First-Time Buyers · Conventional

Home Possible Mortgage in New Jersey

Freddie Mac's Home Possible lets income-eligible buyers purchase with as little as 3% down and cancellable mortgage insurance — a strong conventional alternative to FHA for moderate-income buyers across northern NJ.

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See if Home Possible fits your numbers

No obligation — get your estimated price range and monthly payment, powered by our lending partner, Bond Street Mortgage.

Home Possible at a glance

Low down, lower mortgage insurance

3%
Minimum down payment, with funds allowed from gifts, grants, and employer assistance.
≤ 80% AMI
Household income generally must be at or below 80% of the area median income for the county.
Cancellable
Private mortgage insurance is reduced and cancellable at 20% equity — unlike FHA's lasting MIP.

Program terms are set by Freddie Mac and the lender and change periodically. Confirm current income limits, rates, and mortgage insurance with Bond Street.

Why buyers choose it

Built for moderate-income buyers

Smaller upfront cost

3% down keeps cash to close low, and the down payment can come from gifts, grants, or assistance programs.

Cheaper than FHA over time

Reduced PMI that cancels at 20% equity often beats FHA's annual MIP, which usually stays for the life of the loan.

Flexible property types

Works for single-family homes, condos, townhomes, planned developments, and certain manufactured homes.

Pairs with assistance

Can be combined with eligible down payment assistance to reduce your out-of-pocket even further.

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Eligibility

What it takes to qualify

  • Household income at or below 80% of the area median income for the property's county
  • 3% minimum down payment, which may come from gifts, grants, or assistance
  • The home must be your primary residence (1–4 units, condo, townhome, or eligible manufactured home)
  • Homeownership education is required when all borrowers are first-time buyers
  • Credit and underwriting guidelines are set by the lender

Common questions

Home Possible FAQs

What's the difference between Home Possible and HomeReady?

They're near-identical 3%-down, income-limited conventional programs — HomeReady is Fannie Mae's, Home Possible is Freddie Mac's. The right one often comes down to which gives you a better rate or qualification through your lender.

How is Home Possible different from FHA?

Home Possible is a conventional loan with cancellable PMI, while FHA carries mortgage insurance that usually lasts the life of the loan. FHA has no income limit and allows lower credit scores; Home Possible caps income at 80% AMI but can cost less over time.

Can I use down payment assistance with Home Possible?

Yes — eligible gifts, grants, and assistance programs can be applied toward the 3% down and closing costs. See NJHMFA assistance.

Do I have to be a first-time buyer?

No. Home Possible is open to repeat buyers who meet the income limits, though it's a popular first-time buyer option. Start your pre-approval to confirm eligibility.

Our trusted lending partner

Bond Street Mortgage

We work hand-in-hand with Bond Street Mortgage, serving Bergen, Passaic, Morris, Hudson, and Essex counties. Their team coordinates with us from pre-approval through closing.

Talk to the team

See if Home Possible is right for you

Reach out and we'll connect you with the right loan path and a pre-approval that holds weight in a competitive market.

(201) 240-5200  ·  chopper@chopperrussoteam.com
Check your buying power

RE/MAX Select — Chopper Russo Team. Thomas "Chopper" Russo, 392 Ramapo Valley Rd, Oakland, NJ 07436. Not a commitment to lend. Loan products, rates, mortgage insurance, and approval are provided by Bond Street Mortgage subject to its terms and qualification.

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