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.


Apply Now!

Call us 888.958.5382

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.



Apply Now!

Call 888-958-5382

E-mail Us!


Recent Articles

  1. FHA Below 580 Credit Score 2022

    Dec 17, 21 06:57 AM

    FHA below 580 credit score 2022 purchase or refinance. Buy a house or refinance FHA requires a 500 minimum credit score.

    Read More

  2. FHA $100 Down Payment

    Dec 17, 21 06:45 AM

    FHA $100 down payment program. You can buy a HUD owned property for only a $100.00 down payment. HUD owns the property and offers special financing.

    Read More

  3. FHA Purchase

    Nov 18, 21 08:42 AM

    FHA purchase loans have been helping people become homeowners since 1934. A perfect credit score is not needed for an FHA purchase. FHA minimum credit score of 580 to qualify for 3.5% down payment pro…

    Read More


New Jersey Location

Florida Location

Call Now, Our Staff is Available

888-958-5382

Apply Now!