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  • mortgagerescueThe HMFA (Housing and Mortgage Finance Agency) offer mortgage help programs that are different from those offered by a Bank or Mortgage Company. Below market interest loans are offered to first time homebuyers, and to those who have maybe owned a home in the past but
    who have not owned a home for the last three years or are purchasing a property in an urban target area.

    The benefits of using these programs above all is savings! Lower monthly mortgage payments save you money .Free homeownership counseling is provided together with assistance with down payment and closing costs(Expenses over and above the price of the property incurred by buyers and sellers in transferring ownership of a property).

    One of the questions that most people ask is: how much will I need for a down payment? That will
    depend on the kind of mortgage loan you obtain, some of the HMFA loans require very low
    down payments for example with private mortgage insurance, down payments can range
    from three to five percent of the purchase price of the property and some loans have no down
    payment at all. Deciding the type of mortgage that is best for you depends on your present
    financial situation, if you expect it to change for the better or not, how long you plan to live
    in the property and what level of mortgage payment you would be happy with. It is best to
    consult with your lender to decide this.

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    One of the mortgage help programs (LWYW) live where you work, is particularly designed
    for people who are buying a home in the town where they are employed. The purpose of
    the program is to build up stronger communities by making homeownership easier because
    when citizens own their properties their participation in the community is strengthened.
    By encouraging people to live closer to their place of employment the program is
    environmentally friendly because it will reduce the need for cars and encourage people to
    walk cycle and use the public transport more. Employees benefit from attractive mortgage
    rates more flexible loan application and underwriting criteria (the process of evaluating a
    loan application to determine the risk involved for the lender) and of course if you live nearer
    to your work you use less time and money commuting to work.

    The local businesses and the municipality benefit by having a more committed workforce living nearby and the activity and economic vibrancy that is created when people live near to where they work. So if you
    would like to purchase a single- family residence, one -to four family home, town home,
    cooperative units and condominiums to be occupied by the buyer and located in the State of
    New Jersey all can be financed by HMFA’S programs. They can advise you on which mortgage
    help is best for you.

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