1. New Jersey Housing and Mortgage Finance Agency (NJHMFA) - First-Time Homebuyer Program

• Overview: Offers competitive interest rates and down payment assistance.

• Eligibility: Must be a first-time homebuyer (or not have owned a home in the last 3 years).

• Benefits: You may be eligible for up to $10,000 in down payment or closing cost assistance in the form of a grant.

2. NJHMFA Down Payment Assistance Program

• Overview: Provides financial assistance to cover down payment and closing costs.

• Eligibility: First-time homebuyers with an income under a certain threshold, typically 80% of the area median income.

• Benefits: Offers up to $10,000 in down payment assistance.

3. Garden State Home Loan (GSHL)

• Overview: A state-sponsored mortgage program offering low-interest home loans and grants.

• Eligibility: First-time homebuyers or those purchasing in targeted areas.

• Benefits: Provides competitive interest rates and low down payment options.

4. The Homebuyers’ Tax Credit

• Overview: A tax incentive program providing up to $15,000 in homebuyer credits.

• Eligibility: Must be a first-time homebuyer purchasing a home in New Jersey.

• Benefits: Offers a tax credit to eligible buyers, potentially reducing their state tax liability.

5. Federal Housing Administration (FHA) Loans

• Overview: While not a state program, FHA loans are often used by first-time homebuyers and are available in New Jersey.

• Eligibility: Flexible credit score requirements, and you may qualify with a lower down payment (3.5%).

• Benefits: Lower down payment and more lenient credit criteria.

6. Municipal Grants & Programs

• Overview: Some municipalities in New Jersey offer local first-time homebuyer assistance programs.

• Eligibility: Varies by city or town; check with local government for specific criteria.

• Benefits: Varies but often includes down payment assistance or homebuyer education programs.

• Website: Contact local municipal offices or check their websites for more details.

7. New Jersey First-Time Homebuyer Savings Account (FHSA)

• Overview: Allows you to save for your first home with tax benefits.

• Eligibility: Must be a first-time homebuyer or have not owned a home in the last 3 years.

• Benefits: Contributions to the account may be tax-deductible, and withdrawals for home purchase are tax-free.

8. U.S. Department of Veterans Affairs (VA) Home Loans

• Overview: For veterans, active military personnel, and their families.

• Eligibility: Must meet the VA’s service requirements.

• Benefits: No down payment, no private mortgage insurance (PMI), and favorable loan terms.

9. Federal Home Loan Bank (FHLB) – First-Time Homebuyer Assistance Program

• Overview: This program provides up to $5,000 in down payment and closing cost assistance to eligible homebuyers.

• Eligibility: Must meet income guidelines and complete homebuyer education.

• Benefits: Grant-based assistance to help with purchasing a home.

Before applying for any of these programs, it’s important for you to review eligibility requirements.