Hovnanian Enterprises' (NYSE:HOV) K. Hovnanian Homes is offering special, 3-2-1 buy down mortgages to qualified buyers in the New York/New Jersey through the end of the month, the company announced Monday.

"There is plenty of mortgage money to go around," said Dan Klinger, president of K. Hovnanian American Mortgage. "A person who can verify his or her employment, has established the ability to save money, and has paid his or her bills on time will have no problem getting a mortgage."

Randy Hix, sales manager for K. Hovnanian in the New York/New Jersey region, said the company was offering a 3-2-1 buy down on quick-delivery homes sold by Oct. 31. For those who qualify for a fixed-rate, 30-year mortgage at 6.19%, it means payments will be at 3.19% for the first year, 4.19% the second year, 5.19% the third year and finally hit the 6.19% rate in the fourth year.

"Real estate is very local and very personal," said Hix. "Too many people are missing a great opportunity to purchase a home at a low price with a low interest rate because they're listening to the news. Whatever is happening on a national basis, you have to ask what's happening where you are buying and selling. In this area, most people will find it's a good time to choose a home at a great price and lock in low mortgage rates to get the most affordable payments I've seen in years."

"There's no better way to get a lower payment than to drop the interest rates for three years," said Hix. "It beats any gimmick or incentive anyone else might offer."

John Cummins, sales manager for K. Hovnanian Homes in central and southern New Jersey, said issues of mortgages and financing are the main concerns for homebuyers. He also proferred that home prices in New Jersey won't drop much further if at all and that very few new homes are being started.

"Nobody's looking for or offering gimmicks any more," said Cummins. "We know we need to offer a competitive rate that creates a comfortable monthly payment for a well-built home in a good location that matches a customer's lifestyle."