Every New Jersey loan program Mike runs
One branch manager, the full New Jersey menu. NJHMFA down payment assistance, First-Generation help, FHA, high-balance conforming, jumbo, VA, PFRS, self-employed, and investor financing. Find the situation that matches yours, then send it over. Mike maps the numbers to your county and your credit profile.
The New Jersey menu at a glance
Mike does not sell one loan. He fits the first mortgage to your file, then layers assistance where it helps. Here is the shortlist so you can find your situation fast. Notice how much of it points toward high-balance and jumbo financing, because New Jersey prices run high.
| Program | Who it fits | Down payment | Key New Jersey detail |
|---|---|---|---|
| NJHMFA DPA | Buyers who need cash help | Assistance covers it | Up to $15,000, 0% forgivable second, forgiven at year 5 |
| First-Generation DPA | No prior family homeownership | Adds to the base DPA | Adds $7,000, for a $22,000 combined maximum |
| First-Time Homebuyer Mortgage | First-time buyers | 3% to 3.5% | County income limits, roughly 620 to 640 credit |
| PFRS Mortgage | Police and firefighters | Varies | Active PFRS members, up to the conforming limit |
| High-balance conforming / Jumbo | Above the county limit | Varies | Baseline $832,750; 12 counties at $1,209,750 |
| FHA | Lower credit, slim savings | 3.5% | 2026 floor $541,287; high-cost ceiling $1,249,125 |
| Conventional 97 / HFA Advantage | Mid-600s and up | 3% | PMI cancels at 20% equity |
| VA | Eligible veterans | $0 | No monthly mortgage insurance |
| Bank-statement / 1099 | Self-employed | Varies | Qualify on deposits, not net tax income |
| DSCR | Investors | Varies | Qualify on the property's rent |
NJHMFA down payment assistance and First-Generation DPA
New Jersey runs its down payment help through NJHMFA, the state housing and mortgage finance agency. The base program lends up to $15,000, varying by the county where you buy. First-Generation buyers, meaning no parent who owned a home, add another $7,000, which brings the combined ceiling to $22,000. This is not a grant. It is a second loan at 0% with no monthly payment, and it forgives in full only after you live in the home five years. That five-year mark is a cliff, not a slow taper: sell, refinance, or move out sooner and you repay the balance. The down payment assistance page walks through the county amounts.
The NJHMFA First-Time Homebuyer Mortgage
NJHMFA pairs its assistance with a 30-year fixed first mortgage. Buyers can go government-insured through FHA, VA, or USDA, or conventional through HFA Advantage. Credit sits around 620 on the conventional side and 640 on FHA, though you should confirm the current floor in the NJHMFA seller guide before you count on it. There is no statewide income cap. Instead, income and purchase-price limits run by county, and the high-cost counties like Bergen, Hudson, and Somerset allow more than the rest. Check your own county's number at nj.gov/dca/hmfa rather than assuming one figure covers the state. One correction worth stating plainly: NJHMFA does not currently offer a Mortgage Credit Certificate, so ignore any older guide that promises one.
High-balance conforming and jumbo loans
This is the section most New Jersey buyers actually need. The 2026 conforming baseline is $832,750, but twelve counties are designated high-cost at $1,209,750: Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union. A loan above your county's number is a jumbo, and jumbo underwriting wants stronger reserves and cleaner documentation. Here is the twist people miss. In those same twelve counties, the 2026 FHA ceiling is $1,249,125, which sits $39,375 above the high-cost conforming limit. So FHA out-lends a conforming loan at the identical address, the opposite of what most buyers assume. Mike runs full-doc, alt-doc, and self-employed jumbo paths, plus the FHA-versus-high-balance comparison so you land on the cheaper structure.
FHA loans in New Jersey
FHA is the common landing spot when credit sits lower or savings are thin. It allows 3.5% down and forgives past credit bumps more readily than conventional financing does. The 2026 FHA floor is $541,287 on a single-family home across most of the state, and it rises to the $1,249,125 ceiling in the high-cost counties. NJHMFA assistance can ride on top of an FHA first mortgage, so the down payment help and the low down payment stack. In Newark, Paterson, Elizabeth, and Trenton, FHA carries a large share of the entry-level market.
Conventional 97 and HFA Advantage
Once your score clears the mid-600s, conventional financing often beats FHA because the private mortgage insurance cancels at 20% equity instead of running the life of the loan. Conventional 97 allows 3% down. NJHMFA's HFA Advantage is the conventional route up to 97% LTV with reduced mortgage insurance, and it still follows NJHMFA's county income limits. For a buyer in Edison or a Bergen County suburb who has decent credit and a little more saved, this is frequently the lower long-run cost.
