New Jersey Home Buying Guide
Northeast Region · Judicial Foreclosure State
Key Facts at a Glance
What Makes New Jersey Unique
Highest property taxes in the US at 2.49%
Attorney required at closing
$15,000 DPA available for first-time buyers
First-Time Buyer Programs in New Jersey
NJHMFA First-Time Homebuyer Program
Contact your state housing finance agency for current eligibility and rates
NJHMFA DPA
Contact your state housing finance agency for current eligibility and rates
Down Payment Assistance $15,000
Contact your state housing finance agency for current eligibility and rates
Program availability, income limits, and interest rates change frequently. Verify current terms with your lender or state housing finance agency.
Closing Costs in New Jersey
Attorney at Closing
Attorney Required at Closing
New Jersey requires a licensed real estate attorney to oversee the closing process. Budget $500–$1,500 for attorney fees.
Local Tips for New Jersey Buyers
NJ has the highest property taxes in the nation — plan for $800–$1,500/month.
$15,000 DPA is forgivable after 5 years of occupancy.
Judicial foreclosure in NJ can take 3+ years — strong borrower protections.
Estimated Annual Ownership Cost in New Jersey
Based on the median home price of $510,000 with a 10% down payment and 7% mortgage rate.
Ready to Calculate Your Numbers?
Use our free calculators to estimate your monthly payment, affordability, and closing costs in New Jersey.