Special NJ Mortgage Products

HOUSE THEN THE CAR COMMUNITY ADVANTAGE:

This program serves properties located in Essex, Union, Morris and Somerset Counties. As long as the property falls within certain assessment areas they can qualify for this special program. The rate is 3.50% if the property is located in a lower income area and 3.75% for all other income areas. The minimum credit score is 620. The program works great for first time homebuyers, but it is not limited to other home buyers or even for rate and term refinances. There are no income limits but the applicants must not own any other real estate at time of closing (So if they own another home currently it has to be sold at or prior to closing on the new home) so this is not for investors. The maximum percentage of financing is 95% and PMI is NOT required. Lakeland bank gives $5000 towards the clients closing costs for all programs. Other normal approval conditions apply such as debt to income ratios and previous derogatory credit history, but this is a very aggressive loan program. Maximum loan amount is up to $647,200 for a single family and $675,000 for 2-4 Units.

HOUSE THEN THE CAR WELCOME HOME:

This program serves properties located in Bergen, Hudson, Mercer, Middlesex, Monmouth, Ocean, Passaic, Sussex, Essex, Union, Morris and Somerset Counties. As long as the property falls within certain assessment areas they can qualify for this special program. The rate is 3.50% if the property is located in a lower income areas, 3.75% for Moderate income areas, and 5.125% if the property is in Middle or Upper income areas. The minimum credit score is 660. The program works great for first time homebuyers, but it is not limited to other home buyers or even for rate and term refinances. There are total household income limits based upon the county. Using Middlesex County as an example, Lower and Moderate Income areas have a maximum household income of $168,500. Middle and Upper income areas have an income limit of $108,480. So having the right buyer for the right property location is essential. The applicants must not own any other real estate at time of closing (So if they own another home currently it has to be sold at or prior to closing on the new home) so again this is not for investors. The maximum percentage of financing is 95% and PMI is NOT required. Lakeland bank gives $5000 towards the clients closing costs for Low or Moderate income areas as long as the household income does not exceed 100% of the median income which varies per county. Other normal approval conditions apply such as debt to income ratios and previous derogatory credit history, but this is another very aggressive loan program. This program is more restrictive and has limitations that the Community Advantage program does not. Maximum loan amount is up to $647,200 for a single family and $675,000 for 2-4 Units.

HOUSE THEN THE CAR LAKELAND ADVANTAGE:

This program Covers NJ, NY, PA, CT, NC, SC, FL and is an alternate to standard conventional conforming loans. With conventional rates at 7% or even higher and rising, this program has a 15/1 ARM that is usually about 1% lower than the market. The loan is fixed for 15 years and is based upon a 30 year amortization. Minimum credit score is 680 and this program can be used up to loan amount as high as $3M with other credit score and reserve requirements. This program is eligible for Primary residence, Second home and investment properties. This is a portfolio loan product that the bank holds and the buyer can get a .250% rate reduction with a qualifying Lakeland Checking account and automatic payments.

Once the client clicks on one of the 3 programs they should be prompted to a page to insert the address of the subject property and an email address (of the client) and phone number ( of the client) in order to see if the property qualifies to be part of the program.

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