First Time Homebuyers Program

First Time Homebuyers Program

Going the extra mile means helping you with the buying process of your dream house. There are no application fees if you meet income eligibility requirements. First time home buying is easy because we're with you step-by-step. So come visit us soon. We're ready to go the extra mile for you! Give us a call and we'll help you get on the road to your first home.

Q: Am I eligible for this program?
A: If you have not owned a home in the previous three years, you're eligible.
Q: Where can I buy a home under this program?
A: Anywhere in the following counties: Passaic, Bergen, Essex, Hudson, Morris or Union.

Q: Is there any income limit for this program?
A: Yes. The applicant's income may not exceed the area median income, which is currently $63,000 for Passaic, Bergen and Hudson, $84,300 for Essex, Morris and Union.

Q: How much can I borrow under this program?
A: We will make mortgage loans up to 95% of the value of the property.

Q: What are the interest rates under this program?
A: Loans given under this program will be 1/4% less than our normal interest rates. For example, if the normal rate for a 15 year fixed rate mortgage is 5.00%, with an APR of 5.063%, under this program the rate for the 15 year fixed rate mortgage would be 4.75%, with an APR of 4.809%.

Q: What about the application fee and attorney review fee?
A: We will refund the application fee at closing, and charge no attorney review fee.

Q: Are there any other concessions under this program?
A: The maximum debt-to-income ratios are 32/40, instead of our standard 30/38.

Q: How long will this program be in effect?
A: Until further notice.

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