3% Mortgage

I've never heard of it. It is only in New Jersey?

No , but would love some info as well!

It may not necessarily be 3%. There are SOOO many programs out there, its really best to see which fit YOUR situation. Veteran, first time home buyer, if you are a cop, teacher, etc... There are some grant programs available, that will give you $ towards a downpayment, and if you live there for a specific amount of time, the money does not need to be repaid. (it's usually 5 years from what i've seen). Regardless, this is from NJ's website:"Homeownership for Adopting FamiliesNJHMFA's award-winning Home Ownership for Permanency Program provides home ownership mortgage loans to families that are newly adopting or making a permanent commitment through kinship legal guardianship for a child through the Department of Human Services, Division of Youth and Family Services, or a state-licensed adoption agency. The program provides low-interest loans and home ownership counseling to families who are adopting and/or making permanent commitments to children by purchasing a home and/or wish to make improvements to their home to accommodate a larger family. The program is designed to support family stability and access to safe, permanent housing.For information contact Yirgu Wolde, Community Development Officer, 609-278-7521."

Thanks, 2dads :)

I wish I could get refinanced through the state! My interest rate is 6% and my home value has dropped by $25K so I can only refinance by paying lots in closing costs.

very intersting, thanks for the info 2 dads

I got a mortgage through HOPP in NJ and I got a one percent fixed rate for thirty years. I don't know if the qualifications have changed or if funds are still available so you will have to check. I qualified because I was adopting a sibling group and I needed more room as I was in an apartment. I think you qualify if you are adopting special needs kids or sib groups from foster care. Check them out though. I was able to buy a house because of them. There was no way I could have bought with a regular interest rate.

I have to keep all of this information. This is all really good stuff

NJHMFA Has a program for adoptive parents that are in te process of adopting through DYFS. You will need to get a referal from your worker. It is 100% financed at 1%!! There are some stiupulations but not many. Speak with your worker and if you need additional information email me and I will help out all that I can. denise16@hotmail.com. We are closing on our home in May

I got the same deal!!

Is this just for first time home buyers?

It's not just for first time homeowners. As long as you are in the process of adopting a child through DYFS. if you own a home you have to sell before you close on your new home. The loan may also be used to make renovation to your existing still at a 1% rate