NJ First Time Home Buyers have several options available. Here is a review of two of the several different loan types. You can also use the mortgage calculator to find out how much your payments will be.

Scenario 1: 30 year fixed
If your mortgage for a NJ First Time Home Buyer is $250,000 then your principal and interest would be $1,157.79 a month for a rate of 3.75% with no points for a 30 year fixed. Add to that your taxes and insurance and you will get the lowest mortgage payments for a first time home buyer in NJ.

Scenario 2: 40 year fixed
If your mortgage for a NJ First Time Home Buyer is $250,000 then your principal and interest would be $1,006.32 a month for a rate of 3.75% with no points for a 40 year fixed. Add to that your taxes and insurance and you will get the lowest mortgage payments for a first time home buyer in NJ.

In both cases when qualified for the mortgage you will be getting automatically a Grant of 10,000 dollars from the state of New Jersey towards the down payment or closing cost of your house.

Please feel free to call me regarding any questions about the rate or grants for our first time home buyer program that we are offering.