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.

County List:

• *$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.

Bottom Line

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.

Resources:

• NJ Conventional DPA Program
• Get a Free Pre-Approval
• Contact Us
• First-Time Home Buyer Resources
• Buying Your First Home
• First-Time Home Buyer EBOOK