MORRIS COUNTY — The NJHMFA Down Payment Assistance Program (DPA) provides up to $15,000 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 payment.
To 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) or conventional mortgage, originated through an NJHMFA participating lender. Certain restrictions such as maximum household income and purchase price limits apply. View the income and purchase price limits by clicking here.
NJHMFA’s participating lenders are the best representatives to help walk you through program qualification details including income and purchase price limits, and help you complete the application process. Click here to find an NJHMFA participating lender.
Active members of the New Jersey Police and Firemen’s Retirement System (PFRS) with one year of creditable service are eligible for this program. The interest rate is 30-year fixed. Members may buy a home as a first-time buyer, trade up, or trade down.
Buying a house is a big step – and deciding where to live is one of the biggest decisions you will ever make.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) presents The Road Home New Jersey: A Guide for the New Jersey Homebuyer, to help you navigate your way to affordable homeownership.
The guide presents info from a number of reputable sources to provide you with the most reliable and accessible tools to enable you to make the right home purchase decision.
Download the guide today! Available as a PDF in ENGLISH and ESPAÑOL.
