FHA Mortgage NJ
FHA Mortgage NJ. To be eligible for an FHA mortgage loan, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (31% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is sometimes required to obtain an FHA approval. You must also have enough income to pay your housing costs plus all additional monthly debt (43% ratio). These ratios can be exceeded somewhat with compensating factors.
FHA require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.
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FHA Credit Score needed to buy
a house or refinance
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Bankruptcy
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
Short Sale
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?
- W2's or Personal tax returns for 2 years
- Current pay stubs for the past month
- Bank statements for last 2 months (all pages)
- Clear copy of Driver’s License (front and back)
- Clear copy of SS card (front and back)
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Recent Articles
-
Best Mortgage Rates in New Jersey.
Jun 01, 23 09:40 AM
Best Mortgage Rates in New Jersey. See if you qualify for the lowest mortgage rates available! -
No Income Verification Mortgage Florida. No Income Documents Required.
May 31, 23 10:59 AM
A no income verification mortgage, is a type of home loan that allows borrowers to secure financing without providing traditional proof of income, such as pay stubs, W-2 forms, or tax returns. -
FHA Minimum Credit Score Requirements in 2023: What You Need to Know
Mar 02, 23 07:59 AM
What you need to know about FHA minimum credit scores in 2023, including the minimum credit score requirements, why credit score is important, and how to improve your credit score to qualify for an FH…