FHA Loan Limits 2014 New Jersey
FHA Loan Limits 2014 New Jersey
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COUNTY ATLANTIC BERGEN BURLINGTON CAMDEN CAPE MAY CUMBERLAND ESSEX |
ONE FAMILY $316,250 $625,500 $379,500 $379,500 $414,000 $271,050 $625,500 |
TWO FAMILY $404,850 $800,775 $485,800 $485,800 $530,000 $347,000 $800,775 |
THREE FAMILY $489,350 $967,950 $587,250 $587,250 $640,650 $419,425 $967,950 |
FHA Loan Limits 2014 New Jersey
FHA allows a home buyer to make a down payment of 3.5% and a seller contribution of up to 6% for closing costs with only a 580 minimum credit score. First time home buyer with credit score below 580 must make a minimum 10% down payment of the purchase price and a seller concession of up to 6% to pay for closing cost is allowed.
FHA requires a minimum down payment of 3.50% of the purchase price. The funds may be the borrower's own funds, a gift from a family member, rent credit or borrowed. FHA regulates some of the closing costs associated with a FHA loan.
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COUNTY GLOUCESTER HUDSON HUNTERDON MERCER MIDDLESEX MONMOUTH MORRIS |
ONE FAMILY $379,500 $625,500 $625,500 $345,000 $625,500 $625,500 $625,500 |
TWO FAMILY $485,800 $800,775 $800,775 $441,650 $800,775 $800,775 $800,775 |
THREE FAMILY $587,250 $967,950 $967,950 $533,850 $967,950 $967,950 $967,950 |
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Absecon, NJ Great Meadows, NJ |
Hackensack, NJ Madison, NJ Mantua, NJ |
Palisades Park, NJ |
FHA Loan Limits 2014 New Jersey
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January 20, 2010 - FHA announced a new policy to address risk.
FHA has changed the minimum credit score for new borrowers:
- FHA requirements new borrowers will now be required to have a
minimum credit score of 580 to qualify for 3.5% down payment
- FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
- This has allowed the FHA to better balance its risk and continue to provide financing for home buyers
August 15, 2013 - New borrowers may also be eligible for an FHA insured loan on a purchase transaction after 12 months from the completion, discharge, trustee's sale if the borrower meets the requirements for extenuating circumstances Economic Event.
Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu, or short sale may be eligible for an FHA insured loan if the bankruptcy, foreclosure, deed-in-lieu, short sale was the result of a documented extenuating circumstance.
October 15, 2013 - New 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.
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COUNTY OCEAN PASSAIC SALEM SOMERSET SUSSEX UNION WARREN |
ONE FAMILY $625,500 $625,500 $379,500 $625,500 $625,500 $625,500 $372,600 |
TWO FAMILY $800,775 $800,775 $485,800 $800,775 $800,775 $800,775 $477,000 |
THREE FAMILY $967,950 $967,950 $587,250 $967,950 $967,950 $967,950 $576,550 |
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What's the minimum score needed to buy a house or refinance
FHA loans
FHA requires a minimum 500 credit score to buy a house or refinance
VA loans
VA requires a minimum 500 credit score to buy a house or refinance
USDA loans
USDA requires a minimum 580 credit score to buy a house or refinance
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Fannie Mae requires a minimum 620 credit score to buy a house
Freddie Mac
Freddie Mac requires a minimum 620 credit score to buy a house
HARP refinance
HARP requires no minimum credit score to refinance
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