First Time Homebuyer                           Effective: 12/01/2011
Rate: 1/4% less than our normal interest rates.
Maximum LTVR: 90%
Maximum Debt-to-Income Ratio: 32/40
Median Income Limit:
$65,600 for Passaic, Bergen and Hudson;
$88,800 for Essex, Morris and Union

Interest rates and terms are subject to change without prior notice

Q: Am I eligible for this program?
A: If you have not owned a home in the previous three years and meet the other criteria, you're eligible.

Q: Where can I buy a home under this program?
A: Anywhere in these following New Jersey 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 $65,600 for Passaic, Bergen and Hudson; and $88,800 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. (Single family dwellings only; 80% maximum on condo units and 2-4 family dwellings)

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 (Annual Percentage Rate) 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%. See normal rates.

Q: What about the origination fee?
A: We will refund the origination fee at closing.  Fees for the appraisal, credit report and flood certification will be charged separately.

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.

Q: What is the American Dream Program?
A: It is offered in Bergen County to help buyers obtain a home. To learn more, click here.