NJ Housing and Mortgage Finance Agency (HMFA)

New Jersey Benefits
The New Jersey Housing and Mortgage Finance Agency (HMFA) offers low interest rate HMFA mortgages that provide veterans and their families with increased buying power and a savings of thousands of dollars in interest over the life of the loan. HMFA offers residential mortgages to United States veterans through the Veterans Administration (VA) home buyer program. Most HMFA homeownership loans are originated by private lenders that are approved to participate in the programs.

Eligibility -
New Jersey residents must first be eligible for a federal VA guaranteed home loan. Contact any state Veterans Service Office in Appendix A.

Details -
Veterans can apply for an HMFA mortgage for any of the following: first time and urban home buyers, police and firefighters, purchase and rehabilitation mortgages, and reverse mortgages for seniors. More than 55 participating lenders with hundreds of locations throughout the state offer HMFA mortgage products, and can help determine the right mortgage for you.

VA home buyer loans often require no down payment and HMFA offers a below-market, fixed interest rate. Closing costs may not be included in the loan, however the seller is allowed to pay most costs, which makes it possible for a veteran to buy with virtually no cash down. Closing costs generally include VA appraisal, credit report, escrow, title evidence, recording fees, a 1% loan origination fee and discount points.

A reverse mortgage loans allow seniors (62 and over) to access the equity in their home without a monthly repayment schedule for as long as they live in the home. Loan proceeds can be taken in a lump sum, monthly payments, line of credit or some combination of these options. Loan amount is determined by property value and borrower age. Counseling is required. No restriction on value of property. No income requirements or verification.

Contact -
For information on HMFA consumer mortgage programs, call 1-800-NJ-HOUSE. Speech or hearing impaired individuals may call the TTY hotline at 1-877-325-6524. New Jersey Housing and Mortgage Finance Agency, 637 South Clinton Avenue, PO Box 18550, Trenton, NJ 08650-2085.

Complete HMFA program information is also available at the HMFA Website.