2022.
$10,000 applies to: Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Salem, Sussex, Warren.
We are here to help make homeownership a reality for you. Reach out today to learn more or to see if you qualify for the NJ Conventional Down Payment Assistance Program.
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