First-Time Homebuyer Program This New Jersey down payment program offers what it describes as below market interest rates with zero points on 30 year loans for single family and multi family homes. New Jersey borrowers are subject to purchase price and income limits. New Jersey borrowers can put as little as 3.5 percent New Jersey down, but the New Jersey down payment funds must come from the New Jersey borrower. However, at least a portion of the closing costs can be gifted or provided from someone other than the New Jersey borrower. The debt to income ratio for housing debt can be as high as 33 percent, and up to as high as 38 percent if counting total debts.
Smart Start Program If you are enrolled in the First Time Home buyer Program you can utilize the Smart Start program to borrow a second mortgage to cover New Jersey down payment and closing costs of up to 4 percent of the first mortgage in Smart Growth Areas across the state.
Live Where You Work Program This New Jersey down payment program allows residents to purchase homes in the town in which they work has been made available statewide. The program offers fixed rate mortgages at low interest rates and New Jersey down payment and closing cost assistance that is forgivable. Expanded DTI ratios to make the loans easier to qualify for. The LWYW program can be used on 1 4 unit properties.