First-Time Homebuyer Programs
First-Time Homebuyer Programs
Specialized programs with down payment assistance and reduced costs for first-time buyers.
What It Is
First-time homebuyer programs combine favorable loan terms with down payment assistance, grants, and educational resources. Both New Jersey and New York offer state-specific programs that can significantly reduce the upfront cost of buying a home.
Who Qualifies
Buyers who have not owned a primary residence in the past 3 years typically qualify as first-time buyers. Income and purchase price limits apply depending on the specific program and county.
Basic Requirements
—No primary residence ownership in past 3 years
—Income limits vary by program and county
—Purchase price limits apply
—Homebuyer education course may be required
—Primary residence only
Key Benefits
Down payment assistance grants and loans
Below-market interest rates
Reduced mortgage insurance costs
Homebuyer education resources
NJ Housing and Mortgage Finance Agency (NJHMFA) programs
NY State of New York Mortgage Agency (SONYMA) programs
Ready to Get Started?
Talk to a loan officer today. We'll review your situation and find the best program for you — no obligation.