December 22, 2022
Lender Bulletin 2022-11:
NJHMFA PFRS Program LTV Update
Effected Programs: PFRS  
Effective Date: March 1, 2023
NJHMFA encourages all of our business partners and constituents to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.  

Attention Lenders:
NJHMFA PFRS Program Maximum Loan-To-Value Update
The Board of Trustees of the Police and Firemen’s Retirement System of New Jersey (PFRSNJ) has passed a resolution amending the maximum loan to value (LTV) for new PFRS mortgages. The maximum allowable loan to value is changing from 97% LTV to 85% LTV.
 
As the administrator of the PFRS Mortgage Program, NJHMFA will implement this program change for all new loan reservations, effective March 1, 2023.
 
Pipeline loans reserved prior to the effective date of the change will not be impacted by the new LTV limit. As a reminder, all NJHMFA reservations are property-specific, and reservations must follow the reservation timing requirements listed in the NJHMFA Mortgage Program Policy and Procedures for Participating Lenders.
Questions? Need Help? 

If you have questions about one of our loan products or need help with a loan in the ILRS system, please e-mail your requests to SFLenders@njhmfa.gov.

Access Forms, Checklists, Policies, Previous Lender Bulletins and More at the Lender Resources Page: www.njhousing.gov/lenders/lenderportal
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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov