NJCC Statewide Down Payment Assistance Program
Up to $30,000 for Down Payment Assistance
Up to $52,000 for qualified buyers when combined with the New Jersey Housing & Mortgage Finance Agency Down Payment Assistance Program. Achieving homeownership is a major milestone, and the New Jersey Community Capital (NJCC) Statewide Down Payment Assistance Program is here to help you reach it. With up to $30,000 in assistance available, this initiative makes it easier for eligible homebuyers to overcome the financial barriers that often come with purchasing a home. Here's how this program works and what it offers.
Program Benefits:
- Financial Assistance: Grants between $10,000 and $30,000 based on individual needs, applicable to down payments or closing costs.
- Recoverable Grants: Forgivable over five years at a rate of 20% annually. The balance is prorated if the home is sold or refinanced within five years, but fully forgiven if maintained as a primary residence for the entire term.
- Flexible Mortgage Types: Supports various loan products, including Freddie Mac, Fannie Mae, FHA, VA, and USDA-RD.
- Primary Residence Support: Available for 1-4 family units as long as they are primary residences (no investment or second homes).
Eligibility Requirements:
- Income Limits: Applicants must earn 100% or less of HUD’s Area Median Income (AMI) by county, adjusted for household size. Please view the Maximum Annual Income chart below for more information.
- Personal Savings: Must have the lesser of one escrowed mortgage payment or $2,000 in personal funds at the application date.
- Counseling or Education: Must have completed a pre-purchase counseling or homebuyer education program from a nonprofit HUD-approved organization within the last 12 months.
- Preapproval and Contract: Need a preapproval letter from an approved lender such as Advisors Mortgage Group and a fully executed purchase contract.
- Purchase Price Limit: The property price must not exceed $625,000.
- Closing Timing: Must close the first mortgage within 90 days of commitment.
- ITIN Holders: Eligible to participate.
Additional Advantages:
- Comprehensive Counseling: Pre-purchase counseling services help you navigate the buying process and guide you through mortgage applications.
- Equitable Access: Income limits and household size adjustments ensure all families receive support relevant to their financial situations.
- Tailored Assistance: Mortgage products are customized to fit your requirements and align with your long-term financial goals.
Ready to Get Started?
At Advisors Mortgage, we specialize in making the NJCC Statewide Down Payment Assistance Program accessible and hassle-free for eligible homebuyers. Our expertise ensures you're guided through every step, providing you with the right financial solution tailored to your unique needs. With our dedicated support and the NJCC Statewide Down Payment Assistance Program, your dream of homeownership is closer than ever. Get in touch today and discover how Advisors Mortgage can help you unlock a future full of memories in your new home.
The DPA Grant can be used in conjunction with other down-payment assistance programs, as long as the maximum Combined Loan to Value (“CLTV”) per the first mortgage lending program, if any, is not exceeded. The interest rate for the DPA Grant is zero percent (0.00%) and Applicant shall pay no fees to NJCC for receiving the DPA Grant, other than reimbursement of filing fees to record the DPA Grant Mortgage, which will be collected at closing.
Maximum Annual Income:
| County | 1 Occupant | 2 Occupants | 3 Occupants | 4 Occupants | 5 Occupants | 6 Occupants | 7 Occupants | 8 Occupants |
|---|---|---|---|---|---|---|---|---|
| Atlantic | $62,400 | $71,300 | $80,200 | $89,100 | $96,300 | $103,400 | $110,500 | $117,700 |
| Bergen | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Burlington | $78,200 | $89,300 | $100,500 | $111,600 | $120,600 | $129,500 | $138,400 | $147,400 |
| Camden | $78,200 | $89,300 | $100,500 | $111,600 | $120,600 | $129,500 | $138,400 | $147,400 |
| Cape May | $70,400 | $80,400 | $90,500 | $100,500 | $108,600 | $116,600 | $124,700 | $132,700 |
| Cumberland | $59,500 | $68,000 | $76,500 | $85,000 | $91,800 | $98,600 | $105,400 | $112,200 |
| Essex | $85,300 | $97,500 | $109,700 | $121,800 | $131,600 | $141,300 | $151,100 | $160,800 |
| Gloucester | $78,200 | $89,300 | $100,500 | $111,600 | $120,600 | $129,500 | $138,400 | $147,400 |
| Hudson | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Hunterdon | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Mercer | $78,200 | $89,300 | $100,500 | $111,600 | $120,600 | $129,500 | $138,400 | $147,400 |
| Middlesex | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Monmouth | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Morris | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Ocean | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Passaic | $90,800 | $103,700 | $116,700 | $129,600 | $140,000 | $150,400 | $160,800 | $171,100 |
| Salem | $78,200 | $89,300 | $100,500 | $111,600 | $120,600 | $129,500 | $138,400 | $147,400 |
| Somerset | $100,100 | $114,400 | $128,700 | $142,900 | $154,400 | $165,800 | $177,200 | $188,700 |
| Sussex | $85,300 | $97,500 | $109,700 | $121,800 | $131,600 | $141,300 | $151,100 | $160,800 |
| Union | $85,300 | $97,500 | $109,700 | $121,800 | $131,600 | $141,300 | $151,100 | $160,800 |
| Warren | $81,400 | $93,000 | $104,600 | $116,200 | $125,500 | $134,800 | $144,100 | $153,400 |
If your income exceeds these limits, please contact an Advisors Mortgage Group loan officer to review your Down Payment Assistance options.
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