Kenny+Monica

Buying your first home is exciting, but saving for a down payment can feel overwhelming. The good news? There are programs available to help you with that. Here’s how to get started:

Step 1: Know if You’re a First-Time Buyer

In New Jersey, you’re considered a first-time homebuyer if you haven’t owned a home in the past 3 years.

Step 2: Learn About Down Payment Assistance

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers a great program called First-Time Homebuyer Program with Down Payment Assistance.

• You can get up to $15,000 to help with your down payment and closing costs.
• It’s a forgivable loan, which means you don’t have to pay it back if you stay in the home for 5 years.

Step 3: Check the Basic Requirements

To qualify, you’ll usually need to:

• Be a first-time homebuyer (or buying in a targeted area)
• Have a credit score of at least 620
• Fall within Income limits (varies by county and household size)
• Buy a primary residence (you must live there)
• Complete a homebuyer education course

Step 4: Find a Participating Lender

Not every bank or mortgage company can offer NJ down payment help.
I will help you connect with an NJHMFA-approved lender who understands the program and can guide you.

Step 5: Get Pre-Approved

The lender will review your Income, credit, and debt to provide you with a pre-approval letter, which helps you determine how much home you can afford.

Step 6: Take a Homebuyer Class

Most programs require you to complete a homebuyer education course. It’s usually online, low-cost, and teaches you how to budget, get a loan, and maintain your home.

Step 7: Start House Hunting!

Work with me, your real estate agent who understands first-time buyer programs. Look for homes that fit your budget and meet program guidelines.

Step 8: Apply for the Assistance

Once I help you find a home and your offer is accepted, your lender will assist you in officially applying for the down payment assistance during the mortgage process.

Step 9: Close on Your Home

If everything goes smoothly, you’ll sign your papers and receive the keys to your first home without having to pay the down payment, thanks to the assistance program! 

Final Tip

Don’t attempt to figure everything out on your own. As your agent, I am here to guide you through each step. Feel free to contact me, and I’ll be glad to help.