April 19, 2023
Lender Bulletin 2023-10:
NJHMFA Seller’s Guide Updates
Updates to the Policy and Procedures (Seller’s Guide) for
Participating Lenders
Effected Programs: All Programs
Effective Date: April 21, 2023
NJHMFA encourages all of our business partners and constituents to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.  

Attention Lenders:
NJHMFA Seller’s Guide Updates
This bulletin details updates made to the Policy and Procedures (Seller’s Guide) for NJHMFA Participating Lenders. The updated Seller’s Guide is currently available to review on the Agency’s website. Changes outlined in this Bulletin will take effect on April 21, 2023.
Updates to the Seller’s Guide include: 

  • Clarification to simplify language regarding collections and reserves.

  • Clarification to the requirements around the use of DPA with non-occupant co-borrowers for certain programs.

  • HFA Advantage Program will be added to the eligible homebuyer programs permitted to utilize the Agency’s Renegotiation and Extension (“R&E”) policy.  (See Chapter 6, Section 2).

  • All flood zone determination certificates must be completed by one of seven approved vendors listed in the Seller’s Guide.  (See Chapter 7, Section 6 and Chapter 8, Section 7). 

  • Based on the resolution passed by the Board of Trustees of the Police and Firemen’s Retirement System of NJ, (PFRSNJ), the maximum allowable loan to value has changed from 97% LTV to 85% LTV. NJHMFA implemented this change for all new loan reservations, effective March 1, 2023. (See Chapter 3, Section 5; see also Lender Bulletin 2022-11 in the Lender Portal).
All changes to the Seller’s Guide are listed in the Introduction immediately following the Table of Contents.
 
The updated version of the 2023 Seller’s Guide is available under our Lender’s Resource Tab or directly here.
Questions? Need Help? 

If you have questions about one of our loan products or need help with a loan in the ILRS system, please e-mail your requests to SFLenders@njhmfa.gov.

Access Forms, Checklists, Policies, Previous Lender Bulletins, and More at the Lender Resources Page: www.njhousing.gov/lenders/lenderportal
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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov