NJ Police & Firefighter Mortgage Program

Eligibility:

• Available to currently employed police officers or firefighters who are members of the Police and Firemen’s Retirement System with at least 1 year of creditable service.
• Designed for home purchase only, no refinances.
• Only active members are eligible; retired members do not qualify.

Terms:

• Mortgage rates change twice a year, in February and August.
• Rates are based on the Treasury bill plus 1%.
• Clients receive a 6-month rate lock from the lock date when they decide to move forward with a rate lock.
• Once the home purchase is closed, the rate remains unchanged for the mortgage term.
• The same rate applies to both 15- and 30-year loan terms.
• 15% down payment required

Eligible Properties:

• The property must be a one- or two-family residence or condominium located in the State of New Jersey.
• The borrower must occupy the residence within 120 days of closing and remain in the residence for the life of the loan.

Maximum Mortgage Amount:

• The maximum mortgage amount is determined by Fannie Mae.
• Jumbo loans are not eligible for this program.
• Current maximum mortgage amount is $806,500, allowing high-priced home purchases as long as the loan amount is $806,500 or below.

Fees Involved:

• Origination fee: $1,825, set by the NJ Housing and Mortgage Finance Agency.
• Monthly servicing fee: $30 per month for the first 36 months, then drops to $18 per month for the remainder of the loan.

Current PFRS Interest Rate:

• 5.66% (5.91% APR*) as of 8/15/2026.
• Next rate update will be in February of 2027.
• Not all borrowers will qualify; terms and conditions apply.
• Available only to currently employed members of the Police and Firemen Retirement System with at least one year of creditable service.
• All program eligibility requirements apply.
• This rate is available for a limited time.
• APR is based upon a $300,000 Loan Amount APR and a loan-to-value of 80%.