Mortgage Program Offered for New Jersey Police and Firemen

In order to boost the real estate market, a new fixed interest rate of 3.75 percent with a 30-year term and no points for qualified first-time home buyers and Urban Target Areas borrowers according to NJAR.

Not only is the 3.75 percent rate being offered, but in addition, the HMFA is offering a low interest rate mortgage program for members of the New Jersey Police and Firemen’s Retirement System.

Who Qualifies?

In order to qualify for this program, members of the New Jersey Police and Firemens’s Retirement System must have a minimum of one year of creditable service.  The reduced rate of 2.88 percent is also fixed on a 30-year term with a maximum mortgage of $417,000.  However, this financing can only be used for principal residences where you will owner occupy.  Another words, not for investment properties.

This is a great program out there for many people who may not be thinking about buying a home right now.  With many programs coming out for first time home buyers, it is nice to see that there are also great strides taking place in New Jersey to offer affordable home ownership to our servicemen.

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