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N.J. agency to offer low-interest mortgages

Some first time home-buyers in New Jersey could be eligible for an attractive mortgage rate.

The New Jersey Housing and Mortgage Finance Agency has $170 million to lend qualified first-time homebuyers fixed 30-year mortgages at 3.75 percent interest.

It’s the lowest rate the agency has ever offered, said Anthony Marchetta, executive director.

“The affordability of housing today is probably at its best point in several decades. So we’re very excited about putting this very low interest rate out in to the marketplace,” he said Thursday. “And it’s tied in with the typical spring housing buying market. So we think our timing is pretty good on it.”

Marchetta, who expects about 1,000 mortgages can be funded, said the agency will work with private-sector groups to come up with additional programs to stimulate the housing market.

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