NJ Police & Firefighter Mortgage Program

Current PFRS Interest Rate: 5.01% (5.15% APR*)

Introducing the NJ PBA Police & Firemen’s Retirement System Mortgage Program!
One of NJ’s Biggest Police and Fire Loan Lenders $100 Million Funded over the last 18 months


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NJ Police & Firefighter


  • Available to currently employed police officers or firefighters who are members of the Police and Firemen’s Retirement System with at least 1 year of creditable service.
  • Designed for home purchase only, no refinances.
  • Only active members are eligible; retired members do not qualify.


  • Mortgage rates change twice a year, on February 15th and August 15th.
  • Rates are based on the Treasury bill plus 1%.
  • Clients receive a 6-month rate lock from the lock date when they decide to move forward with a rate lock.
  • Once the home purchase is closed, the rate remains unchanged for the mortgage term.
  • The same rate applies to both 15- and 30-year loan terms.

Eligible Properties:

  • The property must be a one- or two-family residence or condominium located in the State of New Jersey.
  • The borrower must occupy the residence within 120 days of closing and remain in the residence for the life of the loan.

Maximum Mortgage Amount:

  • The maximum mortgage amount is determined by Fannie Mae.
  • Jumbo loans are not eligible for this program.
  • Current maximum mortgage amount is $766,550, allowing high-priced home purchases as long as the loan amount is $766,550 or below.

Fees Involved:

  • Origination fee: $1,825, set by the NJ Housing and Mortgage Finance Agency.
  • Monthly servicing fee: $30 per month for the first 36 months, then drops to $18 per month for the remainder of the loan.

Current PFRS Interest Rate:

  • 5.01% (5.15% APR*) as of 2/15/2024.
  • Next rate update will be in August of 2024.
  • Not all borrowers will qualify; terms and conditions apply.
  • Available only to currently employed members of the Police and Firemen Retirement System with at least one year of creditable service.
  • All program eligibility requirements apply.
  • This rate is available for a limited time.
  • APR is based upon a $300,000 Loan Amount APR and a loan-to-value of 80%.

Contact Our Experts

Contact us today to learn more and take the first step towards homeownership with the Police & Fire Mortgage Program. Your heroic service deserves the best financial support!



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Advisors is a multi-state mortgage banker that believes in delivering a seamless, stress-free mortgage experience to all of our customers.

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