Citizens has announced a partnership with the New Jersey Housing Mortgage Finance Agency (NJHMFA) and the state Police and Firemen’s Retirement System (PFRS) to provide reduced mortgage rates for police officers and firefighters in New Jersey.
The initiative is aimed at currently employed first responders who have completed at least one year of creditable service in PFRS, which serves as the retirement system for paid police officers and firefighters in the state. As of August 15, the program offers a 30-year fixed-rate mortgage at 5.35%.
Alongside a lower-than-market interest rate, eligible borrowers will benefit from a reduced minimum downpayment requirement, decreasing the amount of cash needed upfront. The program does not restrict participation to first-time homebuyers.
Eligibility criteria include purchasing a one or two-family home or condominium in New Jersey to serve as a principal residence, meeting purchase price loan limits, and satisfying specific credit score and debt-to-income requirements.
For additional details about the program, interested parties can contact Citizens Mortgage Loan Officer Fred Grise in Red Bank at fred.g@citizensbank.com.
