Low Income Home Loans, Low Income Mortgage Loans, Home Loan NJ

Low-income & Moderate-Income Loan PROGRAMS

Effective March 15, 2011, the following programs for low-income and moderate-income (“LMI”) borrowers, and for properties located in low-income and moderate-income (“LMI”) census tracts, are in effect until further notice.

	For LMI Borrowers	In LMI Census Tracts
Eligible loan types	First mortgage loans and fixed rate equity loans	First mortgage loans and fixed rate equity loans
Eligible loan purposes	Purchase, refinance, and home improvement	Purchase, refinance, and home improvement
Eligible property locations	Anywhere in Passaic, Bergen, Essex, Hudson, Morris, Union counties	LMI census tracts within Passaic, Essex, Hudson, Morris, Union counties
Borrowers’ income limits	$53,920 for Passaic, Bergen, Hudson; $72,480 for Essex, Morris, Union	No income limits
Loan-to-value ratio limits	Same as normal programs	Same as normal programs
Interest rate concession	¼% less than normal rates	¼% less than normal rates
Fee concessions	None	None
Underwriting concessions	Maximum debt ratios of 35/42	Maximum debt ratios of 35/42

Loan applicants who qualify for both programs will receive ¼% off the interest rate.

Rates and terms are subject to change at any time without prior notice.