New Jersey Homebuyers: You Could Qualify for Up to $22,000 Toward Your First Home

What if New Jersey could help you with $22,000 toward buying your first home?

For many New Jersey families, homeownership has become increasingly difficult. Between rising home prices, mortgage payments, down payments, and closing costs, saving enough money can feel overwhelming.

But there's a program that many buyers don't even know exists.

Through the New Jersey Housing and Mortgage Finance Agency (NJHMFA), certain qualifying first-generation homebuyers can receive up to $22,000 in combined down payment and closing cost assistance when purchasing a home in Ocean, Monmouth, and several other New Jersey counties.

And you don't necessarily need to come from a low-income household to qualify. Eligibility depends on the program's income limits and other requirements.

What Is the $22,000 First-Generation Homebuyer Program?

NJHMFA offers additional financial assistance to qualifying first-generation homebuyers through its First Generation Down Payment Assistance Program.

In Ocean and Monmouth Counties, the assistance works like this:

Important: The $22,000 is the combined maximum, not an additional $22,000 on top of the standard $15,000.

Like the standard assistance, the combined funding is structured as an interest-free, five-year forgivable second mortgage, subject to program conditions.

Who Qualifies as a First-Generation Homebuyer?

You might qualify even if you've never heard the term "first-generation homebuyer" before.

Under NJHMFA's program definition, qualifying applicants generally must meet first-time homebuyer requirements and either:

Option 1: Meet the family ownership criteria

Your parents or legal guardians do not currently own residential real estate, and your spouse or domestic partner and household members satisfy the program's applicable recent homeownership restrictions.

Option 2: Have a qualifying New Jersey foster care history

Certain individuals who have been placed in foster care in New Jersey may qualify under a separate first-generation eligibility pathway.

These are not the only requirements. Applicants must also meet applicable income, purchase price, mortgage, credit, occupancy, and other program conditions.

The lender will review your full situation and determine eligibility.

Example: Buying a $450,000 Home in Monmouth County

Imagine you're purchasing your first home in Howell, Freehold, Neptune, or another Monmouth County community.

You find a home listed for $450,000 and plan to use an FHA mortgage with a hypothetical 3.5% down payment.

Here's how the numbers could look:

In this simplified scenario, the assistance could potentially cover the entire down payment and leave $6,250 available for eligible closing expenses.

Of course, this doesn't mean every buyer will close without bringing money to the table. Actual closing costs, mortgage requirements, program rules, and lender approval will determine how much cash is needed.

This is a hypothetical illustration, not a guarantee of financing or assistance.

Could You Also Get Money Back From Your Realtor?

Here's another opportunity worth exploring.

At The CRESI Group, we offer qualifying buyers a rebate of up to $5,000 at closing.

For example, suppose you purchase a $500,000 home and our brokerage receives a negotiated 2.5% commission.

• Hypothetical commission received: $12,500
• Illustrative buyer rebate percentage: 20%
• Potential rebate: $2,500

That rebate could provide an additional benefit, subject to the written rebate agreement, lender approval, and applicable rules.

The state assistance and brokerage rebate are separate benefits. They aren't automatically stackable, and you cannot assume every dollar will reduce your required cash to close. Your mortgage lender must review the combination and determine how each benefit may be used.

See How The CRESI Group's Buyer Rebate Works

What If You're Not a First-Generation Homebuyer?

You may still qualify for New Jersey's standard down payment assistance program.

In Ocean and Monmouth Counties, eligible first-time homebuyers can potentially receive $15,000 even if they don't qualify for the additional $7,000 first-generation benefit.

And if you don't qualify for either state program, you may still be eligible for The CRESI Group's buyer rebate.

That's why it's worth exploring your options before deciding how much home you can afford.

How Do You Apply?

The first step is connecting with an NJHMFA participating lender who can review your eligibility.

The lender will evaluate your income, household information, credit, financing, property requirements, and first-generation qualifications.

Once you understand your financing options, The CRESI Group can help you find the right property and navigate the buying process.

Your First Home Could Be Closer Than You Think

Whether you're searching in Ocean County, Monmouth County, or elsewhere in New Jersey, the right assistance program could make a substantial difference.

At The CRESI Group, our goal is to help buyers make informed decisions, explore available savings opportunities, and receive exceptional representation throughout the transaction.

Before choosing a Realtor, find out what financial benefits may be available to you.

Explore The CRESI Group's Buyer Rebate Program

Call or text 732-333-3404 to get started.

Program disclosure: The NJHMFA First Generation Down Payment Assistance Program is a government-sponsored mortgage assistance program, not a grant issued or guaranteed by The CRESI Group. The $22,000 amount includes standard assistance and the additional first-generation benefit in qualifying counties. Assistance is subject to eligibility, program availability, financing requirements, and lender approval. All financial examples are hypothetical. Brokerage rebates are separate and require written terms, required disclosures, and lender approval. Purchasers are responsible for applicable taxes on rebates and should consult a qualified tax professional.