New Jersey Police and Firemen’s Retirement System Mortgage Program Checklist
A comprehensive guide for applicants of the New Jersey Police and Firemen’s Retirement System Mortgage Program in 2025.
Determine Your Eligibility
- Confirm that you are an active member of the Police and Firemen’s Retirement System (PFRS) with at least one year of creditable service.
- Plan to occupy the purchased property as your primary residence within 120 days of loan closing and maintain it as such for the duration of the mortgage.
- Ensure the property is a one- or two-family residential unit intended for owner-occupancy.
- Be prepared to contribute at least 3% of the property's purchase price from your own funds toward the transaction.
Collect Necessary Documentation
- Gather recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Complete the Verification of Employment (VOE) form, ensuring your employer signs the eligibility certification.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Work with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the PFRS Mortgage Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Homebuyer Education
- Enroll in a homebuyer education course approved by the New Jersey Housing and Mortgage Finance Agency (NJHMFA).
- Attend and complete the course prior to closing, as mandated by the program.
- Obtain a certificate of completion to include in your application package.
Submit Your Application
- Collaborate closely with your Loan Officer to fill out your application for the PFRS Mortgage Program.
- Provide all required documents to confirm your eligibility for the program.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the mortgage benefits will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the life of the mortgage.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your mortgage benefits.