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Buying a home

Data from November 2026

Buying a home in New Jersey

A typical home in New Jersey is worth $454,400 (Average 2020–2024). The FHA limit for one unit is $541,287–$1,249,125 depending on the county. Here is the minimum down payment each loan type asks at that price, every county’s limit, and the state’s assistance programs.

Minimum down payment Limits by county
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Typical home
$454,400
median value, Average 2020–2024
37% more than the U.S.
FHA limit
$541,287–$1,249,125
one unit, by county
In 18 of the 21 counties, the limit is above the national floor ($541,287).
Conforming limit
$832,750
up to $1,209,750 in high-cost areas
Above this amount, the loan is a “jumbo” loan.
Minimum FHA down payment
$15,904
3.5% of a $454,400 home
VA and USDA ask for no down payment if you qualify.

Source: American Community Survey (ACS) 5-year estimates Average 2020–2024 American Community Survey (ACS) 5-year estimates Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD) Source: Conforming loan limits (FHFA) Data from 2026 data Conforming loan limits (FHFA)

Down payment

How much each loan asks up front

For a $454,400 home, the typical value in New Jersey. The minimum down payment is each program’s rule. The monthly figure is an example of principal and interest over 30 years at the 7.18% average rate (November 5, 2026): no taxes, insurance or mortgage insurance.

Your price, rate and down payment will differ: run the calculator with your numbers. Closing costs are extra.

Minimum down payment and monthly payment for a $454,400 home in New Jersey

  1. FHA Program rule

    Minimum down3.5%

    In dollars$15,904

    Per month$2,971

    With a credit score of 580 or more. Carries mortgage insurance (MIP) up front and every month.

    HUD Handbook 4000.1 (Update 18), II.A.2.a.iv — Minimum Required Investment · In effect since September 14, 2016

  2. Conventional Program rule

    Minimum down3%

    In dollars$13,632

    Per month$2,986

    3% is the lowest standard option. With less than 20% down you pay private mortgage insurance (PMI) until you have more equity.

    Fannie Mae Selling Guide B5-6-01 — HomeReady Mortgage Loan and Borrower Eligibility · In effect since January 1, 2024

  3. VA Program rule

    Minimum down0%

    In dollars$0

    Per month$3,078

    For veterans, service members and some spouses. No down payment as long as the price is not above the appraisal; charges a one-time funding fee.

    VA: Purchase loan — benefits · In effect since January 1, 2020

  4. USDA Program rule

    Minimum down0%

    In dollars$0

    Per month$3,078

    Only homes in eligible rural areas and households within USDA’s income limit. Finances the full price.

    7 CFR §3555.103 — Maximum loan amount (Guaranteed Rural Housing Program) · In effect since December 9, 2013

  5. ITIN or other Example, not a rule

    Minimum down15%

    In dollars$68,160

    Per month$2,617

    ITIN loans follow no federal rule: each lender sets its own down payment and rate, and usually asks for more. 15% is an example.

Loan limits

FHA and conforming limit in every county

FHA sets the limit by area: 18 of the 21 counties in New Jersey are high-cost and sit above the national floor ($541,287). The conforming limit is the most Fannie Mae and Freddie Mac will buy; above it, the loan is a “jumbo”.

One unit. For 2- to 4-unit homes, each county page has the full table. Source: FHA mortgage limits (HUD) Data from 2026 data FHA mortgage limits (HUD)

Down payment help

New Jersey programs for buyers

2 verified programs that put money toward the down payment or closing costs, or give a tax credit. With the source wording and the date we checked it.

Some help is a grant you never repay; other help is a second loan that is forgiven over the years or repaid when you sell. Each program’s tag says which kind it is.

See all programs

What the state publishes

New Jersey rules that change the math

Exemptions that lower property tax and taxes paid when the deed is recorded, summarized from the official page each one cites.

Property tax in New Jersey

Exemptions and caps

  • ANCHOR, Senior Freeze and Stay NJ: one combined application

    New Jersey refunds part of the property tax through three programs (ANCHOR for owners and renters, Senior Freeze and Stay NJ for seniors). Seniors and Social Security disability-benefit recipients apply with one form, the PAS-1; the deadline for the 2025 application was November 2, 2026.

    New Jersey Division of Taxation · Verified November 6, 2026

  • $250 deduction for seniors and disabled persons

    An annual $250 deduction for owners 65 or older, or disabled, who live in the home and have been New Jersey residents for at least a year before October 1, under an income threshold. You apply with Form PTD to the local assessor or tax collector.

    N.J.S.A. 54:4-8.40 et seq. · New Jersey Division of Taxation · Verified October 15, 2026

  • $250 veterans deduction

    Honorably discharged veterans with active-duty service (and certain surviving spouses) who are legal New Jersey residents and own the home can take $250 off each year. You apply with Form V.S.S. to the local assessor or tax collector.

    N.J.S.A. 54:4-8.10 et seq. · New Jersey Division of Taxation · Verified October 15, 2026

When the sale is recorded

  • Realty Transfer Fee

    When the deed is recorded, the state charges the seller a fee that steps up with the price; reduced rates apply to seniors 62 and older, blind or disabled persons and low- and moderate-income housing. Sales above $1 million add a graduated percentage fee, also owed by the seller.

    N.J.S.A. 46:15-7 · New Jersey Division of Taxation · Verified October 15, 2026

Your next steps

Where to go next in New Jersey

What you can do today, free and without giving personal information. Go in order: your numbers first, then the help.

  1. Run the numbers with your figures

    The New Jersey calculator already has the typical value, the average rate and the state’s property tax.

  2. Check whether you qualify for help

    Each program says what it gives, who qualifies and when we checked it.

  3. Talk to a counselor for free

    34 HUD-approved agencies help you prepare to buy; 18 say they serve in Spanish.

  4. Follow the steps to buy a home

    From the budget to the keys, in order.

Frequently asked questions

How much down payment do I need for a typical home in New Jersey?

For a $454,400 home (typical value, Average 2020–2024), the FHA minimum (3.5%) is $15,904 and the conventional minimum (3%) is $13,632. VA and USDA ask no down payment if you qualify. State programs can cover part of it.

Are there high-cost counties in New Jersey?

Yes. In 2026 data, 18 of the 21 counties in New Jersey have an FHA limit above the national floor ($541,287); the highest is Bergen County ($1,249,125).

What is the conforming loan limit in New Jersey?

In 2026 data, the conforming limit for one unit runs from $832,750 to $1,209,750 depending on the county in New Jersey: the most Fannie Mae and Freddie Mac will buy. Above it, the loan is a “jumbo” and each lender sets its own terms.

What would the monthly payment be on a typical home in New Jersey?

With $454,400, the FHA minimum down payment ($15,904) and the 7.18% average rate (November 5, 2026), principal and interest over 30 years comes to about $2,971 a month. Tax, insurance and mortgage insurance are missing: the calculator adds them.

What down payment help is there in New Jersey?

We have verified 2 state programs in New Jersey that put money toward the down payment or closing costs, or give a tax credit. Each shows the source wording, who qualifies and the date we checked it.