Special Loan Program For 1st Time Buyers In NJ
If you’re looking to purchase your first residence in New Jersey but find yourself at a loss as to where to turn for a mortgage loan, you need not wonder. First time home buyer loans in New Jersey are provided by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). Not only do they provide below-market interest rates on your home loan, they also provide other programs for 1st time home buyers.
Here are some details on NJHMFA’s loan program:
Homeward Bound Homebuyer Mortgage Program
Whether you are buying your first home or moving to another, the experience can seem overwhelming. The Homeward Bound Homebuyer Mortgage Program is here to help by providing a 30-year, government insured loan, at a fixed interest rate with no points. The program is open to first-time homebuyers, trade up and trade down borrowers. The home must be the borrower’s primary residence or a two-to-four unit dwelling in which one unit will be the borrower’s primary residence and the remaining unit(s) may be rented.
For complete details on this loan, including contact information and instructions on how to apply, please visit this NJHMFA loan description page.
More New Jersey First Time Buyer Resources
In addition to the above first time homebuyer loan from NJHMFA, there are resources available as well. Be sure to visit New Jersey down payment assistance, as well as our page that shares details about grants available in NJ to purchase your first home.