Current PFRS Interest Rate: 5.04% (5.19% APR*)
Introducing the NJ PBA Police & Firemen’s Retirement System Mortgage Program!
One of NJ’s Biggest Police and Fire Loan Lenders $100 Million Funded over the last 18 months
866-761-7979
Eligibility:
- Available to currently employed police officers or firefighters who are members of the Police and Firemen’s Retirement System with at least 1 year of creditable service.
- Designed for home purchase only, no refinances.
- Only active members are eligible; retired members do not qualify.
Terms:
- Mortgage rates change twice a year, on February 15th and August 15th.
- Rates are based on the Treasury bill plus 1%.
- Clients receive a 6-month rate lock from the lock date when they decide to move forward with a rate lock.
- Once the home purchase is closed, the rate remains unchanged for the mortgage term.
- The same rate applies to both 15- and 30-year loan terms.
Eligible Properties:
- The property must be a one- or two-family residence or condominium located in the State of New Jersey.
- The borrower must occupy the residence within 120 days of closing and remain in the residence for the life of the loan.
Maximum Mortgage Amount:
- The maximum mortgage amount is determined by Fannie Mae.
- Jumbo loans are not eligible for this program.
- Current maximum mortgage amount is $766,550, allowing high-priced home purchases as long as the loan amount is $766,550 or below.
Fees Involved:
- Origination fee: $1,825, set by the NJ Housing and Mortgage Finance Agency.
- Monthly servicing fee: $30 per month for the first 36 months, then drops to $18 per month for the remainder of the loan.
Current PFRS Interest Rate:
- 5.04% (5.19% APR*) as of 8/15/2024.
- Next rate update will be in February of 2025.
- Not all borrowers will qualify; terms and conditions apply.
- Available only to currently employed members of the Police and Firemen Retirement System with at least one year of creditable service.
- All program eligibility requirements apply.
- This rate is available for a limited time.
- APR is based upon a $300,000 Loan Amount APR and a loan-to-value of 80%.
Contact us today to learn more and take the first step towards homeownership with the Police & Fire Mortgage Program. Your heroic service deserves the best financial support!
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