First Time Home Buyer New Jersey

First time home buyer New Jersey

First time home buyer New Jersey - Effective for all FHA programs. There are no documentation or letter of explanation requirements for loans with collection accounts or judgments run through Fannie Mae that receive an Approve/Eligible despite the presence of collection accounts or charge-offs.

• FHA does not require collection accounts to be paid off as a condition of mortgage approval
• FHA does not require charge-offs to be paid off as a condition of mortgage approval
  
• FHA requires judgments to be paid off before the mortgage loan is eligible for closing 
  

An exception to the payoff of a court ordered judgment may be made if the borrower has an agreement with the creditor to make regular and timely payments.

The FHA has taken the following step:

• Update the combination of credit score and down payments for first time home buyer 
• 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%

• Credit score needed buy house is 500

FHA increased the annual MIP requirements:

• revision to the period for assessing the annual MIP
• removal of the exemption from the annual MIP for loans with terms of 15 years or less and LTVs of less than or equal to 78 percent at origination
• increase in the annual MIP for mortgages with terms less than or equal to 15 years and LTV ratios less than or equal to 78 percent at origination
• rescinds the automatic cancellation of the annual MIP collection

For any mortgage with an loan-to-value greater than 90% FHA will assess the annual mortgage insurance premium until the end of the mortgage (life-of-the-loan).

For all mortgages with less than or equal to 90% loan-to-value the annual mortgage insurance premium will be assessed for the first 11 years of the mortgage term.

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

First time home buyer New Jersey

www.Mortgage-World.com LLC is an online mortgage company specializing in FHA loans for first time home buyers. To buy a home with 3.5% down payment and a minimum credit score of 580 using an FHA loan.

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FHA loan requirements - ‎FHA loan limits - ‎FHA loans - ‎FHA purchase

www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

We look forward to working with you.