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New Jersey first time home buyers program

smilygrl17smilygrl17
in Buying A Home

Anyone ever do it? We are in the process of the mortgage application for this program. Wanted to get feedback on how long, any issues people came across, etc.

 Thanks!

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Re: New Jersey first time home buyers program

  • USER876USER876
    What are the perks and income limits?  Never heard of it.  Is it bank specific?
    1st Groom

    View our FOR SALE items
    http://tinyurl.com/3jjv7vy
    image
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  • smilygrl17smilygrl17
    Fixed rate and no points. Also, there are income limits, but they seem to be higher than other programs (in Ocean County the first time home buyers limit was about $52K for household income, this is about $90K for Ocean County) It isn't bank specific its from the state out of the housing and finance agency. Our mortgage guy told us about it and compared mortgages (conventional, etc) with this one and it seemed to be the best so far.
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  • USER876USER876
    Many banks will give you a fixed rate and no points.  What does this program give you vs a buyer that wouldn't qualify for it?
    1st Groom

    View our FOR SALE items
    http://tinyurl.com/3jjv7vy
    image
    Report Reply
  • smilygrl17smilygrl17
    umm...not sure.There may be something, but I just don't know.
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  • USER876USER876

    imagesmilygrl17:
    umm...not sure.There may be something, but I just don't know.

    BEST advice I can give you is to do your own research and don't depend on what others tell you.

    1st Groom

    View our FOR SALE items
    http://tinyurl.com/3jjv7vy
    image
    Report Reply
  • smilygrl17smilygrl17
    I agree. And usually I do. In this case, my mother has been helping my H and I navigate through this and figure out the best deal. She is a realtor as well as being very financially savvy. In this case, trusting her to help us make the best decision possible is the best for us since if its going to be a penny difference for another loan, she'll make sure that we get the one thats less. Including PMI and points and all those other great things regarding mortgages. Shes very on top of these things. Based on her research this was the best program for us, I was more wondering on the process and experiences other people had with it. But like I said, I agree, being knowledgable helps you make the best decision and thats based on your research rather than relying on others.
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