New Jersey - Government Backed Loans

New Jersey Housing and Mortgage Finance Agency (HMFA) is dedicated to increasing the availability of and accessibility to safe, decent and affordable housing to families in New Jersey.

Refinance Programs

Reverse Mortgage for NJ Seniors

This loan is a FHA insured reverse mortgage without monthly payments. The loan refinances a homeowners` existing mortgage loan by allowing the homeowner to live off of the home's equity as collateral. No repayment is required and proceeds may be taken in a lump sum, monthly payments, a line of credit or a combination of these.

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Purchase Programs

100% Financing

The 100% Financing program offers no-downpayment, insurance-free mortgage loans for pre-approved single family housing developments to low-income homebuyers. First-time and urban area homebuyers may be eligible for a 30-year, fixed-rate mortgage. The 100% Financing program is subject to housing and funding availability.

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First Time and Urban Target Area

First-time homebuyers and homebuyers looking to purchase a home within a designated urban target area are offered below market, fixed-rate, 30-year mortgage loans with a minimum 3% down payment. Homebuyers must pay a minimum 1% of the loan amount at the time of closing.

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Home Plus

First-time and urban area homebuyers are offered a fixed-rate, 30-year mortgage loan when a purchasing a home with immediate improvement needs. Up to $15, 000 is available to qualifying homebuyers to use toward home repairs, which include roof replacement, energy conservation and accessibility improvements.

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HOPE Program

The HOPE program offers participating employer guaranteed loans with no-downpayment, below market, fixed-interest mortgage loans for eligible employees who do not have private mortgage insurance. Employers must guarantee 20% of the loan amount. Up to 100% financing is available through the HOPE Program.

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Live Where You Work - LWYW

The Live Where You Work program offers low-interest mortgage loans for homebuyers purchasing a home located within the same town they work in. Downpayment and closing costs of up to 5% of the mortgage amount are provided by LWYW, and if homebuyers remain in the same home for over 7 years, this amount does not need to be repaid.

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Transit Smart

Transit Smart provides first-time homebuyers purchasing a home within the Statewide Areas with a low-interest, fixed-rate, 30-year mortgage. Borrowers must pay a minimum 1% of the loan amount, which will be reimbursed at the time of closing.

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Employer-Assisted Housing

The Employer-Assisted Housing program is available through a partnership between Fannie Mae, HMFA and participating New Jersey employers. This program works to create home purchase opportunities for first-time homebuyers, improve affordability and increase overall homeownership.

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Police and Fire Mortgage

The Police and Fire Mortgage provides active members of the New Jersey Police and Firemen's Retirement System who have 1 year of creditable service with a 30-year fixed-rate mortgage. This program may be used to purchase a first home, or to refinance an existing home. The maximum loan amount is $417, 000.

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Purchase Refinance

First-time and urban target area homebuyers are eligible for below market interest rate financing to use toward the purchase and rehabilitation of a home or rehabilitation of an existing home. It is required that 75% of the home's existing external walls and interior structure remains in place. Assistance is provided in the form of a 30-year loan.

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Smart Start

Smart Start is available to borrowers of a first mortgage and who are purchasing a home within one of the state's Smart Growth areas. Homebuyers must also fall within 80% of the area's median income. This program is a second mortgage to be used toward a downpayment and closing costs, and is in the amount of 4% of the first mortgage.

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