Fixed Rate Mortgage
Perfect For
Those who plan to stay in their homes for a long time.
The Fixed Rate Loan offers you the stability of a fixed interest rate with the benefit of having the same principal and interest payment over the lifetime of the loan. NVE offers terms of 30, 20, 15, 10, or even 7 years to repay your loan.
Adjustable Rate Mortgage
Perfect For
Those who don’t anticipate to holding on the property for long.
Adjustable Rate Mortgage Loans offer a lower introductory interest rate with lower interest and principal payments for predetermined initial period. After the initial period, the interest rate and principal payment can go up or down on an annual basis until you loan is repaid.
First Time Homebuyer Mortgage Loan
Perfect For:
Those who are tired of renting.
NVE Bank can help turn your dream of home ownership into a reality. Our First Time Home Buyer Mortgage program can help qualified buyers purchase a home with a down payment as low as 5%.
Eligibility and restriction requirements apply.
Low-To-Moderate Income Level Families - Affordable Housing
Perfect For:
First time homebuyers with low and moderate income level.
Two Programs are available:
1) HOMEBUYER DREAM PROGRAM® (HDP®)
HOMEBUYER DREAM PROGRAM® PLUS (HDP® PLUS)
HOMEBUYER DREAM PROGRAM® WEALTH BUILDER (HDP® WEALTH BUILDER)
The programs are offered by NVE Bank in conjunction with the Federal Home Loan Bank of NY and provides funds up to $30,000 in the form of a grant to be used towards down payment and closing cost assistance to first-time homebuyers whose earnings are at or below 80% of the Area Median Income (AMI) for HDP®; over 80% but below 120% of the AMI for HDP® PLUS and at or below 120% of the AMI for HDP® WEALTH BUILDER and who are purchasing eligible homes in New Jersey. The applicants must meet the definition of “First-Time Homebuyer”, must complete a homeownership counseling program and must provide a minimum equity contribution of $1,000 towards the purchase of the home. The programs are subject to the availability of HDP funds and annual round expiration dates. To be eligible for HDP® WEALTH BUILDER the applicant must either reside in at least 50% majority-minority census tract or be aged out of foster care or the homebuyer’s parents do not currently own or have ever owned property in the US. 2025 round starts February 10, 2024, and ends August 29, 2025. Other limits and restrictions may apply.
2) BERGEN COUNTY COMMUNITY DEVELOPMENT – AMERICAN DREAM PROGRAM
NVE Bank is a participating lender for American Dream Program offered by Bergen County Community Development. This program offers down payment assistant funds in the form of a 0% interest, deferred second mortgage combining up to $65,000 of HOME Program funds, which are paid back upon sale of house, transfer of title, or the home is longer your primary residence. And closing cost assistant funds up to $10,000 which will become a grant after 10 years. Applicants’ must live or work and Bergen County and their income must not exceed HOME Program limits established by HUD (US Department of Housing and Urban Development). Other limits and restrictions may apply. Applicant must be pre-qualified with Bergen County Community Development before applying for a mortgage with NVE Bank by contacting Bergen County Homeownership Center at 201-336-7206 or americandream@co.bergen.nj.us
