A below-market, fixed interest rate is offered to First-Time Homebuyers and Urban Target Area buyers. Downpayments 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. Debt-to-income ratios are as high as 33 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 38 percent (total monthly debt load).
Purchase Price and Income Limits Information
- Purchase Price & Income Limits Statewide Area (47k PDF)
- Purchase Price & Income Limits Urban Target Area (57k PDF)
Eligible Properties: One-family units, including condominiums (new and existing), 2- to 4-family dwellings which have been in existence for 5 or more years. Urban Target Area only: any new or existing 2 unit dwelling.
- Urban Target Areas (UTAs) are based upon census data. Therefore, in order to find out if an address is located in a UTA, you will need to identify the census tract within which the address is located.
- To determine if your proposed home is within an Urban Target Area (UTA), visit the Site Evaluator and follow the tutorial instructions.
Further detail is available on our First-Time Homebuyer Fact Sheet (155k PDF) or call 1-800-NJ-HOUSE.