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. The program launched on 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
Freddie Mac just announced on April 5th that they have adjusted the LPA scoring engine to allow for more “Accept” scores on the HFA Advantage program, which will help more borrowers use this program. NJHMFA encourages lenders to re-run recent files that did not receive an approval to see if these files may now be approved.
Lenders will not be permitted to place reservations for this program prior to attending the training.
Lenders that participated in the pilot program or that attended the March sessions are not required to attend the training.
NJHMFA is offering an additional training session, which will be held on April 26, 2022 at 2pm.
Please see the link below to register for the training.