NJHMFA Down Payment Assistance Program
Open · Forgivable loan
Up to $15,000: $15,000 in Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties; $10,000 in the other nine counties
A 0% second loan with no monthly payments for down payment and/or closing costs, forgiven after 5 years of living in the home as your main residence without refinancing or selling. Paired with an NJHMFA first mortgage (such as the First-Time Homebuyer Mortgage Program). It can only be used once, and can’t cover closing costs the seller customarily pays or an appraisal shortfall.
Who qualifies: First-time homebuyers buying in New Jersey; income limits by county; an NJHMFA first mortgage through a participating lender.
New Jersey Housing and Mortgage Finance Agency · Agency website → · Checked 2026-09-30
NJHMFA First-Generation Homebuyer Down Payment Assistance
Open · Forgivable loan
An additional $7,000 on top of the NJHMFA Down Payment Assistance Program (up to $22,000 combined)
Extra forgivable assistance for first-generation buyers, stacked on the NJHMFA Down Payment Assistance Program and forgiven after 5 years in the home.
Who qualifies: First-time buyers whose parents or legal guardians don’t own a home (or who were in foster care in New Jersey); must also use an NJHMFA first mortgage and the standard DPA.
New Jersey Housing and Mortgage Finance Agency · Agency website → · Not yet confirmed by us: check the agency’s site for current amounts and rules.
FHLBNY Homebuyer Dream Program
Funding rounds · Grant
Grant up to $30,000 (up to $60,000 when combined with HDP Wealth Builder)
A grant toward down payment, closing costs and homebuyer counseling, offered through participating FHLBNY member banks and credit unions. The 2026 round opened February 9, 2026 and runs until November 27, 2026 or until funds run out. You must live in the home for 5 years or repay a prorated share.
Who qualifies: First-time homebuyers; HDP is for households at or below 80% of area median income and HDP Plus for households above 80%; homeownership counseling; at least $1,000 of your own money; apply through a participating member lender.
Federal Home Loan Bank of New York (through member lenders) · Agency website → · Checked 2026-09-30