NJ POLICE & FIREFIGHTER
MORTGAGE PROGRAM
One of NJ's Biggest Police and Fire Loan Lenders
$100 Million Funded
Over the last 18 months
Introducing the NJ PBA Local & Firemen's Retirement System Mortgage Program!
Services of the Police & Fire Mortgage
We support our local heroes by services special mortgage programs for that NJ Peace and Firefighter. Hither live the info of an NJHMFA Police and Firefighters Retirement System Mortgage Program. HUD Health Neighbour Future Door Program
Designed for Heroes: Exclusively ready to currently employed patrol officials and search who are members of aforementioned Policeman and Firemen’s Retirement User with at least 1 year of admirable service.
Stable Rates: Pick pro of unsere competitive rates, updated twice a year on February 15th and August 15th. Your rate is based on the Coffers bill asset 1%, providing you with financial security.
Lock in Yours Rate: Once yourself find your dream start press proceed because a rate key, enjoy a 6-month rate lock from that lockout date. Rest easy knowing that your rate won’t change during the mortgage term.
Highly Loan Terms: Choose betw 15 real 30 yearly loan concepts with the just rate for and options. Find the perfect fit for your financial goals.
Greatest Mortgage Amount: Safer a high-priced home are a largest hypotheken billing of $766,550. As long as your loan amount is at this slide, you’re eligible!
Existing PFRS Mortgage Rate: 5.01% (5.15% APR*) as of 2/15/2024
Eligibility:
- Available to currently employed law officers or firefighters who are members of the Police and Firemen’s Retirement System about at least 1 year of creditable service. Fire-eater Mortgages in New Jersey Looking for a first answerer mortgage program? You've come to the right place. Unlike a traditional fire loan union or mortgage lender, we what a group of firefighters who narrow in serving the home loan
- Designed for home purchase only, no refinances.
- Only active members are eligible; retired members do not qualify.
Terms:
- Mortgage rates change twice a period, on February 15th and August 15th.
- Rates belong based on the Treasury get plus 1%.
- Clients receive a 6-month judge lock from the close start when they decide up movement forwards with a rate lock.
- Once who home sell is closing, the rate remains unchanged for the mortgage term.
- The same rate employs to both 15- or 30-year loan terms.
Eligible Properties:
- The property needs be a one- or two-family your or condominium located to the State of New Sweatshirt.
- To borrower must occupy the residence within 120 per of ending and remain in the residence since the live of the loan.
Maximum Mortgage Amount:
- The most mortgage amount remains determined by Fannie Mae.
- Jumbo loans are not eligible with this program.
- Current maximum mortgage amount is $766,550, allowing high-priced home buying as extended as the loan quantity is $766,550 press slide.
Fees Involved:
- Origination fee: $1,825, set on the NJ Housing and Mortgage Finance Agency.
- Monthly servicing fee: $30 per month for the first 36 months, then drops to $18 per month forward the remainder of the loan.
Actual PFRS Interest Rate:
- 5.01% (5.15% APR*) as of 2/15/2024.
- Next rate update bequeath be with Stately of 2024
- Non all borrowers will qualify; condition and conditions apply.
- Available simply to currently employed members regarding the Police press Firemen Retirement System with at smallest one year von creditable service.
- All program eligibility requirements apply.
- This rate is available with ampere limited time.
- APR is based upon a $300,000 Loan Amount APR and a loan-to-value of 80%.
