Exciting News for Aspiring Homebuyers in New Jersey!

We’re excited to announce that the state of New Jersey will now offer a new home buying program that’s set to transform the landscape of homeownership, offering an enhanced and more affordable path for first-time home buyers to turn their homeownership dreams into a reality.

Introducing The Smart Start Plus First-Generation Homebuyer Program

Available on October 20, 2023, the Smart Start Plus First-Generation Homebuyer Program is designed to deliver substantial down payment and/or closing cost assistance to qualified homebuyers. Let's delve into the finer details:

This new program extends a generous $7,000 toward down payment and closing costs. But when combined with an NJHMFA First Mortgage and the Down Payment Assistance Program (DPA), potential homebuyers could receive up to an impressive $22,000. The amount varies based on the county where the property is located. For a more comprehensive breakdown, refer to the chart below.

What is DPA?

  1. The DPA is a forgivable loan with no interest and no monthly payments for eligible homebuyers purchasing a home in New Jersey.

What is First-Generation Homebuyer DPA?

  1. The First-Generation Homebuyer DPA is forgiven if the Borrower resides in the premises as his/her principal residence for five years from the loan closing date and does not refinance or otherwise convey the first mortgage.

Program Details

  1. Owner occupied, primary residence in New Jersey.

  2. 30-year Fixed Rate Mortgage Options Available for Home Purchases Only

  3. $22,000 for Down Payment & Closing Costs when paired with DPA in certain NJ counties*

The Fine Print:

  1. Must be a first-generation homebuyer**

  2. Minimum credit score 620; must meet DTI requirements.

  3. Must be paired with an NJHMFA first mortgage loan and the DPA; DPA is a forgivable loan with no interest and no monthly payments.

  4. Single-Family Properties, Condo, Townhome, Co-ops, 2-4 units

  5. Ineligible for Police & Fireman Program

  6. Eligibility requirements, exclusions and other terms and conditions apply.

*Bergan, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union Counties.

Who is considered a first-generation homebuyer?

**A first-generation homebuyer is defined as a first-time homebuyer who is either:

A:  An individual whose parents or legal guardians do not own any residential property in the United States or abroad, and whose spouse, domestic partner, and household members have not owned a principal residence in the past 3 years in the U.S. or outside of U.S.


B: An individual who has been in foster care in New Jersey at any point.

Bottom Line:

For prospective homebuyers in the Garden State, this program is nothing short of a golden opportunity to secure a brighter future. With greater down payment and closing cost assistance than ever before, this initiative paves the way to homeownership!

Don't miss out on this chance to turn your homeownership dreams into reality with New Jersey's innovative Smart Start Plus First-Generation Down Payment Assistance Program.

Reach out to us today to learn more, confirm your eligibility, or with any questions – we're here to guide you through every step of this exciting journey. Your dream home is closer than you think.

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