Employers' Pensions and Benefits Administration Manual (EPBAM)
   

 

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The Police and Firemen's Retirement System
Mortgage Loan Program


Members of the Police and Firemen's Retirement System may be eligible for a homeowner's mortgage under the Police and Firemen's Retirement System Mortgage Loan Program. To qualify, a member must be actively employed in a PFRS eligible title, with at least one year of creditable service. Funding for this program is provided by the Police and Firemen's Retirement System, but it is administered by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The Police and Firemen's Retirement System Mortgage Loan Program is administered through private area lenders approved by the NJHMFA.

Details about the Police and Firemen's Mortgage Loan Program include:

  • The mortgage interest rate is set twice a year, in February and August. The current rate is available by calling 1-800-NJ HOUSE. Rates are set twice a year in February and August.
    Rate is based on the 10 year Treasury bill plus 1%. (There are additional fees. Please visit the NJHMFA Internet site, www.nj-hmfa.com, for more details about the fees involved.)
  • These mortgages are 30-year fixed-rate mortgages.
  • These mortgages are available with zero points.
  • The maximum mortgage amount a member may borrow is currently $417,000.
  • These mortgages are available for new or existing one- or two-family residences and condominium units in New Jersey.
  • These mortgages are also available for vacant land, provided there is a contract to construct a one- or two-family dwelling.
  • A member does not have to be a first-time homebuyer
  • Please note that mortgages can no longer be used for refinancing.
  • No second mortgages are permitted.
  • Homeowners must occupy the home as their principal residence within 120 days of closing, and the homeowner must remain in the residence for the life of the loan.
  • These mortgages are available through area lenders that participate in the program.

For more information, including a listing of participating area lenders, members can call the NJHMFA hotline, at 1-800-NJ-HOUSE; or, members can visit the NJHMFA Internet site, at www.nj-hmfa.com


If a member is interested in applying for a mortgage under this program, they should be sure to read the NOTICE TO APPLICANTS on the NJHMFA Internet site, www.nj-hmfa.com, concerning mortgages issued under this program and taxable distributions.

 

 
 

 

 

 

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Last Updated: July 1, 2007