FHA NJ Loans
FHA NJ Loans NJ FHA Loans New Jersey FHA Loans NJ FHA Mortgage.
An FHA Loan is a mortgage loan insured by the Federal Housing Administration (FHA). The FHA does not provide the loan; rather, it insures the loan for the lender. If the borrower defaults, the lender can seek recourse from the FHA. This lowers the lender's risk and makes them more likely to issue a loan.
One of the benefits of an FHA-insured loan is low mortgage rates. For single-family homes, down payments can be as low as 3.50% percent, making it possible to afford a higher-priced home than with a more conventional 10 or 15 percent mortgage. The FHA can also help home buyers finance their closing costs, and even offers mortgage insurance.
In addition, the FHA does not allow lenders to charge more than one percent for origination fees (what lenders charge for putting together loan documentation), and has no prepayment penalties, meaning that if you pay off the loan ahead of schedule, you won't be penalized. As with other mortgages, the lender may ask you to pay points, which generally equals one percent of the total cost of the home.
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Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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)
Call Now, Our Staff is Available
888-958-4228
Recent Articles
-
Low Credit Score Mortgage Florida
Apr 04, 24 09:41 AM
Low Credit Score Mortgage Florida Down to 500. Purchase or Refinance. -
Credit Score Requirements for FHA 2024
Mar 18, 24 09:08 AM
Credit Score Requirements for FHA 2024. For individuals applying for an FHA loan, it's important to note that there is a minimum FICO score requirement of 500. -
FHA Loan Requirements 2024 - FHA Loan Programs 2024
Mar 15, 24 01:12 PM
FHA loan requirements 2024. FHA loan guidelines for minimum credit score, minimum down payment and closing costs.
Call Now, Our Staff is Available!
800.516.9166
