The Housing Partnership of New Jersey (HPNJ) Community Development Financial Institution (CDFI) Loan Program will provide financial assistance to underserved communities to promote homeownership, support critical home repairs, and enhance long-term financial stability.
Get the down payment support you need to purchase your first home
Make essential home repairs and improvements
Consolidate debt and regain control
Offers up to $20,000 in funding for essential home repairs and improvements.
Provides up to $10,000 to help borrowers manage and reduce outstanding debts.
Offers up to $20,000 to help clients achieve homeownership by making home purchases more affordable.
To support successful loan management and improve financial well-being, all borrowers are required to participate in financial counseling.
The Borrower will work with a financial counselor to develop a personalized financial management plan based on their individual needs.
The frequency and duration of counseling sessions will vary depending on their financial situation and progress, as assessed by the CDFI Manager.
The HPNJ CDFI Loan Program offers affordable loans ranging from $500 to $20,000 with flexible terms of up to 36 months, depending on your specific loan needs. Interest rates are based on your credit profile, with no prepayment penalties and a rolling monthly application cycle.
To ensure long-term financial success, all borrowers are required to participate in personalized financial counseling, working with a dedicated counselor to develop a tailored management plan based on individual needs. Counseling frequency may vary depending on financial circumstances and progress.
Eligible applicants must be New Jersey residents age 18 or older (or legally able to enter a contract), demonstrate financial need and creditworthiness, and submit complete and accurate documentation.
Step 1: Please contact one of the staff below for more information and assistance in applying.
Adelaida Muñoz
CDFI Special Program Manager
Adelaida.Munoz@hpnj.us
973-659-9222 #315
Sita Red
Americop Vista
Step 2: The following are the forms required to apply. You are welcome to view them over to learn what other information is needed. The Housing Partnership asks demographic questions in order to be compliant with grant funders and reporting requirements. Answering the forms completely helps us help you and we thank-you in advance for your assistance in completing the forms.
Step 3: Collect and make copies of the documents listed below to be submitted with your intake packet
Step 4: Participate in personalized financial counseling, working with a dedicated counselor to
develop a tailored management plan based on individual needs. Counseling frequency may vary depending on financial circumstances and progress.
The Housing Partnership is pleased to announce the availability of $10,000 down payment assistance for income eligible first time home-buyers planning to purchase a home in Morris, Sussex and Warren Counties.
Funding is 100% recoverable upon re-sale, refinance or renting out of the home. Condos and single-family homes are eligible.
1. All applicants must have completed our Homebuyer education workshop, an eight-hour ownership education series provided by the Housing Partnership, within the past 12 months.
2. Down payment assistance is offered as a zero interest second mortgage. The assistance will be recoverable at time of resale, renting or refinance. The Housing Partnership must be in second position for the mortgage.
3. You must have completed a one-on-one financial coaching session with a homeownership specialist to determine eligibility for the program and credit requirements.
4. A minimum down payment of 2% of the selling price must be the buyer’s own funds. For FHA loans, the buyer must have 3.5% down of their own funds, which does not include this down payment assistance. All prospective applicants must have a minimum $2,000 of their own funds in a savings type account as reserves after closing.
5. All assets will be reviewed in order to determine eligibility for down payment assistance. Liquid assets of over 15% of the purchase price will render the applicant ineligible. The maximum selling price of a home is $548,250.
6. Ratio calculations: Maximum allowable back end ratio (total debt to income) is 43%.
7. You must secure a fixed rate 30-year mortgage through one of the Housing Partnership’s partner banks. Partner bank lists are available.
8. You must remain a resident of the home. In the case of renting, refinancing, resale or obtaining home equity loan the $10,000 zero interest loan must be repaid.
9. The property must be free of deteriorating paint, must be habitable and must have potable water. Inspection report must be provided.
10. Gross household income for all adults over age 18 must be under 115% of the current HUD median income.
HOUSEHOLD SIZE
HUD 115%*
1 Person
$106,019
2 People
$121,164
3 People
$136,310
4 People
$151,455
5 People
$163,571
6 People
$175,686
7 People
$187,802
8 People
$199,917
*Above figures, represent HUD maximum gross household incomes for 2025.
11. Return completed applications, together with a non-refundable $125 application fee and all documentation, to: Housing Partnership, 2 E. Blackwell Street, Suite 12, Dover, NJ 07801. Be sure to allow up to six weeks for review of application, income verification and final approval.
12. Your income eligibility does not guarantee receipt of down payment assistance. Funds are limited to a first come, first serve basis.
13. Be sure to ask your attorney about any additional fees for filing the zero interest second mortgage.
14. This flyer is for informational purposes only and negates all previous flyers and information regarding the Housing Partnership’s down payment assistance program.
Sullivan Bean
Development Director
development@hpnj.us
973-659-9222 #313
Shalynn A Kellogg, MPA
Executive Director
skellogg@hpnj.us
973-659-9222 #301
