Members of the Police
and Firemen's Retirement System may be eligible for a homeowner's
mortgage under the Police and Firemen's Retirement System Mortgage
Loan Program. To qualify, a member must be actively employed in
a PFRS eligible title, with at least one year of creditable service.
Funding for this program is provided by the Police and Firemen's
Retirement System, but it is administered by the New Jersey Housing
and Mortgage Finance Agency (NJHMFA). The Police and Firemen's
Retirement System Mortgage Loan Program is administered through
private area lenders approved by the NJHMFA.
Details about the Police and Firemen's Mortgage Loan Program include:
- The mortgage interest rate is
set twice a year, in February and August. The rate as of August 15, 2007 is 5.77%. (There are additional fees. Please visit
the NJHMFA Internet site, www.nj-hmfa.com,
for more details about the fees involved.)
- These mortgages are 30-year
fixed-rate mortgages.
- These mortgages are available
with zero points.
- The maximum mortgage amount
a member may borrow is currently $417,000.
- These mortgages are available
for new or existing one- or two-family residences and condominium
units in New Jersey.
- These mortgages are also available
for vacant land, provided there is a contract to construct
a one- or two-family dwelling.
- A member does not have to be
a first-time homebuyer, and mortgages can be used for refinancing.
- No second mortgages are permitted.
- Homeowners must occupy the home
as their principal residence within 120 days of closing, and
the homeowner must remain in the residence for the life of
the loan.
- These mortgages are available
through area lenders that participate in the program.
For more information,
including a listing of participating area lenders, members can
call the NJHMFA hotline, at 1-800-NJ-HOUSE; or, members can visit
the NJHMFA Internet site, at www.nj-hmfa.com
If a member is interested in applying for a mortgage under
this program, they should be sure to read the NOTICE TO APPLICANTS
on the NJHMFA Internet site, www.nj-hmfa.com,
concerning mortgages issued under this program and taxable distributions.