The Fixed Rate Loan offers you the stability of a fixed interest rate with the benefit of having the same principal and interest payment over the lifetime of the loan. NVE offers terms of 30, 20, 15, 10, or even 7 years to repay your loan.
Adjustable Rate Mortgage Loans offer a lower introductory interest rate with lower interest and principal payments for predetermined initial period. After the initial period, the interest rate and principal payment can go up or down on an annual basis until you loan is repaid.
NVE Bank can help turn your dream of home ownership into a reality. Our First Time Home Buyer Mortgage program can help qualified buyers purchase a home with a down payment as low as 5%.
Eligibility and restriction requirements apply.
Two Programs are available:
1) HOMEBUYER DREAM PROGRAM
The program is offered by NVE Bank in conjunction with the Federal Home Loan Bank of NY. The Homebuyer Dream Program (HDP) provides funds up to $9,500 in the form of a grant to be used towards down payment and closing cost assistance to first-time homebuyers earning at or below 80% of the Area Median Income and purchasing eligible homes in New Jersey. The grant is forgiven in 5 years. The applicants must meet the definition of “First-Time Homebuyer”, must complete a homeownership counseling program, must provide a minimum equity contribution of $1,000 towards the purchase of the home. Program is subject to availability of HDP funds. Other limits and restrictions may apply.
2) BERGEN COUNTY COMMUNITY DEVELOPMENT – AMERICAN DREAM PROGRAM
NVE Bank is a participating lender for American Dream Program offered by Bergen County Community Development. This program offers down payment assistant funds in the form of a 0% interest, deferred second mortgage combining up to $55,000 of HOME Program funds, which are paid back upon sale of house, transfer of title, or the home is longer your primary residence. And closing cost assistant funds up to $10,000 which will become a grant after 10 years. Applicants’ must live or work and Bergen County and their income must not exceed HOME Program limits established by HUD (US Department of Housing and Urban Development). Other limits and restrictions may apply. Applicant must be pre-qualified with Bergen County Community Development before applying for a mortgage with NVE Bank by contacting Bergen County Homeownership Center at 201-336-7206 or firstname.lastname@example.org