Total is Highest Amount in Agency’s History
TRENTON, N.J. – December 31, 2007 – The New Jersey Housing and Mortgage Finance Agency (HMFA), a Department of Community Affairs (DCA)’ affiliate, has closed on a record 2,000 mortgages in 2007. The 2000th loan went to a Millville, New Jersey resident who received an HMFA First Time Home Buyer mortgage and was assisted through the process by the non-profit Affordable Homes of Millville Ecumenical Inc. (AHOME).
“Owning your own home is part of the American Dream,” said DCA Acting Commissioner Joseph Doria. “HMFA’s record setting work is a fine example of how the state is working towards Governor Corzine’s commitment of providing New Jersey residents with access to quality affordable housing.”
The First Time Homebuyer Program is a 30-year below market rate mortgage offered to first-time homebuyers and urban area buyers with 0 points and an interest rate fixed at 6.125% for the life of the loan. Down payment and closing cost assistance is available through the Agency’s Smart Start Program.
“Clearly what this record number shows is the emergence of a new flight to quality and security as potential homebuyers realize the benefits of traditional, fixed rate mortgages and seek to avoid the risks associated with subprime borrowing,” said Marge Della Vecchia, Executive Director of the HMFA. “Providing secure, stable, affordable home loans to New Jersey residents is what HMFA does best. I am glad to see that more New Jerseyans than ever before are seeking out mortgage products which can put them on a secure and dependable path to homeownership.”
The HMFA was created by the New Jersey State Legislature in 1983 to provide a strong, unified advocate for the production and financing of homeownership and rental housing that is affordable to lower income residents in the state of New Jersey. As part of its mission, the HMFA provides a variety of fixed interest rate mortgages and down payment and closing cost assistance programs to assist prospective homebuyers.
For further information on the First Time Homebuyer Program and other HMFA programs, call 1-800-NJ-HOUSE or log on to http://www.nj-hmfa.com/.
