July 24, 2025

Lender Bulletin 2025-13

 Seller Guide Update Notice



Effected Programs: First Time Homebuyer, Homeward Bound, and HFA Advantage

Attention Lenders:

NJHMFA Updated Income and Purchase Price Limits

NJHMFA Updated Income and Purchase Price Limits. This bulletin is to notify lenders that on July 28, 2025, NJHMFA will be adjusting our income limits for the First Time Home Buyer Program, the Homeward Bound Program, and the HFA Advantage Program, and purchase price limits will be adjusted for the First Time Home Buyer Program. The income limits and maximum purchase price limits have been updated in the below links. They can also be viewed on the Lender Portal Page.

Key changes to the program income limits:

• First Time Home Buyer Program income limits have increased for all counties. The increases range from $5000 to $11,760 depending on county, family size, and targeted area location.

• Homeward Bound and HFA Advantage Program income limits have also increased for all counties. The increases range from $6,000 to $10,080 depending on county.

• For the HFA Advantage Program, the incomes used to calculate eligibility for the lower PMI costs afforded to some HFA Advantage borrowers have already been adjusted by Freddie Mac in May 2025. As a reminder, these levels are applicable only for those loans with LPA findings indicating eligibility for charter-level mortgage insurance due to the AMI on the loan being below 80% of Freddie Mac’s AMI, which may be different from the NJHMFA AMI used for overall loan eligibility.

Key changes to the program purchase price limits:

• First Time Home Buyer Program purchase price limits have increased between 6% & 7% for all counties except Cape May County, which increased by 21%.

• For Federal Housing Administration (FHA) and Veteran Administration (VA) maximum mortgage amounts prevail if more restrictive than NJHMFA limits.

• For the HFA Advantage Program, Freddie Mac maximum mortgage amounts apply, and super- conforming mortgage loan amounts are ineligible.

Please refer to the new limits going forward for eligibility purposes.

The new limits will be applied to all new reservations as of July 28,

2025. Pipeline loans will continue to use the prior limits in our systems. If a pipeline loan that has not been through NJMHFA

underwriting review would benefit from the expanded limits, please

submit a request via the underwriting queue in the Loan Portal.

Click Below for Updated Income and Purchase Price Limits:

• HFA Advantage Consumer Fact Sheet

• Homeward Bound Fact Sheet

• First-Time Homebuyer Consumer Fact Sheet

• Purchase Price and Income Limits Statewide Area

for the FTHB Program

• Purchase Price and Income Limits Urban Target

Area for the FTHB Program

Lenders may view the updated Seller Guide by accessing the NJHMFA website

under Lender Resource Site and Lender Policy and Procedures (Seller’s Guide).