Short Answer
Yes, there are numerous programs designed to help first-time buyers. These include FHA loans with 3.5% down, conventional loans with as little as 3% down through Fannie Mae's HomeReady or Freddie Mac's HomeOne programs, VA loans with zero down for veterans, USDA loans with zero down in eligible rural areas, and state-specific programs through the NJ Housing and Mortgage Finance Agency (NJHMFA) that offer down payment assistance.
First-time buyer programs make homeownership accessible with lower down payments, reduced mortgage insurance, and down payment assistance. The NJ Housing and Mortgage Finance Agency offers several programs. The NJHMFA First-Time Homebuyer Mortgage Program provides 30-year fixed-rate mortgages with low rates and grants for down payment and closing costs. The Down Payment Assistance Program (DPA) offers up to $15,000 in assistance as a forgivable loan for qualified first-time buyers. In addition to state programs, many counties and municipalities in New Jersey offer local down payment assistance programs. Federal programs include FHA loans (3.5% down, flexible credit requirements), VA loans (zero down, no PMI, competitive rates), and USDA loans (zero down in eligible areas). Conventional loans through Fannie Mae HomeReady and Freddie Mac HomeOne allow as little as 3% down for first-time buyers.
Bob's Advice
Redfin Senior Agent · AI Certified Agent
There is a lot of money available for first-time buyers that most people do not know about. I have helped buyers get thousands of dollars in down payment assistance they did not even know existed. The key is working with a lender who knows these programs. I can connect you with lenders who specialize in first-time buyer programs and will help you find every dollar you qualify for. Let us explore what is available for you.
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