The biggest program for Hamilton first-time buyers is the New Jersey Housing and Mortgage Finance Agency (NJHMFA) Down Payment Assistance program, which the state's fact sheet lists at up to $15,000 for homes in Mercer County.
Here's how it works and what to check:
It's paired with an NJHMFA mortgage. The assistance goes with the agency's 30-year fixed-rate first mortgage, offered through participating lenders. You don't apply to the state directly. You start with a lender on the NJHMFA list.
"First-time buyer" has a specific meaning. You qualify if you haven't owned your primary residence in the past three years, so a past homeowner may still be eligible.
It's forgivable. The DPA is a no-interest, no-payment loan that's forgiven after five years if you keep living in the home and don't refinance or sell.
There are income limits. NJHMFA sets them by county, so ask your lender for the current Mercer County numbers before you start shopping.
You have to live there. The home must become your primary residence within 60 days of closing.
It can cover closing costs too. The funds can go toward your down payment or closing costs, but not toward costs the seller normally pays.
Hamilton is a good place to use this. The township is large, with neighborhoods from Mercerville to Hamilton Square to Yardville, and it has a wider range of starter homes than many towns closer to Princeton.
Fred Gomberg works with first-time buyers through Berkshire Hathaway HomeServices Fox & Roach in Princeton and holds the ABR® designation. He can connect you with lenders who handle NJHMFA loans and help you find a Hamilton home that fits the budget. If you're thinking about buying in the next year, a quick conversation with Fred now can save you time later.
