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%
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.
• 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