Citizens is supporting the first responder community by partnering with the New Jersey Housing Mortgage Finance Agency (NJHMFA) and the state Police and Firemen’s Retirement System (PFRS) to offer reduced rate mortgages for police and firefighters.
The program is available to currently employed first responders with at least one year of creditable service in PFRS, the state’s public retirement system for paid police officers and firefighters. As of Aug. 15, the 30-year fixed-rate mortgage for this program was at 5.35%, according to Citizens.
In addition to a below-market interest rate, the program also features a lower minimum borrower downpayment requirement so that less cash is needed up front. The program does not require the police officer or firefighter to be a first-time homebuyer.
To be eligible, borrowers must be:
- Purchasing a one or two-family home or condo in New Jersey as a principal residence
- Meet loan limit guidelines for home purchase price.
- Meet credit score and debt-to-income requirements.
For more information, contact Citizens Mortgage Loan Officer Fred Grise in Red Bank at fred.g@citizensbank.com.