VA loans for New Jersey veterans
Eligible veterans, active-duty service members, and surviving spouses can buy with zero down and no monthly mortgage insurance. New Jersey holds a sizable veteran population near Joint Base McGuire-Dix-Lakehurst and Naval Weapons Station Earle, along with the wider Trenton and Camden communities. A VA loan also sidesteps the first-time rule, so a veteran can pair NJHMFA assistance and keep the benefit. Mike handles Certificate of Eligibility questions and entitlement restoration when you use it a second time.
NJHMFA PFRS mortgage for police and firefighters
New Jersey runs a dedicated program through the Police and Firemen's Retirement System. Active PFRS members with at least one year of creditable service can use a 30-year fixed mortgage whose rate resets on a set schedule. The maximum loan tracks the conforming limit rather than a fixed dollar cap, so the current ceiling moves with FHFA's annual number. If you are an active officer or firefighter in a department like Newark, Jersey City, or Camden, this program is worth a look before you shop a standard loan. Confirm the current terms with NJHMFA, since the rate reset and eligibility details live in their program materials.
USDA in New Jersey: mostly not eligible
New Jersey is one of the densest states in the country, and most of it falls outside USDA's eligible rural map. Only limited pockets of Salem, Cumberland, Sussex, and Warren counties qualify, and eligibility is address-specific down to the parcel. For nearly every buyer, the stronger low-cash route is NJHMFA assistance layered on an FHA or conventional loan, not a USDA search that comes up empty. If you are set on a rural Salem or Warren County property, check the exact address on USDA's map first.
Self-employed and bank-statement loans
Tax returns understate what many business owners really earn, because legal deductions shrink the net figure underwriters read. Bank-statement loans fix that by qualifying you on 12 or 24 months of deposits with an expense-factor adjustment. There are also 1099 loans for contractors and agents, and asset-qualifier loans that build income from liquid accounts. These are Non-QM programs, so they sit outside standard agency rules and price on their own terms. Mike matches the method to how your income actually shows up.
Investor and DSCR loans
DSCR loans qualify on the rental income a property produces, not your personal tax return. That keeps investors moving without stacking personal debt-to-income limits. Mike runs standard rental and short-term-rental DSCR options, cash-out refinances for pulling equity into the next deal, and portfolio structures for buyers scaling past a few doors. Jersey City, Newark, and the Camden waterfront draw steady rental demand, and so do the shore markets in Monmouth and Ocean counties.
Bridge financing to buy before you sell
Move-up buyers in tight New Jersey markets often need to buy the next house before the current one sells. A bridge structure lets you write a clean offer with no sale contingency, which reads far stronger to a seller than one hinging on your closing first. Mike underwrites the bridge against your existing equity plus the new purchase, then coordinates the two closings so you are not carrying two mortgages any longer than you must. In fast Bergen and Monmouth County neighborhoods, that timing edge often wins the house.
New Jersey loan program FAQ
What down payment assistance does NJHMFA offer in New Jersey?
NJHMFA offers up to $15,000 in down payment assistance, and First-Generation buyers can add another $7,000 for a combined maximum of $22,000. It is not a grant. The assistance is a second loan at 0% interest with no monthly payment, forgiven in full after five years of living in the home. Sell, refinance, or move out before year five and the balance is repaid. Confirm the amount for your county at nj.gov/dca/hmfa.
What is the 2026 conforming loan limit in New Jersey?
The 2026 one-unit baseline is $832,750 across most of New Jersey. Twelve high-cost counties sit at $1,209,750: Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union. A loan above your county limit is a jumbo, which asks for stronger reserves and cleaner documentation. Confirm your county figure at the FHFA county file.
Does FHA lend more than a conforming loan in New Jersey?
In the twelve high-cost counties, yes. The 2026 FHA ceiling in those counties is $1,249,125, while the high-cost conforming limit is $1,209,750. That is a $39,375 gap where FHA out-limits conforming at the same address. Most of the state sits at the FHA floor of $541,287. This surprises buyers who assume a conforming loan always reaches higher than FHA.
Can self-employed buyers qualify in New Jersey without tax returns?
Yes. Bank-statement loans qualify you on 12 or 24 months of deposits with an expense-factor adjustment, not the net figure left after deductions. There are also 1099 loans for contractors and agents, and asset-qualifier loans that build income from liquid accounts. These are Non-QM programs, so they sit outside standard agency rules and price on their own terms.
Is most of New Jersey eligible for a zero-down USDA loan?
No. New Jersey is one of the densest states in the country, and most of it falls outside USDA eligible rural areas. Only limited pockets of Salem, Cumberland, Sussex, and Warren counties qualify. Eligibility is address-specific, so check the exact parcel at USDA's map. For most New Jersey buyers, NJHMFA assistance paired with an FHA or conventional loan is the stronger low-cash path.