First Time Homebuyer New Jersey

First Time Homebuyer 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 judgments.

• FHA does not require collection accounts 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.

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 Homebuyer New Jersey

Mortgage World 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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Call us 888.958.5382

FHA credit requirements - Loan-to-value - Loan limits - Debt-to-income

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We look forward to working with you.