Your down payment options vary.   From funds that you have either in a bank or brokerage account or from a variety of other sources as well.  You can borrow  money from your 401K retirement plan or IRA if the plan allows it.

 

NJ Housing and Finance Agency Smart Start

The Smart Start Program is available to participants in the Agency’s first mortgage homebuyer’s program who are purchasing homes in Smart Growth areas.  The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage.

After the first 24 months, 25% of the loan is forgiven annually.  After 60 months, the loan is considered satisfied.  There are income and home purchase price limits.  Click here for more information.

FHA Loans

Move into your new home with less out-of-pocket cash than required with most conventional loans. FHA loans feature:

  • First-time homebuyer advantages
  • Down payments as low as 3% of the purchase price
  • Loan options for those with low-to-moderate incomes

VA Loans

  • No down payment options
  • Easier qualifying requirements than most home loans
  • No Private Mortgage Insurance (PMI), however a VA Funding Fee is required. note

note  The Veteran's Administration requires a VA Funding Fee on each VA loan originated. The VA Funding fee is a percentage of the loan amount, and ranges from 1.25% to 3.30%, depending on your down payment and VA eligibility.