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HMFA Mortgage Programs

Click on any of the links below to find out more about any of HMFA's mortgage programs.

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First-time Homebuyer Mortgage Programs

Becoming a first-time homebuyer in New Jersey is made easier and more affordable when you use one of HMFA’s mortgage programs. Once you determine how much house you can afford to buy, HMFA lenders can help you determine which program is the most advantageous for you.

HMFA has helped thousands of New Jersey residents become homeowners.  You can become a homeowner, too, by following our roadmap to homeownership.

Who Qualifies:

  • First-time homebuyers who meet income eligibility requirements
  • Eligible homebuyers who purchase a home in an identified Urban Target Area

How it Works:

  • Low-cost, fixed rate mortgages are available through large network of lenders. 
    Click here for a list of approved lenders.
  • Low downpayment.
  • HMFA offers assistance with downpayment and/or closing costs through the Smart Start program.
  • Area income and purchase price limitations apply. Click here to learn about area income limitations.

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Smart Start

Offers downpayment and/or closing cost assistance for eligible homebuyer consumers purchasing in a designated Smart Growth Area in New Jersey in the form of a second mortgage.

Who Qualifies:

  • Homebuyers who are BOTH participants in HMFA’s first mortgage homebuyer program who are purchasing in a Smart Growth Area. To determine whether your property qualifies for the Smart Growth program, check out our Site Evaluator tool.

How It Works:

  • The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage. 
  • For example, a borrower with a $200,000 first mortgage can receive a second mortgage of up to $8,000.
  • To determine whether your property qualifies for the Smart Growth program, check out our Site Evaluator tool.

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Live Where You Work (LWYW)

If you’re planning to buy a home in the town where you’re employed, Live Where You Work (LWYW) may be the right program for you. LWYW provides low-interest mortgage loans to homebuyers purchasing homes in the municipalities in which they work.  

This means saving money on gas, tolls, and mass transit – giving you, the buyer, more purchasing power.  What’s more, the extra time you’ll have to spend on your personal interests and with your family is priceless.

The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs. By working closer to home, we reduce the dependence on (and expense of!) cars, and increase the use of alternate transportation such as walking, biking and public transit. 

Who Qualifies:

  • Eligible First-Time and Urban Target Area homebuyers who want to purchase a home in the same town in which they are employed.

How It Works:

  • LWYW is a program that provides a forgivable downpayment and closing cost assistance partnered with low-interest fixed rate mortgage loans and greater buying power because of expanded income ratios. 
  • Eligible properties include one-family units, including condominiums, (new and existing), and existing 2- to 4-family unit properties that are more than 5 years old. Properties must be located in state designated Smart Growth locations.
  • For detailed program specifics, please visit the Live Where You Work Program page.

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Link to Newsroom New Jersey Housing and Mortgage Finance Agency