The First-Time Homebuyer Mortgage Program is the foundational mortgage program that can be combined with the NJHMFA Down Payment Assistance Program, which provides qualified buyers with $10,000 as an interest-free, five-year forgivable second loan with no monthly payment that can be used to cover down payment and closing costs.
The federal government launched a new national program on September 2, 2019, that it says will help thousands of families across the country buy their first home. Aptly named the First-Time Home Buyer.
We'll break out first time home buyer programs by type below, but. The federal housing administration (fha) is a great loan for a first-time.
The HomeReady Homepath program is targeted at first-time home buyers. After taking a required buyer education course you can receive 3% towards closing costs on a mortgage loan. A low down payment of just 3% is required, which is even less than FHA loans.