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First-Time Buyer loans in New Jersey

Quick answer

First-time buyers in New Jersey can use FHA (3.5% down), conventional 97 (3% down), VA or USDA loans, plus programs from New Jersey Housing and Mortgage Finance Agency (NJHMFA). On a $427,600 home, 3% down is about $12,828.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

First-Time Buyer loan snapshot for New Jersey

ItemEstimate
Minimum down payment0%–3.5%
Minimum credit score580–620
Typical NJ home value$427,600
3.5% down on typical home$14,966
20% down on typical home$85,520
Avg. effective property tax2.23%/yr (~$795/mo)
Income for typical home (31% rule)$153,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which New Jersey programs pair with First-Time Buyer loans?

  • First-Time Homebuyer Mortgage Program: A fixed-rate first mortgage for eligible first-time buyers.
  • Down Payment Assistance Program: Forgivable assistance (up to a set dollar amount) paired with an NJHMFA first mortgage.

Details and current limits: New Jersey Housing and Mortgage Finance Agency (NJHMFA).

Compare first-time buyer loan options

LoanMin. downMin. creditMortgage insurance
FHA3.5%5801.75% upfront + annual MIP
Conventional 97 / HomeReady / Home Possible3%620PMI, removable
VA0%Lender-set (~580–620)None (funding fee)
USDA0%~6401% upfront + 0.35% annual

Who counts as a first-time home buyer?

Under HUD and most agency definitions, you're a first-time buyer if you haven't owned a principal residence in the last three years. Single parents and displaced homemakers who only owned with a former spouse may also qualify.

First-Time Buyer loans in New Jersey cities

First-Time Buyer in NewarkFirst-Time Buyer in Jersey CityFirst-Time Buyer in PatersonFirst-Time Buyer in ElizabethFirst-Time Buyer in Toms RiverFirst-Time Buyer in TrentonFirst-Time Buyer in CliftonFirst-Time Buyer in CamdenFirst-Time Buyer in BayonneFirst-Time Buyer in LakewoodFirst-Time Buyer in PassaicFirst-Time Buyer in East OrangeFirst-Time Buyer in Union CityFirst-Time Buyer in VinelandFirst-Time Buyer in HobokenFirst-Time Buyer in New BrunswickFirst-Time Buyer in Perth AmboyFirst-Time Buyer in PlainfieldFirst-Time Buyer in West New YorkFirst-Time Buyer in HackensackFirst-Time Buyer in SayrevilleFirst-Time Buyer in SicklervilleFirst-Time Buyer in LindenFirst-Time Buyer in KearnyFirst-Time Buyer in Fort LeeFirst-Time Buyer in Atlantic CityFirst-Time Buyer in Fair LawnFirst-Time Buyer in GarfieldFirst-Time Buyer in Long BranchFirst-Time Buyer in WestfieldFirst-Time Buyer in PrincetonFirst-Time Buyer in RahwayFirst-Time Buyer in EnglewoodFirst-Time Buyer in BergenfieldFirst-Time Buyer in Old BridgeFirst-Time Buyer in MillvilleFirst-Time Buyer in BridgetonFirst-Time Buyer in ParamusFirst-Time Buyer in RidgewoodFirst-Time Buyer in LodiFirst-Time Buyer in Cliffside ParkFirst-Time Buyer in CarteretFirst-Time Buyer in South PlainfieldFirst-Time Buyer in SomersetFirst-Time Buyer in GlassboroFirst-Time Buyer in North PlainfieldFirst-Time Buyer in SummitFirst-Time Buyer in RoselleFirst-Time Buyer in HillsboroughFirst-Time Buyer in ParsippanyFirst-Time Buyer in LindenwoldFirst-Time Buyer in SecaucusFirst-Time Buyer in Elmwood ParkFirst-Time Buyer in PleasantvilleFirst-Time Buyer in MorristownFirst-Time Buyer in Palisades ParkFirst-Time Buyer in WoodbridgeFirst-Time Buyer in HarrisonFirst-Time Buyer in HawthorneFirst-Time Buyer in Tinton Falls

Frequently asked questions

Yes. First-Time Buyer loans are available statewide in New Jersey through approved lenders, subject to county loan limits where they apply.

Often yes. New Jersey Housing and Mortgage Finance Agency (NJHMFA) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve New Jersey.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.