First-Time Buyers · New Jersey

New Jersey First-Time
Homebuyer Mortgage Programs

You don't need 20% down to buy your first home in New Jersey. Several programs let qualified buyers start with as little as 3% down — and state assistance can cover much of that. Start with your real buying power, then pick the program that fits.

Check your buying power Get pre-approved

Check your buying power

See what you qualify for in minutes

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

Choose your program

First-time buyer loan options

01

FHA Loans

3.5% down with flexible credit guidelines — the most popular entry point into homeownership.

Explore FHA → 02

HomeReady

Fannie Mae's 3%-down conventional loan for moderate-income buyers, with cancellable mortgage insurance.

Explore HomeReady → 03

Home Possible

Freddie Mac's 3%-down counterpart to HomeReady — another low-down conventional path for income-eligible buyers.

Explore Home Possible → 04

Conventional 97 / HomeOne

3% down with no income limit — built for first-time buyers who earn too much for HomeReady or Home Possible.

Explore Conventional 97 → 05

NJHMFA Down Payment Assistance

Up to $15,000 in forgivable state assistance toward your down payment and closing costs.

Explore NJHMFA DPA →
Northern NJ Mortgage Guide Affordability Calculator Get Pre-Approved

New Jersey down payment assistance

Up to $22,000 toward your first NJ home

$15,000
NJHMFA Down Payment Assistance toward your down payment and closing costs — a zero-interest second loan with no monthly payment, amount based on county.
5 years
Live in the home as your primary residence for five years and the assistance is forgiven in full — you owe nothing.
+$7,000
First-generation buyers can stack an additional First Generation DPA, bringing total assistance up to roughly $22,000.

NJHMFA assistance pairs with an NJHMFA first mortgage. Income and purchase-price limits apply by county; a first-time buyer is someone who hasn't owned a home in the past three years. Confirm current amounts and eligibility with Bond Street.

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How it works

Your path to a first home

1

Check your buying power

Run the tool or get pre-approved to see your real price range and monthly payment.

2

Match a program

FHA, HomeReady, Home Possible, or Conventional 97 — we'll help you find the right fit.

3

Layer in assistance

Pair an eligible loan with NJHMFA down payment assistance to cut your cash to close.

4

Find your home & close

Shop with confidence and close with your agent and lender working in step.

Compare at a glance

FHA vs. HomeReady vs. Home Possible vs. Conventional 97

Program Down payment Income limit Mortgage insurance Best for
FHA 3.5% None FHA MIP (upfront + annual) Lower credit scores or limited savings
HomeReady 3% ≤ 80% of area median income PMI, cancellable Moderate-income conventional buyers
Home Possible 3% ≤ 80% of area median income PMI, cancellable Moderate-income buyers (Freddie Mac)
Conventional 97 3% None PMI, cancellable First-timers above the income limits

Credit-score minimums and exact terms are set by the lender and program guidelines and change periodically — confirm current details with Bond Street before you apply.

Common questions

First-time buyer FAQs

Who counts as a first-time homebuyer in New Jersey?

For most New Jersey programs, a first-time buyer is anyone who hasn't owned a primary residence in the past three years. Some programs also waive that requirement for veterans or buyers in targeted areas.

How little can I put down?

As little as 3% on HomeReady, Home Possible, and Conventional 97, or 3.5% on FHA. Pairing an eligible loan with NJHMFA down payment assistance can cover much or all of that.

Can I combine NJHMFA assistance with an FHA loan?

Yes — that's the most common combination. NJHMFA down payment assistance is designed to pair with an NJHMFA first mortgage, including FHA, and can offset most of the 3.5% down requirement on typical NJ starter homes.

What are the income limits?

FHA and Conventional 97 have no income limit. HomeReady and Home Possible cap household income at 80% of the area median income. NJHMFA programs apply their own income and purchase-price limits, which vary by county and household size.

What credit score do I need?

It depends on the program and the lender. FHA allows lower scores than conventional programs, which typically look for stronger credit. Start your pre-approval to see where you stand.

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 directly with us from pre-approval through closing, so financing and the transaction move together.

Talk to the team

Ready to buy your first home?

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, assistance amounts, and approval are provided by Bond Street Mortgage and the applicable agency subject to their terms and qualification.

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