Fabulous Mortgage Programs….Besides Mortgage Rates Being at an ALL TIME LOW!!!!!
There are a lot of Mortgage programs geared toward 1st Time Homebuyers What is a 1st time homebuyer? You may qualify if you have not owned or claimed a home on your income tax return within the last 3-years and most couples that claimed a home and sold it due to a divorce may still apple. What are some of the features and programs available:
State of NJ First Time HomeBuyer/Smart Start
Qualified Buyers can receive a grant from the State of NJ in the amount of 2%, 3% and even upto 4% of their (1st mortgage amount). These monies can be applied to Buyers Closing Costs, Pre-paids and/or Down payment. There are income limitations. Also note this program will accept credit score below limits of other programs!
Work were you Live Program, Low-Moderate Income Housing and Burlington County all have great programs for Buyers.
There are also programs out there for people that are NOT 1stTime Homebuyers.
USDA
The major benefits are:
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100% mortgage LTV based on the APPRAISED value
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Zero down payment and there is no minimum contribution required.
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No limit on seller concessions or gift
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Smaller Monthly mortgage insurance
required
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No reserves required
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30 year fixed rate only
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Lenders must be USDA approved.
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Low interest rates, this is not a sub-prime mortgage
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Flexible Credit Guidelines.
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**properties must be located in US Rural development areas and income limits do qualify.
Police and Fire Mortgage
Active members of the New Jersey Police and Firemen's Retirement System (PFRS) with one year of creditable service are eligible for this program. Members may buy a home (first-time or trade-up) or refinance an existing home. Maximum mortgage amount is $ 359,650. Interest rate is 30 year fixed. Program rates are set semi-annually in February and August.
If you would like more info on any of these programs of would like to see what you qualify for please call Melody "Deal" Leschak at 609-841-0311.
Additional Links:
http://first-time-home-buyer-s.com/first_time_home_buyer_grant_new1.htm
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