Conventional loan requirements New Jersey
Are you interested in buying a home using a conventional loan requirements New Jersey?
Do I qualify for a conventional home loan?
Conventional loans require a minimum credit score of 620 to buy a home. A borrower must have a minimum of 5% down payment to be eligible for a conventional loan. Conventional loans are easier to obtain with a credit score of at least 640 or 660.
- My Community
program requires a minimum down payment of 5%. The borrower’s income
cannot exceed 100% of the annual HUD Area Median Income for the subject
- Home Possible®
program requires a minimum down payment of 5%. First Time Home Buyers
must participate in a home ownership education program. 40-year fixed
rate Home Possible® mortgage.
- Community Solution
loans provide additional flexibilities for teachers/educational
institution employees, firefighters, police, healthcare workers and
loans offer borrowers with a disability or who have a family member
with a disability who may need greater underwriting flexibilities,
including non-occupying co-borrowers.
- HomePath® program is a fixed-rate, fully amortizing loan program
that provides the financing for properties that are owned by Fannie Mae as a
result of foreclosure or other similar action such as a deed-in-lieu.
Fannie Mae refinance
Conventional loans allow homeowners a maximum loan-to-value of 95% of the value of the home on a rate and term refinance. The maximum loan-to-value for a cash-out refinance is 85% of the value of the home for primary residence.
The Making Home Affordable Program is also available for homeowner who currently have a FNMA loan and want to refinance.
The greatest advantage of a conventional loan is that once your loan-to-value is at or below 80% mortgage insurance is not required.
Apply for a FNMA home loan.