October 21, 2022
Lender Bulletin 2022-8:
Down Payment Assistance Program to Increase to $15,000 in Designated Counties
Effected Programs: Smart Start DPA
Effective Date: Tuesday, November 1, 2022
NJHMFA encourages all of our business partners and constituents to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.  

´╗┐Attention Lenders:
Smart Start Down Payment Assistance Program Changes
NJHMFA is pleased to announce that the Smart Start Down Payment Assistance (DPA) Program will increase to $15,000 for properties in the following counties: Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union. All other counties will remain at $10,000.
This change will help NJHMFA and our lenders provide an equivalent percentage of Down Payment Assistance in all counties, as NJHMFA-financed homes in these counties have home prices that are typically about 50% higher than in the rest of New Jersey.
This change is effective November 1, 2022 and will only apply to new loan reservations in those counties. Pipeline loans reserved prior to Tuesday November 1, 2022 will be eligible for down payment assistance in the amount of $10,0000. Participating Lenders may not cancel an existing reservation to obtain the new Smart Start DPA amount except in the case of a new property, or until 60 days after cancellation of a prior reservation.
The following Smart Start DPA documents have been updated and should be used for all new loan reservations effective November 1, 2022 in the counties listed above. These documents are available in the Internet Loan Reservation System (ILRS) and on the Lender Portal Page. 

  • DPA Disclosure
  • Final Truth in Lending (TIL) Statement
  • Smart Start Note
  • Smart Start Mortgage
The ILRS will be updated on November 1st to reflect the new DPA amount and lenders will be required to select the correct first mortgage and DPA program based on the county of the subject property when reserving the loan. Click here for a job aid for instructions.
Lender training will be available on the following dates for this system update. Please click the link below to register:
October 24, 2022 at 10:30am - Register
October 25, 2022 at 10:30am - Register
October 27, 2022 at 11:00am - Register
Questions? Need Help? 

If you have questions about one of our loan products or need help with a loan in the ILRS system, please e-mail your requests to SFLenders@njhmfa.gov.

Access Forms, Checklists, Policies, Previous Lender Bulletins and More at the Lender Resources Page: www.njhousing.gov/lenders/
Was this email forwarded to you? Sign up for our email list to stay up to date on NJHMFA news.
New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov