NJ POLICE & FIREFIGHTER

MORTGAGE PROGRAM

One of NJ's Biggest Police and Fire Loan Lenders

$100 Million Funded

Over the last 18 months

Introducing the NJ PBA Police & Firemen's Retirement System Mortgage Program!

Benefits of the Police & Fire Mortgage

We support our local heroes by offering special mortgage programs for the NJ Police and Firefighters. Here are the details of the NJHMFA Police and Firefighters Retirement System Mortgage Program.

Designed for Heroes: Exclusively available to currently employed police officers and firefighters who are members of the Police and Firemen’s Retirement System with at least 1 year of creditable service.

Stable Rates: Take advantage of our competitive rates, updated twice a year on February 15th and August 15th. Your rate is based on the Treasury bill plus 1%, providing you with financial security.

Lock in Your Rate: Once you find your dream home and proceed with a rate lock, enjoy a 6-month rate lock from the lock date. Rest easy knowing that your rate won’t change during the mortgage term.

Flexible Loan Terms: Choose between 15 and 30 year loan terms with the same rate for both options. Find the perfect fit for your financial goals.

Maximum Mortgage Amount: Secure a high-priced home with a maximum mortgage amount of $766,550. As long as your loan amount is below this threshold, you’re eligible!

Current PFRS Mortgage Rate: 5.04% (5.19% APR*) as of 8/15/2024

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%.