2015 First Time Home Buyer Programs for New Jersey Police and Firefighter Retirement System Mortgage Program Police and Firefighter Retirement System Mortgage Program is for members of the Police and Firefighter Retirement System Mortgage Program (PFRS) with at least one year of service can qualify to buy a home with a maximum mortgage amount of $417,000. The loan is fixed, and the interest rates are set semi annually in February and August. Qualified buyers in New Jersey may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. Purchase/Rehab Mortgage Program Purchase/Rehab Mortgage Program is for qualified first time buyers. They can receive a loan at below market interest rates to purchase and rehabilitate a home. The rules state, Seventy five percent of the home's existing external walls and interior structural framework must remain in place as part of the rehabilitation. Borrowers must meet FHA 203(K) qualifications, and the purchase and income limitations associated with this program. Qualified buyers in New Jersey may apply. Live Where You Work Program Live Where You Work Program allows residents to purchase homes in the town in which they work’has been made available statewide. The program offers fixed rate mortgages at low interest rates and down payment and closing cost assistance that is forgivable. Expanded DTI ratios to make the loans easier to qualify for. The LWYW program can be used on 1 4 unit properties. Qualified buyers in New Jersey may apply. Home Plus Program Home Plus Program is for for qualified first time buyers, Home Plus offers a fixed rate mortgage that allows borrowers to finance up to $15,000 worth of repairs. Approved improvements include: roof replacement, painting, improved heating or air conditioning systems, kitchen and/or bath renovations, additions, upgrading/renovating plumbing or electrical systems, energy and solar improvements, and handicap accessibility. Qualified buyers in New Jersey may apply.
First-Time Homebuyer Program First-Time Homebuyer Program offers what it describes as below market interest rates with zero points on 30 year loans for single family and multi family homes. Borrowers are subject to purchase price and income limits. Borrowers can put as little as 3.5 percent down, but the down payment funds must come from the borrower. However, at least a portion of the closing costs can be gifted or provided from someone other than the borrower. The debt to income ratio for housing debt can be as high as 33 percent, and up to as high as 38 percent if counting total debts. Qualified buyers in New Jersey may apply. Smart Start Program If you are enrolled in the First Time Homebuyer Program you can utilize the Smart Start program to borrow a second mortgage to cover down payment and closing costs of up to 4 percent of the first mortgage in Smart Growth Areas across the state. Qualified buyers in New Jersey may apply.
To apply visit http://buyerprograms.net/New-Jersey