NJ First-Time Home Buyers


New Jersey First Time Home Buyer Program Update

First-Time Home Buyers in New Jersey and for Realtors in NJ who are working with first time home buyers, the rates for first time home buyer programs have changed as of Sept 30, 2008.  Due to Wall Street Market volatility that has increased the cost of mortgage revenue bonds, NJHMFA's interest rates have been increased and changes are effective immediately.  Across the board rates are up .375% on this program.  Also, in case you haven't been following this program, some time ago HMFA changed to a tiered rate system based off of the amount of assistance requested (2, 3, or 4%).  These programs have income limitations but they have recently been raised as well.  If you are a first-time buyer or you are a Realtor working with a first-time buyer and would like help with this program just contact me.  Our firm is one of only two firms in NJ that services these loans, so we certainly know what we are doing!  Lastly, as of Oct 1 FHA no longer allows down payment assistance programs (like Nehemiah, Genesis, etc.) - so this may be your only means of financing. 

First Time Home Buyer 30 Year Term

6.500% - First Mortgage with no Smart Start assistance

6.875% - First Mortgage with 2% Smart Start assistance

7.000% - First Mortgage with 3% Smart Start assistance

7.250% - First Mortgage with 4% Smart Start assistance

The 40 year team requires an additional add-on of .125%

Home Plus

6.875 with 3 points

Purchase/Rehabilitation Mortgage Program

6.875 with 3 points

Comment balloon 0 commentsStephen Kappre • September 30 2008 12:12PM


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