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New Jersey Housing and Mortgage Finance Agency
In some cases this may mean working with traditional affordable housing developments, serving New Jersey's most needy families. In other instances it is working with first time homebuyers, senior citizens in senior and assisted living facilities, and/or the disabled in our special needs communities.
Tax Credit Loan Program - The Prefund Program
The HMFA’s First-Time Homebuyers Tax Credit Loan Program (TCLP) or “Prefund” program provides a 0% loan to Agency First-Time and Urban Target Area Homebuyers to pay downpayment and/or closing costs.Homebuyers must meet all of the requirements of the Agency’s Homebuyer Program and be eligible for the credit as permitted by the federal law establishing the credit
First Time Homebuyer Program
A below-market, fixed interest rate is offered to first-time homebuyers and urban area buyers. Down payments of as little as 3.5% are required and must come from the borrower's own assets. Loans are 30-year fixed rate.Certain closing costs can be gifted by family members, non-profit organizations or government agencies.
Smart Start
Accumulating the funds for downpayment and closing costs is a common barrier to potential homeowners. The Smart Start Program is available to participants in the Agency’s first mortgage homebuyer’s program who are purchasing homes in Smart Growth areas.The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage.
Live Where You Work
The LWYW program is a home mortgage incentive program that provides low-interest mortgage loans to homebuyers purchasing homes in towns where they are employed.The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs.
