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The 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.
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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