January 26, 2023
Lender Bulletin 2023-2:
HFA Advantage Program Updated Income Limits 
Effected Programs: HFA Advantage Program
Effective Date: February 1, 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:
HFA Advantage Program Updated Income Limits
We are pleased to announce new maximum income limits for the HFA Advantage Program. The income limits now mirror the Homeward Bound Program. This increase will help more borrowers qualify to use the HFA Advantage Program, which offers competitive pricing and DPA access, conventional mortgage underwriting, and reduced mortgage insurance costs.

The HFA Advantage Program income limits have been updated in our system and can be viewed below or through the Lender Portal.
Lenders will need to ensure that the appropriate mortgage insurance (MI) coverage is selected. The required MI coverage percentage will vary, based upon the borrower’s annual qualifying income. Lenders should refer to the mortgage insurance messages section in (LPA), as these messages will indicate the amount of MI required.
Please see pages six and seven of this Freddie Mac Job Aid for a review of the MI messages.
Lender training will be available on the following dates for this program update. Please click the link below to register:
January 30, 2023 at 2:30 pm - Register
January 31, 2023 at 2:45 pm - Register
February 1, 2023 at 10:00 am - Register
The updated limits have been built into the system for new reservations, effective February 1, 2023. Lenders who have pipeline loans that would benefit from the new income limits may email SFLenders@njhmfa.gov for assistance.
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