The New Jersey Housing Mortgage Finance Agency (NJHMFA) offers below-market, interest rates
NJHMFA Decreases First-Time Home Buyer Interest Rates
The New Jersey Housing Mortgage Finance Agency (NJHMFA) offers below-market, fixed interest rates to first-time home buyers and urban area buyers. Effective May 5, 2009, the interest rates for a 30 year term first-time home buyer loan are as follows:
5.500% – First Mortgage with no Smart Start assistance
5.875% – First Mortgage with 2% Smart Start assistance
6.000% – First Mortgage with 3% Smart Start assistance
6.250% – First Mortgage with 4% Smart Start assistance
*The 40 year term requires an additional add-on of .125%
The NJHMFA is also offering up to $5,000 for qualified first-time home buyers to help defray closing costs or satisfy down payment requirements and help new buyers to get into the housing market as part of their "Pre-fund" program.
The loan functions like a cash advance against the $8,000 tax credit being offered to first-time buyers who purchase a home between April 8 and December 1 of this year 2009. For more information on the NJHMFA's first-time home buyer programs, visit the NJHMFA website or call 1-800-NJ-HOUSE.