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.