Down payment 3 family New Jersey

Down payment 3 family New Jersey

FHA minimum down payment 3.5% with above 580 credit score 10% down payment with below 580 credit score for a 3 family house.

FHA loans have been helping people become homeowners since 1934. The FHA insures the loan, so you can get a better deal.

* Low down-payments

* Low closing costs

* Easy credit qualifying

New Jersey FHA buy a house

Borrowers with credit scores above 580 may use their own funds, a gift from a family member, rent credit or borrowed. If you will be using your own funds for the down-payment you will have to provide two recent months statements showing the funds in your account.

If the down-payment will be a gift a signed gift letter will be needed from the giver. Ability to give the gift will also be needed. A statement from the giver's account will be needed showing the funds available. Any and all gift funds must be documented with canceled checks or wire transfer.

If your credit scores are below 580 FHA requires a minimum down-payment of 10% for down payment 3 family New Jersey.

Minimum credit score for FHA loans is 500

January 20, 2010 - FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

The FHA has taken the following step:

Update the combination of credit score and down payments for new borrowers. New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 credit score will be required to put down at least 10%.

FHA loans are continuing to support the nation's housing market recovery.

Whether you're planing to refinance, buy your first home, lower your monthly payments, refinance an investment property, buy a second home, apply for an FHA loan, consolidate debt or get pre-approved for a mortgage you can apply online or call us 888.958.4228.

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)

Down payment 3 family New Jersey

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Call us 201.644.0099

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We look forward to working with you.

Minimum Credit Score Needed

to Buy a Home

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Call 201.644.0099

FHA Loans

Requires a minimum credit score of 500 to buy a home

FHA minimum

credit score 500

VA Loans

Requires a minimum credit score of 500 to buy a home

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to buy a home

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to buy a home

Freddie Mac minimum

credit score 620

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