New Jersey Home Buyers Resources
New Jersey Home Buyers face challenges in a tight housing market, with single-family homes spending just 44 days on the market and townhouse-condo prices up more than 12.5% since the beginning of 2024. But the state has plenty of resources to help first-time buyers.
Signature property homeowners can use the NJHMFA Down Payment Assistance program or seek grants from local governments to ease the financial burden of buying a home in New Jersey’s major cities. These resources can also ease the stress associated with mortgage and appraisal contingencies, which are common hurdles that can make real estate negotiations lengthy.
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Those looking to buy a home with limited funds can look into FHA loans, which are insured by the federal government and offer borrowers low down payments and flexible credit score requirements. These loans can help borrowers purchase a home in New Jersey with a down payment of as little as 3.5%.
In addition to mortgage and home loan programs, first-time buyers can benefit from the Homeward Bound Program, which offers up to $15,000 of down payment assistance to eligible borrowers in New Jersey. To qualify, borrowers must meet income and purchase price limits based on household size and location, and have not owned a home in the past three years. Additionally, they must use the purchased home as their primary residence and not rent it out.…