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First-time home buyer programs in Paterson, NJ

Quick answer

First-time buyers in Paterson, NJ can use 3%-down conventional loans (up to the $1,209,750 Passaic County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 1 verified city, county or statewide assistance program. On the $335,400 median home, 3% down is about $10,062 and the estimated payment is $3,092/month at 7.18%.

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

Median household income: $53,766; value-to-income ratio 6.24. Paterson ranks 126 by home value and 3 by population among 159 places in our NJ dataset.

What does a first-time buyer loan cost on a typical Paterson home?

ItemPaterson
Median home value (Census ACS)$335,400
New Jersey median home value$427,600
Down payment (3%)$10,062
Loan amount$325,338
Estimated monthly payment (PITI + MI)$3,092
Income needed (28% / 36%)$133,000 / $104,000
Passaic County 2026 conforming limit (1 unit)$1,209,750
Max purchase price at the limit$1,247,000

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

Payment includes New Jersey's 2.23% effective property tax rate (Census ACS), $1,551/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Paterson?

Paterson is in Passaic County. Conventional 3%-down loans go up to the $1,209,750 conforming limit (price ≈ $1,247,000); FHA loans go up to $1,249,125.

The Paterson median home value of $335,400 is 22% below the New Jersey median, and within what the county limit supports.

Which down payment assistance programs can Paterson buyers use?

First-time buyer loans in nearby cities

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First-time buyer loan FAQs for Paterson

On the $335,400 median: 3% conventional ≈ $10,062, 3.5% FHA ≈ $11,739, and 0% for eligible VA or USDA buyers. Conventional loans above $1,209,750 in Passaic County become jumbo loans.

At the $335,400 median value (below the New Jersey median of $427,600), the estimated payment of $3,092/month at 7.18% needs about $133,000 a year under the 28% housing guideline, or $104,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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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.