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.


Apply Now

Call us 888-958-5382


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


Apply Now!

Call us 888.958.5382

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


We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.


We look forward to working with you.

We look forward to working with you.

LOGO
Image 12

Apply Now!

Call 800.516.9166

Email Us!


Recent Articles

  1. FHA Loan-Limits 2024

    Nov 28, 23 04:07 PM

    AboutUs
    FHA Loan-Limits 2024

    Read More

  2. 2024 FHA loan requirements

    Nov 28, 23 04:05 PM

    AboutUs
    2024 FHA loan requirements

    Read More

  3. Down Payment for FHA Loan 2024 FL

    Nov 28, 23 04:03 PM

    $100
    FHA loan 2024. Florida FHA down payment requirement. Florida FHA minimum down payment guidelines. 2024 Florida down payment for FHA loan. Minimum down payment for FHA loans.

    Read More


LOGO

New Jersey Location

Call Now, Our Staff is Available!

800.516.9166

Z1.png

First Time Homebuyer New Jersey



FHA requires a minimum credit score of 500 to buy a home or refinance

Apply Now!

Collection accounts

A collection is minor in nature usually does not need to be paid off as a condition for loan approval

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


Call Now, Our Staff is Available

888-958-5382

Apply Now!