Lender Bulletin 2024-9:

NJHMFA Updated Income and Purchase Price Limits

Effected Programs:  First Time Home Buyer, Homeward Bound, and HFA Advantage

Effective Date: May 20, 2024

NJHMFA Updated Income and Purchase Price Limits

This bulletin is to notify lenders that on May 20, 2024, NJHMFA will be adjusting our income limits for the First Time Home Buyer Program, the Homeward Bound Program, and the HFA Advantage Program, and purchase price limits will be adjusted for the First Time Home Buyer Program. The income limits and maximum purchase price limits have been updated in the below links. They can also be viewed on the Lender Portal Page.

Key changes to the program income limits:

• First Time Home Buyer Program income limits have increased for all counties. The increases range from $700 to $8,855 depending on county, family size, and targeted area location.

• Homeward Bound and HFA Advantage Program income limits have also increased for all counties. The increases range from $840 to $9,240 depending on county, family size, and targeted area location.

• For the HFA Advantage Program, the incomes used to calculate eligibility for the lower PMI costs afforded to some HFA Advantage borrowers have been adjusted for all counties. Most counties had increases varying from $240 to $6,400, and two counties decreased - Cumberland by $240 and Mercer by $2,640. As a reminder, these levels are applicable only for those loans with LPA findings indicating eligibility for charter-level mortgage insurance due to the AMI on the loan being below 80% of Freddie Mac’s AMI, which may be different from the NJHMFA AMI used for overall loan eligibility.

Key changes to the program purchase price limits: 

• First Time Home Buyer Program purchase price limits have increased significantly for all counties.

• For Federal Housing Administration (FHA) and Veteran Administration (VA) maximum mortgage amounts prevail if more restrictive than NJHMFA limits.

• For the HFA Advantage Program, Freddie Mac maximum mortgage amounts apply, and super-conforming mortgage loan amounts are ineligible.

Please refer to the new limits going forward for qualifying purposes. The new limits will be applied to all new reservations as of May 20, 2024. Pipeline loans will continue to use the prior limits in our systems.

Click Below for Updated Income and Purchase Price Limits:

• HFA Advantage Consumer Fact Sheet

• Homeward Bound Fact Sheet



• First-Time Homebuyer Consumer Fact Sheet

• Purchase Price and Income Limits Statewide Area for the FTHB Program

• Purchase Price and Income Limits Urban Target Area for the FTHB Program

Questions? Need Help? 

If you have questions about one of our loan products or need help with a loan in the ILRS system, please e-mail your requests to SFLenders@njhmfa.gov.

Access Forms, Checklists, Policies, Previous Lender Bulletins, and More at the Lender Resources Page: www.njhousing.gov/lenders/lenderportal