The New Jersey Housing and Mortgage Finance Agency will make $30 million available for mortgages to first-time and urban homebuyers.
Proceeds from the sale of housing revenue bonds let the agency fund mortgages at below-market interest rates, chairman Jane M. Kenny said.
Rates on these loans will be 5.75% with 3 points, or 6.25% with no points. The loans will be offered through more than 50 agency-approved lenders statewide.
The agency runs programs to rehabilitate, build, and finance affordable housing, raising funds through the sale of taxable and nontaxable bonds to private investors.