Homeward Bound
Homebuyer Mortgage Program with Down Payment Assistance
PROGRAM DESCRIPTIONS
Homeward Bound
New Jersey Housing and Mortgage Finance Agency's (NJMJMFA) Homeward Bound Mortgage Program provides a competitive 30-year fixed-rate government insured loan for eligible homebuyers purchasing a home in New Jersey. The Homeward Bound Mortgage Program can be coupled with the NJHMFA Down Payment Assistance Program (DPA).
Down payment Assistance
NJHMFA's Down Payment Assistance Program (DPA) provides a qualified homebuyers with up to $15,000 toward down payment and/or closing costs based upon the county of the property being purchased. The DPA is a forgivable loan with no interest and no monthly payments. The DPA is forgiven if the Borrower continuously resides in the premises as his/her principal residence for five years from loan closing date and does not refinance or otherwise convey the first mortgage.
NJHMFA Down Payment Assistance Program
The NJHMFA state-wide Down Payment Assistance Program (DPA) provides $10,000 for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey. The DPA is an interest-free, five-year forgivable second loan with no monthly paymentTo participate in this program, the DPA must be paired with an NJHMFA first mortgage loan. The first mortgage loan is a competitive 30-year, fixed-rate government-insured loan (FHA/VA/USDA), originated through an NJHMFA participating lender. Certain restrictions such as maximum household income and purchase price limits apply. For more information, contact an NJHMFA participating lender below.
Do I Qualify for This Program?
Are you a first-time homebuyer?
You're considered a first-time homebuyer if you have not owned a home within the previous three years.
Are you planning to purchase a home in New Jersey?
This program applies to homes to be used as a primary residence in any New Jersey county.