The program offers homebuyers who will live andv work in a Live Where You Work participating municipality a low-interest 30 or 40 - year fixed-rate first mortgage from the New Jersey Housing and Mortgage Finance Agency together with Live Where You Work downpayment assistance and/or closing costs in an amount equal to 5% of the first mortgage loan. Municipalities must be approved by the Agency to participate in the program. In consideration of the anticipated commuting costs savings, the underwriting guidelines for borrowers’ housing and overall debt ratios (the portion of a borrower’s gross income permitted to be paid toward monthly mortgage payment and other debts) will be expanded by 3% over the usual Agency underwriting limits giving borrowers significantly more buying power.