NJ First Time Home Buyer Grant Program

By
Real Estate Agent with KW Hometown 1756879

New Jersey First Time Home Buyer Mortgage rates have changed.  The new rates are more familiar to us that have been in the NJ mortgage market for a while. First-Time Buyer rates were uncharacteristically much higher for the last several months, but have come down to where they actually make sense again for buyers. 

Important Note: A first-time buyer is considered someone who hasn't owned a home in the last three years.  So if that is you, then you can take advantage of this grant program. Grants are available from 2-4% of the purchase price, so for a $200,000 home your grant will be from $4,000 - $8,000, depending on which option you choose.

These first-time buyer loans can be up to 100% financing, and are 30-year fixed loans. These loans have income limitations, but have very high limits considering.

First Time Home Buyer 30 Year Term

5.750% - First Mortgage with no grant assistance

6.125% - First Mortgage with 2% grant assistance

6.250% - First Mortgage with 3% grant assistance

6.500% - First Mortgage with 4% grant assistance

The 40 year team requires an additional add-on of .125%

Also Available:

Tax Credit "Prefund" Mortgage Program

Purchase/Rehabilitation Mortgage Program

Live Where You Work Program

Treasury Mortgage is one of two servicers in the state of New Jersey to handle these first-time buyer grant programs. If you are considering this type of program, why not start with the end in mind? We will service this loan from day one, which also gives us more flexability regarding your loan.

 


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Steve Kappre is a Mortgage Planner and lends in all 50 states, locally serving South Jersey’s Gloucester, Camden, and Salem County. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

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Topic:
Home Buying
Location:
New Jersey
Groups:
South Jersey
New Jersey & Pennsylvania -- Realtors/Loan Officers/Title Clerks/Real Estate Lawyers
1st Time Buyers
New Jersey Real Estate Experts
Gloucester County, NJ
Tags:
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new jersey first time buyer
nj firsttime home buyer
nj 1st time buyer
first time home buyer mortgage

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Rainmaker
1,013,437
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Steve good job creating awareness for these mortgage programs. I hope you write a few of them!

May 05, 2009 11:58 PM #1
Rainer
295,255
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

Now that the rates have come down a full 1%, I'll get much busier with these.

May 06, 2009 01:02 AM #2
Ambassador
764,447
Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate
Realtor / Owner - RE/MAX Access - Philadelphia, PA

Steve- Yes, as Bill said, great job letting people know about these mortgage programs.  If I was first time homebuyer in New Jersey, would definitely be all over this and contacting you !

 

May 06, 2009 01:44 AM #3
Rainer
295,255
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

Chris and Stephanie - We can do it in PA too ;) Let me know if you are in need of a lender for such.

May 06, 2009 05:28 AM #4
Rainmaker
85,231
Paul Howard
Paul Howard, Broker, Paul Howard Realty 856-488-8444 - Cherry Hill, NJ
Paul Howard Realty, 856-488-8444

Good you posted this Steve.  A couple days ago I tweeted that the $5000 with a 6.5% rate was a suckers loan.  5.5% is more like it.   You are always on top of it.

 

Paul Howard

May 06, 2009 10:57 AM #5
Rainer
295,255
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

Paul - Yes, it is nice for First Time buyers in NJ to have some options again. This drop may bring a bunch of buyers out that needed such an option specifically, that is, needed it without getting crushed by an interest rate!

May 07, 2009 10:37 AM #6
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Rainer
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Stephen Kappre

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