Cherry Hill is one of the strongest South Jersey first-time buyer markets in 2026. NJHMFA's $22,000 DPA stack works cleanly here. I help Cherry Hill buyers navigate FHA, VA, conventional, and the NJHMFA First Generation Homebuyer add-on.
Median home prices in Cherry Hill sit at a friendlier level than North Jersey markets like Bergen or Hudson. Combined with strong public schools and the NJHMFA DPA stack, the math often works for first-time buyers who would struggle in Jersey City or Hoboken.
Standard NJHMFA Down Payment Assistance Program: up to $15,000. First Generation Homebuyer add-on: up to $7,000 for buyers whose parents have not owned a home. Combined: $22,000. Five-year forgivable second mortgage structure on both. Eligibility requires 620+ credit, first-time buyer status, NJHMFA-approved first mortgage, and household income within program limits.
Many Cherry Hill condos and townhouses require FHA project approval before FHA financing applies. We check approval status before writing any offer. If a project isn't approved, conventional financing or alternative structures are usually available.
Looking a few minutes east? See my page for a mortgage loan officer in Mt. Laurel, NJ.
Illustrative example with hypothetical numbers, not a real client. A renter in Cherry Hill is the first in the family to buy a home and is looking at a $350,000 townhouse. With FHA, the minimum down payment of 3.5 percent is $12,250. If the buyer qualifies for NJHMFA assistance, set by county up to $15,000, plus the $7,000 First Generation add-on, the assistance may cover the down payment and part of the closing costs. The assistance is a second loan with no interest and no monthly payment that is forgiven after five years if the buyer stays in the home. Eligibility depends on income, credit, the property, and available funding, and is subject to underwriting. See NJHMFA down payment assistance.
Cherry Hill is in Camden County, NJ. Adjacent townships like Mount Laurel are Burlington County. Both work with NJHMFA.
Yes. NJHMFA is a statewide program available in all 21 NJ counties including Camden County.
620+ minimum, 660+ for better pricing. Parent ownership history is the qualifying test.
Some are, some aren't. We check FHA condo approval before submitting any offer.
It depends on the price and the loan. FHA generally asks for 3.5 percent down and some conventional programs 3 percent. NJHMFA assistance may reduce the cash you need if you qualify. Remember to budget for New Jersey property tax in the monthly payment.
You may if you are a first-time buyer and your parents have not owned a home. NJHMFA sets the exact definition, and your lender confirms it at application.
A fully reviewed pre-approval that includes an NJHMFA eligibility check. It tells you a comfortable price range before you shop and does not commit you to anything.
This page is for educational purposes only and is not a commitment to lend or guarantee of approval. Loan programs, rates, terms, and eligibility requirements are subject to change and depend on credit, income, property, occupancy, program guidelines, and other underwriting factors. Equal Housing Opportunity. Paramount Residential Mortgage Group, Inc. (PRMG), NMLS #75243. Ken Clark Jr., NMLS #225375.
Certified Mortgage Advisor and Branch Manager at PRMG Mortgage (NMLS #75243). 28 years in mortgage lending. Specializes in FHA, VA, conventional, DPA, jumbo, Non-QM, renovation, and construction financing for buyers and investors in Sacramento, New Jersey, and nationwide. PRMG is licensed in 49 states, excluding New York. Three-time Gold Award winner for Highly Reviewed Mortgage Team in Sacramento (2023, 2024, 2025). NMLS #225375.
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Deep Dive
Complete guide to combining NJHMFA (up to $22,000) with New Jersey Community Capital (up to $30,000). Eligibility, timing, and how to layer them correctly for maximum benefit. Read the full breakdown →