NJHMFA HFA Advantage Conventional Mortgage Program Launch and Mandatory Training
NJHMFA is pleased to announce the full launch of our HFA Advantage Conventional Mortgage Program. Our pilot program has been very successful, and the agency is excited to now offer this program to all lenders. Program launch is scheduled for Thursday, March 31, 2022.
The HFA Advantage Mortgage Program is a conventional program similar to the Freddie Mac Home Possible program. Program features include:
- 3% minimum down payment
- Not limited to only first-time buyers
- First-time buyers may combine HFA Advantage with the NJHMFA $10,000 DPA program
- Low, charter-level mortgage insurance
- May be used on some deed-restricted affordable properties
Participating Lenders interested in originating this program should ensure that staff members who assist with product development, origination, processing, underwriting, closing, and post-closing attend a mandatory training session. This training will be jointly conducted by Freddie Mac and NJHMFA.
Lenders will not be permitted to place reservations for this program prior to attending the training.
Lenders that participated in the pilot program are not required to attend the training.
There are 2 sessions available on March 17, 2022 and March 24, 2022 at 2pm.
Please see the link below to register for the training.