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What loan options are available for first-time buyers?

By Bob Millaway, South Jersey Community Expert & REALTOR®

First-time buyers in New Jersey have several options: FHA loans with 3.5 percent down, conventional loans with 3 to 5 percent down, and NJHMFA programs that offer down payment assistance. VA and USDA loans are also available for eligible buyers. A local mortgage lender can help you compare options based on your credit and income.

Why It Matters

The right loan program can save you thousands of dollars and make homeownership more accessible.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What questions should I ask my real estate agent when buying? How do I know if a home is priced fairly?

Read the Full Guide

For a deeper dive, check out the HomeCircle Handbook entry on this topic.

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