NJHMFA Drops Mortgage Rates to 4.49% for First-Time Homebuyers
Buyers Can Also Benefit from $10,000 Down Payment Assistance Program
TRENTON – With a busy home buying season underway, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) has cut the interest rate on its First-Time Homebuyer Mortgage, making it more competitive. NJHMFA mortgages paired with the Agency’s down payment assistance program have already opened the door of homeownership to more than 2,000 New Jersey residents since 2017.
Investing in a home can allow homeowners to build personal wealth and strengthen communities. NJHMFA’s statewide Down Payment Assistance (DPA) program provides $10,000 in down payment and closing cost assistance to first-time homebuyers in the state. The DPA is an interest-free, five-year forgivable second loan with no monthly payment, and has been so successful that the use of NJHMFA’s first-time homebuyer mortgages have nearly doubled over last year.
As of today, NJHMFA’s First-Time Homebuyer Mortgage program has lowered its rate by a quarter percent to provide qualified homebuyers a competitive 30-year, fixed-rate government-insured loan. Homebuyers looking to take advantage of the NJHMFA DPA must pair the DPA loan with NJHMFA’s First-Time Homebuyer Mortgage program. These loans are originated through an NJHMFA participating lender available at theroadhomenj.com.
“Lower mortgage interest rates will help even more families and millennials achieve the dream of owning their own home and building roots in New Jersey. As an added benefit, accumulating funds for down payment and closing costs is often a barrier to homeownership and our down payment assistance program can help buyers overcome that challenge,” said NJHMFA Executive Director Charles A. Richman. “The lower mortgage rates will result in reduced payments and create savings for New Jersey homeowners.”
For more information on NJHMFA’s mortgage and down payment assistance programs, visit theroadhomenj.com.