Home Buying in 07748>Question Details

Pamela Russo, Home Buyer in 07716

Do any police mortgage programs still exist?

Asked by Pamela Russo, 07716 Thu Mar 26, 2009

Specifically in NJ. We know about the HUD program but will notmove to an eligible location with our small child. We had been counting on the NJ PFRS program, but with it's recent demise we are trying to come up with another option. We have prequalified for an FHA loan, but want to know what else is out there.

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BEST ANSWER
My company has a program that waives all bank fees for police and firefighters.
Ruth Bonapace
mortgage specialist
ruthbonapace@gmail.com
201 741 5269
0 votes Thank Flag Link Fri Mar 27, 2009
Hi Pamela:

My husband is a NJ State Trooper, so I've gotten this same question often from friends of his who work as police officers in various municipalities.

http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/police.html

There are other options available to eligible law enforcement members. If you reach to me via cell or email, I'll be happy to refer you to a reputable Sr. Loan officer who will give you complimentary advice with no strings attached.

All the best,
Amber


AMBER NOBLE-GARLAND
Weichert, Realtors (Marlboro~ Manalapan office)
455 Route 9 South
Manalapan, NJ 07726
917-723-5645 - cell
732-536-4400, ext 199 - office

http://www.AmberLovesRealEstate.com

"YOUR Reliable Resource For NJ Real Estate, Local Info & More"
0 votes Thank Flag Link Thu Mar 26, 2009
Hi again,
After I answered this question I decided to search a little further and I found this on Wells Fargo site:
https://www.wellsfargo.com/mortgage/buy/loans/descriptions/homeopp

Thanks,
Heather Daccurso
Weichert Realtors
732-580-5309
Email: heather@heatherdaccurso.com
0 votes Thank Flag Link Thu Mar 26, 2009
I know of nothing specifically avail for Police and firemen... There are many programs avail specific to towns, though many are for first time home buyers there are some specific programs that allow for very low reimbursement interest rates over a 5-15 year period. check with the town you are looking into purchasing.

Many towns are offering tax abatements now also as incentive to fix up some of the busted up properties. Even if you wanted to update a property you would get the money... Gives you a tax relief for a certain period of time(say 15 years) up to a certain allowable amount of money spent on the property.(say you spent $5,000 on siding this amount would come off the top of your assessment) Not much but at least it is something. relief over a 15 year period or what ever the town provides for. Check with your local towns...
0 votes Thank Flag Link Thu Mar 26, 2009
I heard that the fire and police loans were gone in 3 days. There was only a limited amount of money available in those programs.
If you would like the names of a few good mortgage reps, email me through Trulia or my website. Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Mar 26, 2009
Hi Pamela,
As far as I know they have suspended the police mortgage program due to lack of funds. I don't believe there are any other programs, aside from the HUD which you already know about.

Good Luck with your home search!

Heather Daccurso
Weichert Realtors
732-580-5309
Email: heather@heatherdaccurso.com
0 votes Thank Flag Link Thu Mar 26, 2009
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