URSB has committed $5,000,000 to meet the affordable housing needs of Carteret, Port Reading, and Avenel, with up to $50,000,000 available for other housing needs in the community. Below are two Affordable Housing mortgage programs that show our investment in the success of our customers’ families, goals and ambitions.

10 Year ARM AHP Mortgage

Eligibility

  • 10/1/30 year, adjustable rate mortgage
  • 0.50% discount on our conventional 10/1/30 30 year adjustable rate mortgage
  • One and two-unit eligible properties (including condominiums) located in Carteret, Port Reading or Avenel and must be an owner occupied primary residence
  • The maximum loan to value ratio (LTV) is 95%. PMI required for LTV > 80%
  • No First Time Home buyer Requirement
  • Home buyer education is required and provided free of charge
  • Gross annual household income must be less than $84,320 to qualify

Credit Criteria

  • Borrowers without sufficient credit history may use acceptable alternative credit as defined by Fannie Mae guidelines
  • Borrowers must meet credit criteria with a minimum score of 680. All borrowers must exceed this score
  • Debt to income ratios cannot exceed 33% / 43%

Second AHP Mortgage

Eligibility

  • 15 year fixed rate second mortgage
  • 0.50% discount on our fixed rate second mortgage
  • One and two-unit eligible properties (including condominiums) located in Carteret or Port Reading or Avenel and must be for an owner occupied primary residence
  • The applicant must state that the funds are to be used for home improvement purposes (no receipts/proof necessary)
  • Gross annual household income must be less than $84,320 to qualify

Credit Criteria

  • Minimum credit score of 680 and combined loan to value ratio (CLTV) of 80%, the maximum loan amount is $25,000
  • Minimum credit score of 720 and combined loan to value ratio (CLTV) of 90%, the maximum loan amount is $10,000
  • Per Fannie Mae guidelines, borrower(s) must qualify on their own

Learn More

Call Today for More Information: 732-541-5445, ext. 207