January 5, 2023
Lender Bulletin 2023-1:
NJHMFA Seller’s Guide Updates
Updates to the Policy and Procedures (Seller’s Guide) for Participating Lenders
Effected Programs: All Programs  
Effective Date: January 9, 2023
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:
NJHMFA Seller’s Guide Updates
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.
Some of the key changes to the guide include the following updates:
  • Collection account guidelines have fewer overlays versus industry standards.
  • The conventional HFA Advantage program now allows 2-4 unit properties, manufactured homes, and the use of non-occupant co-borrowers.
  • Amended the income review for eligibility for the First Time Homebuyer program to include non-borrowing spouses and domestic partners, by updating the defined term Annual Household Income.
  • Added language clarifying requirements for monthly mortgage reserves.
  • Changes to our quality control review process.
  • Lender application and participation changes from the bi-annual Mortgage Purchase Agreement have been included in the guide.
All loans must meet all underlying investor/insurer requirements.
A summary of the full list of new changes for 2023 can be accessed directly here.
The updated version of the 2023 Seller’s Guide is available under our Lender’s Resource Tab or directly here.
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/lenderportal
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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov