Conventional Loan Quick Closing Time New Jersey

Conventional Loan Quick Closing Time New Jersey

There are several types of conventional loan programs that you may qualify for. Each program has different down payment, credit score, property type and loan-to-value requirements.

Fannie Mae and Freddie Mac have several programs for first time home buyers with a low down payment.

• 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 property’s location.
  
• 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 military personnel.
  
• HomeChoice 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.  Low down payment minimum of 5% down payment is required which can be funded by the borrower’s own savings, a gift, a grant or a secured loan from a nonprofit organization, state or local government or employer
• Conforming loans that promote home ownership for first time home buyers with programs that offer a low down payment.
• Conforming High Balance are mortgages originated using higher maximum loan limits that are permitted in designated high-cost areas.

Conventional loan quick closing time New Jersey

Fannie Mae and Freddie Mac require a minimum credit score of 620 to buy a home. Their mission is to help ensure that home buyers and home owners have access to mortgage financing.

Want to refinance?

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)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Copy of sales contract

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We look forward to working with you.

We look forward to working with you.