If you work with First Time Home Buyers in the state of New Jersey, be advised that the New Jersey Housing & Mortgage Finance Agency has taken the unprecedented step of increasing their rates for the second time in as many weeks.
Due to Wall Street market volatility that has increased the cost of mortgage revenue bonds NJHMFA's interest rates have been increased as follows effective immediately October 7, 2008:
First Time Home Buyer 30 Year Term
7.000% - First Mortgage with no Smart Start assistance
7.375% - First Mortgage with 2% Smart Start assistance
7.500% - First Mortgage with 3% Smart Start assistance
7.750% - First Mortgage with 4% Smart Start assistance
The 40 year team requires an additional add-on of .125%
Home Plus
7.375 with 3 points
Purchase/Rehabilitation Mortgage Program
7.375 with 3 points
