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Best Mortgage Lenders in New Jersey April 2026

Owning a home in New Jersey can be made a lot more accessible once you understand the New Jersey mortgages and home loan providers that can help you along on this path. Here are four of the best New Jersey home buyer programs worth exploring for down payment assistance, property financing, and more.

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Current Mortgage Rates in New Jersey

Current mortgage rates in New Jersey are slightly above the national average:

Fixed-rate mortgages:

  • 30-year: Average around 7.02%, ranging from 6.52% to 7.51%
  • 15-year: Average around 6.44%, offering potentially lower overall interest costs if you qualify.
  • 5-year ARM: Average around 7.14%, providing initial flexibility but potentially higher future rates.
     

Other loan types:

  • FHA loans: Average around 6.52% for 30-year terms, making them an option for borrowers with lower credit scores.
  • VA loans: Average around 6.20% for 30-year terms, offering competitive rates for veterans and active-duty service members.
  • Jumbo loans: Average around 6.60% for 30-year terms, typically slightly higher due to exceeding conforming loan limits.

The 4 Best New Jersey Home Buyer Programs

NJHMFA's Down Payment Assistance Program

The NJHMFA's Down Payment Assistance Program is available state-wide to help aspiring homeowners with down payments and closing cost assistance. 

Who Is It Available To? People who have a NJHMFA first mortgage loan—they must be paired with one another.

Income Limits: Yes, see them here.

Is It Only for First-Time Homebuyers? Yes.

Loan Options? Yes. 

Is There Down Payment and Closing Cost Assistance? Yes. 

NJHMFA's First-Time Homebuyer Mortgage Program

This is the required foundational program for all NJHMFA Down Payment Assistance Program participants. It offers 30-year, fixed-rate government-insured loans (FHA/VA/USDA) or conventional mortgages to first-time buyers. 

Who Is It Available To? First-time homebuyers who play to have their primary residence in New Jersey.

Income Limits: Yes, see them here.

Is It Only for First-Time Homebuyers? Yes. 

Loan Options? Yes. 

Is There Down Payment and Closing Cost Assistance? Yes. 

HFA Advantage Mortgage Program

This is another of The New Jersey Housing and Mortgage Finance Agency's (NJHMFA) home buyers programs. 

Who Is It Available To? Borrowers in New Jersey with a FICO credit score of at least 620 and a certain debt-to-income ratio.

Income Limits: Yes, see them here.

Is It Only for First-Time Homebuyers? Yes, unless they are not combining it with the DPA program.

Loan Options? Yes.

Is There Down Payment and Closing Cost Assistance? Yes, between $10,000 and $15,000 depending on the county.

New Jersey's Section 8 Homeownership Program

Who Is It Available To? The program is available to DCA Housing Choice Voucher participants who meet specific criteria.

Income Limits: An annual earned income of at least $20,800, with exceptions for elderly and disabled head of households.

Is It Only for First-Time Homebuyers? Yes, or homebuyers who have not owned a home for at least three years.

Loan Options: None specified.

Is There Down Payment and Closing Cost Assistance? None specified.

Last Words: New Jersey Home Buyer Programs

Use these resources to find the right program for you and start your search for the NJ real estate you can call home! And remember, the Lendstart blog is packed with helpful resources on mortgages and related topics, so check back regularly.