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New Jersey Housing and Mortgage Finance Agency (NJHMFA) mortgage interest rates as of May 10, 2010. This includes the Smart Start NJ First Time Home Buyer Program. Smart Start allows a home buyer to obtain the required downpayment for an FHA loan. As an example, a home buyer purchase a home for $100,000. Their required down payment would be 3.5% (or $3,500). In this situation their loan amount would be $96,500. The Smart Start program offers the buyer 4% of the loan amount or in this case $3,860. ($96,500 x 4%). This covers all of the required down payment for an FHA loan and even … (2 comments)
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