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.