Licensed in the State of Florida


2016 New Jersey first time home buyer requirements

2016 New Jersey first time home buyer requirements


FHA requires a minimum credit score of 500

VA requires a minimum credit score of 500

Fannie Mae minimum credit score of 620

USDA requires a minimum credit score of 580


Credit score

The lowest credit score to buy a house or refinance is 500. New requirements for both FHA and VA require a minimum credit score of 500.

  • Fannie Mae requires a minimum score of 620
  • Freddie Mac requires a minimum score of 620
  • FHA requires a minimum score of 500
  • VA requires a minimum score of 500
  • USDA requires a minimum score of 580
  • Portfolio requires a minimum score of 640

Debt-to-income

Debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage. They are used to determine if you have the capacity to repay your mortgage.

The maximum debt to income ratio is 54.99% and a minimum credit score of 640. Most lenders will limit maximum debt-to-income to under 50% and some lenders to 45%.

Collection accounts

FHA does not require collection accounts to be paid off as a condition of mortgage approval. However, FHA does recognize that collection efforts by the creditor for unpaid collections could affect the borrower’s ability to repay the mortgage.

  • If evidence of a payment arrangement is not available, the lender must calculate the monthly payment using 5% of the outstanding balance of each collection, and include the monthly payment in the borrower’s debt-to-income ratio.

New Jersey first time home buyer requirements

There are 6 different types of programs that you may qualify for. Each program has a different down payment requirement:

  • Fannie Mae minimum down payment 5% with above 620 credit score
  • Freddie Mac minimum down payment 5% with above 620 credit score
  • FHA minimum down payment 3.5% with above 580 credit score 10% down payment with below 580 credit score
  • VA zero down payment with minimum credit score of 500
  • USDA zero down payment with minimum credit score of 500
  • Jumbo loans minimum down payment 15% with above 720 credit score
  • New Jersey first time home buyer requirements
  • HUD homes for sale in New Jersey $100 Down Payment

What documentation will I need?

• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)


Apply Now!

Call us 201.644.0099

FHA purchase FHA refinance FHA 203k loan FHA cash out $100 down loan

FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA Streamline


We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


We look forward to working with you.

What's the minimum credit score needed to buy a house


Apply Now!

or

201.644.0099


FHA Loan

Requires a minimum credit score of 500 to buy a house

FHA minimum

credit score 500


VA Loan

Requires a minimum credit score of 500 to buy a house

VA minimum

credit score 500


Fannie Mae

Requires a minimum credit score of 620 to buy a house

Fannie Mae minimum

credit score 620


HOMEPATH

Requires a minimum credit score of 620 to buy a house

HOMEPATH minimum

credit score 620


Call Now, Our Staff is Available

201.644.0099


Apply Now!