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- PROGRAM DESCRIPTION: The program provides a low-interest 30-year fixed-rate first mortgage from the New Jersey Housing and Mortgage Finance Agency. In consideration of the anticipated cost savings of using public transportation, the borrowers’ housing debt ratios will be expanded by 1% over the usual underwriting limits giving borrowers more buying power. Property location requirements apply (See “Eligible Properties” below).
- MORTGAGE LOAN MATURITY: 30-year maximum term.
- FEES: Borrower must pay 1% of the loan amount at time of application. The lender will reimburse borrower at the time of closing on a 0 point loan.
- ELIGIBLE PROPERTIES:
Properties must be located in a Smart Growth location and at least one of the purchasers must verify that they will be commuting to work on local public transit. One-family units, including condominiums, two-family residential units which have been in existence for five or more years or which are located in a designated Urban Target Area.
- ELIGIBILITY: Individuals only. Corporations are not permitted to act as borrowers. Borrowers purchasing properties located in the Statewide Areas must be first-time home buyers. Borrowers purchasing properties located in the target areas do not have to be first-time home buyers, however, at the time of loan closing, no other residential properties may be owned.p
- OCCUPANCY: Property must be occupied as the borrower’s primary residence within 60 days of closing. Borrower must maintain occupancy for the life of the loan.p>
- INCOME GUIDELINES: Borrowers must meet the income guidelines as listed on the attached income limit/purchase price sheet. Your income may not exceed the income limit set for the area in which you are purchasing. Income is determined by family size, as well as area of purchase.
- CHARGES TO THE BORROWER: Borrowers will be charged an application fee when the application is taken. This fee will cover the cost of the credit report(s), appraisal, flood certification or other third-party expenses and administrative costs incurred during processing.
- PURCHASE PRICE LIMITS: Purchase price limits exist for both statewide and targeted areas (Please see income limit/purchase price sheet.).
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