This bulletin details updates made to the Policy and Procedures (Seller’s Guide) for NJHMFA Participating Lenders. The updated Seller’s Guide is currently available to review on the Agency’s website. The updated edition of the Seller’s Guide will take effect on January 9, 2023 and will apply to all loans reserved on or after this date.
Loans reserved prior to January 9, 2023 will be reviewed in accordance with the version of the Seller’s Guide dated January 24, 2022. This retired version will remain available on the Agency’s website for use with pipeline loans reserved prior to January 9, 2023.
Loans reserved prior to January 9, 2023 that need to use additional flexibility offered under the new guidelines in order to qualify should not be re-reserved for qualification purposes, but may be escalated to NJHMFA Single Family leadership through an email to SFLenders@njhmfa.gov for a possible loan-level allowance to use the new guidelines.