NJ first time home buyer programs

NJ first time home buyer programs Visit Bob Rose Jr Prudential NJ Properties www.bridgwaternjhomes.com for a detailed plan of action. The state agency created by the legislature in New Jersey to offer first time home buyer programs is the New Jersey Housing and Mortgage Finance Agency. Here is a summary of the current first time home buyer programs that are offered: First Time and Urban Target Area A below-market, fixed interest rate is offered to first-time home buyers and urban area buyers. Down payments of as little as three percent are required and must come from the borrower's own assets. Loans are 30-year fixed rate. Certain closing costs can be gifted by family members, non-profit organizations or government agencies. Debt to income ratios are as high as 33 percent (housing debt, i.e., mortgage, taxes, insurance) and up to 38 percent (total monthly debt load). Please see the latest income and purchase price limits. Further detail is available by calling 1-800-NJ-HOUSE.