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New Jersey Housing; Mortgage Finance Agency (NJHMFA)

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First-Time Homebuyer

NJHMFA’s First-Time Homebuyer Interest Rate is just 3.50% with 0 points on a 30 year mortgage!

A below-market, fixed interest rate is offered to First-Time Homebuyers and Urban Target Area buyers. Downpayments of as little as 3.5% are required and must come from the borrower’s own assets. Loans are 30-year fixed rate. Certain closing costs can be gifted by family members, non-profit organizations or government agencies. Debt-to-income ratios are as high as 33 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 38 percent (total monthly debt load).

Eligible Properties: One-family units, including condominiums (new and existing), 2- to 4-family dwellings which have been in existence for 5 or more years. Urban Target Area only: any new or existing 2 unit dwelling.

Urban Target Areas (UTAs) are based upon census data. Therefore, in order to find out if an address is located in a UTA, you will need to identify the census tract within which the address is located.
To determine if your proposed home is within an Urban Target Area (UTA), visit the Site Evaluator and follow the instructions for how to find census information. (609k PDF)

Further detail is available on our First-Time Homebuyer Fact Sheet (155k PDF) or call 1-800-NJ-HOUSE.

MAXIMUM INCOME LIMITS – STATEWIDE AREA

COUNTIES 1-2 FAMILY HOUSEHOLD 3+ HOUSEHOLD
Effective

Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester,
Hudson, Salem & Warren $87,600
$100,740 12/11/12

Monmouth & Ocean $91,800
$105,570 12/11/12

Mercer $90,900
$104,535 12/11/12

Essex, Morris, Sussex & Union $89,100
$102,465 12/11/12

Bergen & Passaic $90,900
$104,535 12/11/12

Hunterdon, Middlesex & Somerset $103,900
$119,485 12/11/12

MAXIMUM PURCHASE PRICE LIMITS – STATEWIDE AREA

NEW EXISTING EXISTING EXISTING EXISTING

COUNTIES 1 – FAMILY 1 – FAMILY 2 – FAMILY 3 – FAMILY 4 –
FAMILY Effective Atlantic $408,375 $408,375
$522,765 $631,935 $785,340 11/19/12 Bergen $656,775
$656,775 $840,600 $1,016,325 $1,263,060 11/19/12
Burlington $378,000 $378,000 $483,885 $584,910
$726,930 11/19/12 Camden $378,000 $378,000
$483,885 $584,910 $726,930 11/19/12 Cape May $438,750
$438,750 $561,690 $678,915 $843,750 11/19/12
Cumberland $364,500 $364,500 $466,605 $564,030
$700,965 11/19/12 Essex $656,775 $656,775
$840,600 $1,016,325 $1,263,060 11/19/12 Gloucester $378,000
$378,000 $483,885 $584,910 $726,930 11/19/12
Hudson $656,775 $656,775 $840,600 $1,016,325
$1,263,060 11/19/12 Hunterdon $656,775 $656,775
$840,600 $1,016,325 $1,263,060 11/19/12 Mercer $396,000
$396,000 $506,925 $612,765 $761,535 11/19/12
Middlesex $656,775 $656,775 $840,600 $1,016,325
$1,263,060 11/19/12 Monmouth $656,775 $656,775
$840,600 $1,016,325 $1,263,060 11/19/12 Morris $656,775
$656,775 $840,600 $1,016,325 $1,263,060
11/19/12 Ocean $656,775 $656,775 $840,600
$1,016,325 $1,263,060 11/19/12 Passaic $656,775
$656,775 $840,600 $1,016,325 $1,263,060 11/19/12 Salem
$378,000 $378,000 $483,885 $584,910 $726,930
11/19/12 Somerset $656,775 $656,775 $840,600
$1,016,325 $1,263,060 11/19/12 Sussex $656,775
$656,775 $840,600 $1,016,325 $1,263,060 11/19/12 Union
$656,775 $656,775 $840,600 $1,016,325
$1,263,060 11/19/12 Warren $362,250 $362,250
$463,725 $560,565 $696,645 11/19/12