A below-market, fixed interest rate is offered to first-time home buyers and urban area buyers. Down payments of as little as 3.5% are required and must come from the borrower's own assets. Loans are 30-year fixed rate. Certain closing costs can be gifted by family members, non-profit organizations or government agencies. Debt to income ratios are as high as 33 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 38 percent (total monthly debt load).
Purchase Price & Income Limits Statewide Area
Purchase Price & Income Limits Urban Target Area
Eligible Properties: One-family units, including condominiums (new and existing), 2- to 4-family dwellings which have been in existence for 5 or more years. Targeted area only: any new or existing 2 unit dwelling.
To determine if your proposed home is within an Urban Target Area (UTA), visit the Smart Growth Locator at www.njlocator.gov, follow the instructions and look up the UTA’s by using the UTA list.
Further detail is available on our Fact Sheet or call 1-800-NJ-HOUSE.
