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.