New York First Time Home Buyer NJ Mortgage Loan

Helping eligible first-time homebuyers turn their dreams of homeownership in New York.

First time home buyer loans allow buyers to get into a house more easily. However, just because you’re a first time home buyer doesn’t mean you should use a first time home buyer loan. These programs have restrictions and strings attached. While they are a perfect fit for some, first time home buyer loans are the wrong choice for others.

What are the benefits of the first time home buyer program?

• Below market interest rates on 30 and 40 year fixed programs
• Only 3% down payment
• Closing Cost assistance programs
• 1-4 family properties and condos.
• Reduced PMI Coverage.
• No pre payment penalties.
• This program will work great for condos.
• This program will allow to include a 6% concession towards closing costs.
• Only 1% of purchase price must come from borrowers own money while the remaining can be a gift.

What are the requirements and the documents need to qualify for the first time home buyer program?

• Maximum income and purchase price limitation (depends on county the property is located.)
• Only for owner occupied PURCHASE transactions (not for refinance)
• CANNOT currently own any other property.
• Homeownership Counseling Required.
• Reduced PMI Coverage.
• Total Mortgage payment, Including Tax and Insurance Cannot Exceed 40% of the Borrowers Gross Monthly Income.
• Total Monthly Payments, Including Principal, Interest, Tax, Insurance and all monthly debt including Credit card Minimum Payments and Car Lease Cannot Exceed 45% of the Borrowers Gross Monthly Income.
• 3 Years Tax Returns required.
• Most recent 30 day paystub with YTD.
• Most recent 2 months bank statements.

Who is Ineligible for this program?

• Investment Properties.
• 2^nd Home properties.
• Currently Owns another House.
• Condo with Less than 10 apartments.
• Apartment is less than 500 square feet.
• Loan amounts exceeding the conforming limit (417,000 for 1 family, 533,000 for 2 family)

Are you ready to get started?

Contact me, Isaac Weiser, a First Time Home Buyer Specialists to help you begin. I will go through each step with you and make sure you understand everything that comes your way.  I will determine whether you are a good candidate for this first time home buyer program and how much you can afford — all in a simple phone call!  Once you’re prequalified, you will know what price range to look in and can start searching for your home. I suggest getting a real estate agent who is familiar with the area and will do most of the searching for you and will be there to help you until you close on your new house.  I know how excited you must be to purchase a home, and I promise to do everything I can to make this experience what it should be — enjoyable! I look forward to being a part of such an important time in your life.

I can be reached at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it  or at 347-559-5626.